ICICI Prudential CNX 100 Exchange Traded Fund

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ICICI Prudential CNX 100 Exchange Traded Fund This fund can be considered by those who have high conviction in equities

WHAT IS IT:

 

ICICI Prudential CNX 100 ETF is an open-ended index exchange-traded fund (ETF). The investment objective of the scheme is to achieve returns before expenses in line with the total return of the underlying index NSE's CNX 100. The new fund offer is open for subscription till August 16.

UNDERLYING INDEX:

 

NSE's CNX 100 index comprises Nifty 50 index stocks and another 50 stocks of Nifty Junior index. The underlying index constitutes the 100 most liquid stocks on NSE in the past six months. These 100 stocks together have about 80 per cent of the free float market capitalisation of the stocks listed on NSE as on June 28.

ASSET ALLOCATION:

 

The scheme will allocate 95 per cent to 100 per cent of assets in securities of companies constituting CNX 100 Index (the underlying index) with medium to high-risk profile. The fund will allocate up to 5 per cent of assets in money market in struments having residual maturity.

WHO CAN INVEST:

 

Any individual or entity eligifunds ble to invest in mutual or equity market can invest in ICICIPru CNX 100.

As the new fund is also in line with the Rajiv Gandhi Equity Saving Scheme (RGESS) guide lines, first-time investors in equity mutual funds can avail income-tax benefits on investment up to Rs 50,000. Tax benefits are subject to fixed lock-in of one year and a flexible lock-in of two years following the one-year fixed lock-in period.

MINIMUM INVESTMENT & LIQUIDITY:

The minimum investment amount is Rs 5,000 during the NFO period. One unit has a face value of Rs 10. Allotment price will be approximately 1/100th of value of CNX 100 index, which is about Rs 57.36 at current index values. Post-NFO, the minimum investment is one unit if you buy through the stock exchanges where the ETF units are listed. To purchase directly from the AMC, the minimum purchase is 50,000 units, or Rs 57 lakh at current index levels. Units are to be compulsorily held in demat form. The units you own can be sold on the stock exchange.

This fund can be considered by those who have high conviction in equities. Index investing moderates the risk as well as sometimes outperforms in term of returns. Since these are top 100 companies from all sectors in terms of market capitalisation and liquidity, returns will be secular of sectoral or individual stock's performance. Although CNX 100 has lower top five and top 10 concentration ratios compared to Sensex and Nifty, it is still higher than the broad-based CNX 500.

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