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    Franklin India Arbitrage Fund vs ICICI Prudential BSE 500 ETF

    Direct Plan where a fund has one, Growth option · Data as on 30-10-2026

    Franklin India Arbitrage Fund is an Arbitrage fund and ICICI Prudential BSE 500 ETF is an ETF fund. In the year to 30-10-2026, Franklin India Arbitrage Fund (Direct) returned 7.1% and ICICI Prudential BSE 500 ETF returned −7.9%. Franklin India Arbitrage Fund charges 1.20% a year and ICICI Prudential BSE 500 ETF 0.33%. Their portfolios overlap 48.5%: they hold 131 of the same securities.

    Franklin India Arbitrage Fund

    Arbitrage

    1 year return
    7.1%
    Expense ratio
    1.20%
    NAV
    ₹11.42
    See Franklin India Arbitrage Fund

    ICICI Prudential BSE 500 ETF

    ETF

    1 year return
    −7.9%
    Expense ratio
    0.33%
    NAV
    ₹37.06
    See ICICI Prudential BSE 500 ETF

    Which is better, Franklin India Arbitrage or ICICI Prudential BSE 500 ETF? Key differences

    It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

    • Franklin India Arbitrage returned more over 1 year: 7.1% against −7.9%.
    • ICICI Prudential BSE 500 ETF costs less: 0.33% a year against 1.20%.
    • Franklin India Arbitrage fell less in its worst fall since 19-11-2024: −0.4% against −14.8%.
    • ICICI Prudential BSE 500 ETF holds more in large companies: 67.1% of the fund in large caps against 51.9%.
    • Franklin India Arbitrage is the larger fund: ₹1,921 Cr against ₹347 Cr.
    • Their portfolios overlap 48.5%: 131 of the same holdings.

    Past returns do not promise future returns. This page is information, not investment advice.

    Key facts

    From each fund's scheme summary document and AMFI

    FactFranklin India Arbitrage FundICICI Prudential BSE 500 ETF
    Fund houseFranklin Templeton Mutual FundICICI Prudential Mutual Fund
    CategoryArbitrageETF
    AUM₹1,921 Cr (30-09-2026)₹347 Cr (30-09-2026)
    NAV₹11.42 (Direct)₹37.06
    Expense ratio (Direct)1.20%Not available
    Expense ratio (Regular)1.97%Not available
    RiskometerNot availableNot available
    BenchmarkNot availableBSE 500 TRI
    Launch dateNot available09-05-2018
    Minimum investmentNot availableDuring Ongoing/Continuous Offer: On Stock Exchanges: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy or sell units of the scheme in creation unit size and its mul
    Lock inNot availableNone
    Fund managersNot availableNishit Patel, Ajaykumar Solanki, Ashwini Shinde
    Exit loadNot availableThere will be no exit load for units sold through the secondary market on the stock exchanges where the Scheme will be listed. Currently, the Scheme is proposed to be listed on BSE and NSE. Investors shall note that the brokerage on sales of the units of the scheme on the stock exchanges shall be borne by the investors.

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: Returns Comparison

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Fund1M3M6M1Y3Y5Y10Y
    Franklin India Arbitrage Fund (Direct)+0.58%+1.71%+3.51%+7.13%------
    ICICI Prudential BSE 500 ETF−0.90%−6.15%−3.10%−7.94%+9.53%+8.30%--
    Arbitrage average+0.56%+1.52%+3.20%+6.62%------

    Category average: the average of the 39 Arbitrage funds, same plan type.

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: Year-wise Returns

    YearFranklin India ArbitrageFranklin India ArbitrageICICI Prudential BSE 500 ETFICICI Prudential BSE 500 ETF
    2026to date+5.84%−8.04%
    2025+7.19%+7.27%
    2024--+15.40%
    2023--+26.14%
    2022--+4.44%
    2021--+31.29%

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: Rolling Returns

    Every holding period of both funds, against BSE 500 TRI, the benchmark of ICICI Prudential BSE 500 ETF

    Rolling returns

    Every 1-year holding period, 233 of them, one for each trading day from 19-11-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.

