ICICI Prudential Mutual Fund has introduced two new passive investment options — the ICICI Prudential Nifty Top 15 Equal Weight ETF and the ICICI Prudential Nifty Top 15 Equal Weight Index Fund. The New Fund Offer (NFO) for both schemes is open from June 10 to June 24, 2025.
The schemes are designed to track the Nifty Top 15 Equal Weight Index, which comprises the top 15 companies by free-float market capitalization from the Nifty 50. Unlike market-cap weighted indices, this index assigns equal weight to each constituent, a structure intended to reduce the dominance of any single stock or sector.
The index includes large-cap companies from various sectors such as financial services, IT, automobiles, FMCG, and telecom. It is rebalanced quarterly and reconstituted semi-annually to reflect changes in market leadership.
According to the fund house, the equal-weight approach is meant to lower concentration risk and may provide more stable performance during periods of market volatility. ICICI Prudential cited historical data suggesting that the index has at times outperformed the Nifty 50, particularly during turbulent market phases.
As of May 29, 2025, the index was trading below its three-year average P/E ratio, which may appeal to investors looking for entry at relatively lower valuations.
Key Scheme Information:
Benchmark: Nifty Top 15 Equal Weight TRI
Fund Managers: Nishit Patel and Ashwini Shinde
Minimum Investment (Index Fund): ₹1,000
ETF Units: Tradable on exchanges in units of 1; creation unit size for institutional trades is 3,70,000 units
Options: Regular and Direct plans, with Growth and IDCW options
The launch adds to the growing list of passive products in India, as more fund houses offer index-based strategies aimed at cost-conscious retail and institutional investors.
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