NFO: ICICI Prudential Mutual Launches New Fund and Mahindra Manulife Files Draft

Two mutual fund houses have filed draft documents for new fund offers (NFOs) targeting different investor needs. ICICI Prudential Mutual Fund has introduced an index fund and an exchange-traded fund (ETF) based on the Nifty Top 15 Equal Weight Index, while Mahindra Manulife Mutual Fund has proposed a hybrid fund of funds that combines arbitrage and debt strategies.

ICICI Prudential Nifty Top 15 Equal Weight Index Fund & ETF

ICICI Prudential Mutual Fund has launched two offerings tracking the Nifty Top 15 Equal Weight Index:

1. ICICI Prudential Nifty Top 15 Equal Weight Index Fund
2. ICICI Prudential Nifty Top 15 Equal Weight ETF

Both are open-ended schemes set to open for subscription from June 10 to June 24, 2025. The investment objective is to provide returns, before expenses, that correspond to the total return of the underlying index, subject to tracking errors. Unlike market-cap-weighted indices, this index assigns equal weight to each of the top 15 companies in the Nifty 50.

Key details:

• Category: Equity – Large Cap
• Minimum Investment: ₹1,000
• Plans Available: Growth, IDCW
• Benchmark: Nifty Top 15 Equal Weight TRI
• Fund Managers: Ashwini Shinde (Index Fund), Ashwini Shinde & Nishit Patel (ETF)
• Exit Load: NIL
• Risk Level: Very High
• Registrar: CAMS

A stamp duty of 0.005% will apply as per SEBI norms.

Mahindra Manulife Income Plus Arbitrage Active FOF

Mahindra Manulife Mutual Fund has filed a draft for an open-ended fund of fund scheme. The fund will predominantly invest in units of actively managed debt and arbitrage mutual fund schemes. The objective is to achieve long-term capital appreciation through a mix of debt-oriented and arbitrage strategies.

Key details:

• Category: Hybrid – FoF (Income + Arbitrage)
• Benchmark: 60% CRISIL Composite Bond Index + 40% Nifty 50 Arbitrage
• Minimum Investment: ₹1,000
• Plans: Growth and IDCW (Payout/Reinvestment)
• Fund Managers: Amit Garg, Rahul Pal, Mitul Doshi
• Exit Load: NIL
• Risk Level: Moderate
• Invests only in domestic mutual fund schemes

Conclusion

The two filings offer different exposure options. ICICI Prudential’s equity index products provide structured large-cap allocation, while Mahindra Manulife’s FoF targets a balanced approach using debt and arbitrage strategies. Both are pending launch, with final dates yet to be confirmed in Mahindra’s case.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.