    −10%−5%0%5%10%15%20%
    Dec 2024
    to
    Dec 2025
    Feb 2025
    to
    Feb 2026
    Apr 2025
    to
    Apr 2026
    Jun 2025
    to
    Jun 2026
    Aug 2025
    to
    Aug 2026
    Oct 2025
    to
    Oct 2026
    Franklin India Arbitrage Fund (Direct)ICICI Prudential BSE 500 ETFBSE 500 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    Franklin India Arbitrage0.00.0100.00.00.00.00.07.0%7.0%6.5%7.7%76%
    ICICI Prudential BSE 500 ETF31.232.526.97.71.70.00.03.0%2.5%−9.5%15.3%0%
    BSE 500 TRI28.832.627.59.41.70.00.03.4%2.8%−9.2%15.7%--

    The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is BSE 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 19-11-2024. Past returns do not promise future returns.

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: SIP and Lumpsum Returns

    What the same monthly or one-time investment would be worth in each fund today, from their own NAV history

    Growth of an investment

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 19-11-2024 to 30-10-2026: 24 instalments, ₹2,40,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    Franklin India ArbitrageFranklin India Arbitrage Fund (Direct) ₹2,40,000 ₹2,57,663 ₹17,663 7.0%
    ICICI Prudential BSE 500 ETFICICI Prudential BSE 500 ETF ₹2,40,000 ₹2,33,918 −₹6,082 −2.5%
    ₹0₹1.0 L₹2.0 L₹3.0 L
    20252026
    Franklin India ArbitrageFranklin India Arbitrage Fund (Direct)ICICI Prudential BSE 500 ETFICICI Prudential BSE 500 ETFAmount invested

    From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: Risk and Drawdowns

    How much each fund swings, and the worst fall over the same days

    Risk and return

    MeasureFranklin India Arbitrage Fund (Direct)ICICI Prudential BSE 500 ETF
    Return (CAGR)+7.13%−7.94%
    Standard deviation1.42%14.35%
    Sharpe ratio1.33-0.92
    Sortino ratio2.08-1.21
    Maximum drawdown−0.4% (06-08-2026)−14.8% (31-03-2026)
    Beta--1.00
    Alpha--−0.28%

    From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.

    Drawdowns

    How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.

    −15%−10%−5%0%
    20252026
    Franklin India Arbitrage Fund (Direct)ICICI Prudential BSE 500 ETFBSE 500 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    Franklin India Arbitrage Fund (Direct)−0.4%03-08-202606-08-202624-08-202618 days0.0%
    ICICI Prudential BSE 500 ETF−14.8%02-01-202631-03-2026Not yet--−8.9%
    BSE 500 TRI−14.8%02-01-202630-03-2026Not yet--−8.7%

    From daily values since 19-11-2024, the first day every fund has.

    Rolling standard deviation

    Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

    0%5%10%15%
    2026
    Franklin India Arbitrage Fund (Direct)ICICI Prudential BSE 500 ETFBSE 500 TRI

    Against BSE 500 TRI

    FundUp captureDown captureTracking error
    Franklin India Arbitrage Fund (Direct)17%-17%16.18%
    ICICI Prudential BSE 500 ETF99%101%0.02%

    From month-end values since 19-11-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: Portfolio Overlap

    From each fund's latest monthly portfolio: Franklin India Arbitrage Fund, September 2026; ICICI Prudential BSE 500 ETF, September 2026

    Holdings in common

    Overlap
    48.5%
    Held by both
    131
    Only in Franklin India Arbitrage
    13
    Only in ICICI Prudential BSE 500 ETF
    370
    Security% of Franklin India Arbitrage% of ICICI Prudential BSE 500 ETF
    HDFC Bank Ltd5.79%5.73%
    ICICI Bank Ltd6.04%5.02%
    Reliance Industries Ltd4.13%4.17%
    Bharti Airtel Ltd2.55%2.90%
    Larsen & Toubro Ltd1.88%2.32%
    Axis Bank Ltd3.37%1.86%
    State Bank of India1.78%2.11%
    Bajaj Finance Ltd1.03%1.36%
    Sun Pharmaceutical Industries Ltd0.98%1.04%
    Mahindra & Mahindra Ltd0.92%1.40%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 48.5% means 48.5% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.

