ICICI Prudential Mutual Fund announced the launch of the ICICI Prudential Nifty Smallcap 250 ETF, an Exchange Traded Fund that aims to replicate the performance of the Nifty Smallcap 250 Index, subject to tracking error.The new fund offer (NFO) of the fund is open for subscription and will close on June 16. The scheme will re-open for continuous sale and repurchase within five business days from the date of allotment.Also Read | Are mutual fund investors losing interest in gold ETFs and multi asset allocation funds? India's economic growth story is increasingly being shaped by businesses beyond the traditional large-cap universe. While large companies continue to dominate market indices, a growing number of smaller listed companies are emerging as beneficiaries of trends such as manufacturing expansion, formalisation of the economy, infrastructure development, digitalisation and rising domestic consumption.“India's growth journey is creating opportunities across a wider universe of companies than ever before. ICICI Prudential Nifty Smallcap 250 ETF offers access to a diversified basket of emerging businesses through a transparent and cost-efficient passive structure. The ETF is designed for investors seeking long-term participation in India's expanding smallcap opportunity set while benefiting from broad diversification across sectors and companies,” said Abhijit Shah, Chief Marketing & Digital Business Officer, ICICI Prudential AMC.According to the fund house, one must consider this ETF because it provides exposure to India’s 250 emerging small-cap companies through a single investment, diversified participation across approximately twenty sectors, transparent and rules-based portfolio construction, and a cost-efficient ETF structure with real-time pricing.The exit load is nil. The minimum application amount is Rs 1,000 and in multiples of Re 1. If one plans to invest directly with the Mutual Fund, the Authorised Participant(s)/Investor(s) can buy/sell units of the Scheme in Creation Unit Size, viz. 3,00,000 units and in multiples thereof.The fund will allocate 95–100% in equity and equity-related securities of companies constituting the underlying index (Nifty Smallcap 250 Index) and 0–5% in money market instruments, including TREPs and units of debt schemes.The performance will be benchmarked against Nifty Smallcap 250 TRI and will be managed by Nishit Patel, Ashwini Bharucha and Venus Ahuja.Also Read | Gold, silver ETFs tumble up to 7% as US-Iran tensions and inflation fears hit sentiment. Time to buy the dip? The fund is suitable for investors who are seeking long-term wealth creation and want an Exchange Traded Fund that aims to provide returns that closely correspond to the returns provided by the Nifty Smallcap 250 Index, subject to tracking error.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message ET Mutual Funds on Facebook/Twitter. We will get them answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile and Twitter handle.