HDFC MF announces HDFC Nifty IT ETF, HDFC Nifty Private Bank ETF. details here

These funds offer to gain exposure to the growing IT and private bank space. The above NFOs will open on October 28, 2022 and close on November 9, 2022.

“The HDFC Nifty IT ETF seeks to benefit from a structural tailwind in technology spending, including the development of cloud computing, while the HDFC Nifty Private Bank ETF provides exposure to private banks, which have better fundamentals than sector peers and have longer-term horizons. Below average valuation.” The fund house said in a release.

Both the funds comprise the 10 largest stocks from the respective sectors listed on the NSE, and are rebalanced semi-annually in March and September. The objective of the fund is to provide investment returns which, before expenses, are commensurate with the total returns of securities represented by the Nifty IT Index and Nifty Private Bank Index, which is subject to tracking errors. Both funds will be passively managed, with investments in securities covered by the underlying index, HDFC MF Told.

Commenting on the launch, Navneet Munot, Managing Director and CEO, HDFC Asset Management Company Limited said, “HDFC AMC has been one of the oldest players in Index Solutions with proven capability to deliver a definite edge. The launch of HDFC Nifty IT ETF and HDFC Nifty Private Bank ETF is a natural extension to include these sector ETFs as part of our endeavor to offer a diverse product bouquet to our investors.