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ICICI Prudential Mutual Fund has filed offer document with SEBI to launch an open-ended Exchange Traded Fund named ‘ICICI Prudential Nifty EV & New Age Automotive ETF’. The New Fund Offer price is 1/100th value of the Nifty EV and New Age Automotive closing Index as on the date of allotment for applications received during the New Fund Offer. Exit load will be nil. The Scheme does not offer any Plans/Options for investment and seeks to collect a Minimum Target Amount of Rs 5 crore.

The performance of the scheme will be benchmarked against Nifty EV & New Age Automotive TRI. The minimum application amount is Rs 1000 and in multiples of Re 1 during NFO.

The investment objective of the scheme is to provide returns before expenses that correspond to the total return of the underlying index subject to tracking errors.