Mumbai: ICICI Prudential Mutual Fund is launching a new exchange-traded fund targeted at the 30 least volatile stocks from the Nifty 100 index. The new fund will open on March 23 and close on April 6, the AMC said on Wednesday.

ICICI Prudential Nifty Low Volatility 30 index is an open-ended fund of funds that will invest in these stocks, and the underlying ETF replicates the Nifty 100 low volatility 30 index, the fund house said. It will invest in a portfolio of 30 least volatile large-cap stocks in the Nifty 100 index.

The fund offers to provide returns that closely correspond to the returns provided by its benchmark Nifty 100 index. Historically, the Nifty 100 low volatility 30 index has provided 12-16 per cent returns annually over the past years. Nimesh Shah, managing director of the AMC, said, through this fund, an investor gets access to a factor-based smart beta ETF that limits downside risks as we aim to help investors limit the impact of market volatility by investing in the least volatile blue-chips across sectors.

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