ICICI Prudential Mutual Fund has launched ICICI Prudential Alpha Low Vol 30 ETF, an open ended index ETF tracking Nifty Alpha Low Volatility 30 Index. The fund aims to provide returns that closely correspond to the returns provided by Nifty Alpha Low-Volatility 30 Index, subject to tracking errors.
The index provides exposure to a portfolio of stocks from various sectors based on top combination of alpha and low volatility.
In a press release, Nimesh Shah, MD & CEO, ICICI Prudential AMC said, “ICICI Prudential Alpha Low Vol30 ETF is a multifactor smart beta strategy. This strategy addresses high sector concentration of single factor based index strategies through diversification of factor-risk exposures and exhibiting lower performance swings. Through this ETF, an investor gets access to smart beta strategy which is rule-based and cost-effective.”
