ICICI Prudential AMC launches Nifty Junior Index Fund

MUMBAI: Mutual fund major, ICICI Prudential AMC launched its ICICI Prudential Nifty Junior Index Fund, an open-ended index fund that will invest in companies whose securities are included in Nifty Junior Index.

Its New Fund Offer (NFO) opens from June 10 and will close on June 21, the company said in a statement here.

The company claimed it to be the country's first open-ended index fund to track CNX Nifty Junior.

The fund aims to track 90-95 per cent of the index, maintaining cash balance between 5-10 per cent of the net assets to meet redemptions and other liquidity requirements, it said.

However, it said, the fund will also track upto 100 per cent of the index as and when the liquidity in the index improve.