New ETF from ICICI Prudential AMC enables you to benefit from growing financial services; details here

An open-ended exchange-traded fund tracking the Nifty Financial Services Ex-Bank Index has been introduced by ICICI Prudential Mutual Fund. The ICICI Prudential Nifty Financial Services Ex-Bank ETF intends to represent the behaviour and performance of the top 30 companies in the financial services sector, excluding banks, based on free-float market capitalisation from the Nifty 500 Index, according to a statement from ICICI Prudential AMC. The New Fund Offer (NFO) was officially launched on 16 November 2022, and it will close on 25 November. As reported by the AMC, over the past decade, the Nifty Financial Services Ex-Bank index has surpassed both the Nifty 50 index and the Nifty Bank index.

While speaking about the NFO, Chintan Haria, Head of Product Development & Strategy of ICICI Prudential AMC asserted, “We are also in the middle of a digital revolution that has contributed to the growth of financial services companies that are adapting to this change faster. The sector is on the rise and the road thus far has been paved by various reforms, FDI policy relaxation, tax exemptions, etc. which will further encourage the industry to spend on expansion. Investors must tap into this universe of companies and gain from their growth through ICICI Prudential Nifty Financial Services Ex-Bank ETF .”

Reasons why investors should consider ICICI Prudential Nifty Financial Services Ex-Bank ETF:

• The Nifty Financial Services Ex-Bank Index is less volatile than the Nifty Bank Index.

• The penetration of credit, insurance, and investment in rural India has been made possible by low-cost cellular data and significant capital expenditure on telecom infrastructure.

• Savings and investments are growing as a result of the workforce transition away from agriculture and toward manufacturing and services.

• Retail investments have surged in both main and secondary markets as a result of the expansion of demat accounts, mutual fund folios, and systematic investment plans.

• Some of the sector’s giants are anticipated to list soon, while others have recently gone public.

The Indian economy has become one of the largest economies in the world, thanks in large part to the financial services industry. Credit, investments, and insurance are seeing rising engagement from all aspects of society, and as a result, the industry is set to see unparalleled growth.

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