    Largest holdings only in Franklin India Arbitrage Fund

    Security% of fund
    Franklin India Money Market Fund Direct-Growth Plan12.02%
    Canara Bank (30-Nov-2026)2.58%
    Union Bank of India (16-Mar-2027)2.52%
    National Bank For Agriculture & Rural Development (17-Mar-2027)2.52%
    Indian Bank (04-Dec-2026)1.29%

    Largest holdings only in ICICI Prudential BSE 500 ETF

    Security% of fund
    Tata Consultancy Services Ltd.1.10%
    HCL Technologies Ltd.0.69%
    Asian Paints Ltd.0.58%
    Tech Mahindra Ltd.0.52%
    Lenskart Solutions Ltd.0.49%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetFranklin India ArbitrageICICI Prudential BSE 500 ETF
    Equity71.4%100.0%
    Debt14.5%0.0%
    Cash and others14.1%0.0%

    Market cap of stocks

    Market capFranklin India ArbitrageICICI Prudential BSE 500 ETF
    Large Cap51.9%67.1%
    Mid Cap17.7%21.5%
    Small Cap1.8%11.3%

    Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.

    Largest sectors

    SectorFranklin India ArbitrageICICI Prudential BSE 500 ETF
    Banks23.5%19.5%
    Finance2.8%6.4%
    Pharmaceuticals & Biotechnology3.0%5.8%
    It - Software0.0%5.8%
    Telecom - Services5.4%3.6%
    Petroleum Products4.2%5.0%
    Automobiles4.1%4.9%

    The six largest sectors of each fund's stocks, % of the fund.

    Franklin India Arbitrage vs ICICI Prudential BSE 500 ETF: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeFranklin India Arbitrage FundICICI Prudential BSE 500 ETF
    Total expense ratio (Direct)1.20%Not available
    Base expense ratio (Direct)0.23%0.00%
    Total expense ratio (Regular)1.97%Not available
    Base expense ratio (Regular)0.89%0.26%

    The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.

    More comparisons

    Each fund against the others of its category

    Franklin India Arbitrage Fund vs ICICI Prudential BSE 500 ETF: Frequently Asked Questions

    What is the difference between Franklin India Arbitrage Fund and ICICI Prudential BSE 500 ETF?

    Franklin India Arbitrage Fund is an Arbitrage fund, ICICI Prudential BSE 500 ETF is an ETF fund, run by Franklin Templeton Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 48.5%. Franklin India Arbitrage Fund charges 1.20% a year and ICICI Prudential BSE 500 ETF 0.33%.

    Which has given higher returns, Franklin India Arbitrage Fund or ICICI Prudential BSE 500 ETF?

    Over 1 year: Franklin India Arbitrage Fund +7.13%, ICICI Prudential BSE 500 ETF −7.94%. As on 30-10-2026. Past returns do not promise future returns.

    Which has the lower expense ratio, Franklin India Arbitrage Fund or ICICI Prudential BSE 500 ETF?

    ICICI Prudential BSE 500 ETF charges less: 0.33% a year against 1.20%. These are the total expense ratios reported to AMFI.

    How much do Franklin India Arbitrage Fund and ICICI Prudential BSE 500 ETF overlap?

    48.5%. They hold 131 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.

    Can I invest in both Franklin India Arbitrage Fund and ICICI Prudential BSE 500 ETF?

    Yes. 48.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

    Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.

    This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.

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