HDFC Asset Management has just announced the official launch of two new ETFs, the HDFC Nifty IT ETF and the HDFC Nifty Private Bank ETF. The Nifty IT ETF looks to capture global IT demand through leading companies in India while the Nifty Private Banks ETF looks to track the potential of private banks in India that are benefitting economic growth. Both ETFs track the ten largest companies in their respective sectors from NSE and rebalance semi-annually.
ETF Newz Says:
The goal of the ETFs is to give returns that correspond to their indexes, the Nifty IT Index and the Nifty Private Bank Index.