ICICI Prudential Large Cap Fund vs ICICI Prudential Nifty 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
ICICI Prudential Large Cap Fund is a Large Cap fund and ICICI Prudential Nifty 100 ETF is an ETF fund. In the 3 years to 30-10-2026, ICICI Prudential Large Cap Fund (Direct) returned 10.3% a year and ICICI Prudential Nifty 100 ETF returned 8.5% a year. ICICI Prudential Large Cap Fund charges 1.01% a year and ICICI Prudential Nifty 100 ETF 0.50%. Their portfolios overlap 67.0%: they hold 61 of the same securities.
ICICI Prudential Large Cap Fund
Large Cap
- 3 year return
- 10.3%
- Expense ratio
- 1.01%
- NAV
- ₹113.46
ICICI Prudential Nifty 100 ETF
ETF
- 3 year return
- 8.5%
- Expense ratio
- 0.50%
- NAV
- ₹26.77
Which is better, ICICI Prudential Large Cap or ICICI Prudential Nifty 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Large Cap returned more over 5 years: 9.9% a year against 6.7%.
- ICICI Prudential Large Cap returned more over 3 years: 10.3% a year against 8.5%.
- ICICI Prudential Nifty 100 ETF costs less: 0.50% a year against 1.01%.
- ICICI Prudential Large Cap swung less over 3 years: a standard deviation of 12.6% a year against 13.7%.
- ICICI Prudential Large Cap fell less in its worst fall since 21-08-2013: −37.3% against −37.9%.
- ICICI Prudential Nifty 100 ETF holds more in large companies: 98.0% of the fund in large caps against 85.1%.
- ICICI Prudential Large Cap is the larger fund: ₹76,352 Cr against ₹151 Cr.
- Their portfolios overlap 67.0%: 61 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
| Fact | ICICI Prudential Large Cap Fund | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Large Cap | ETF |
| AUM | ₹76,352 Cr (30-09-2026) | ₹151 Cr (30-09-2026) |
| NAV | ₹113.46 (Direct) | ₹26.77 |
| Expense ratio (Direct) | 1.01% | Not available |
| Expense ratio (Regular) | 1.50% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 100 TRI | Nifty 100 TRI |
| Launch date | 23-05-2008 | 20-08-2013 |
| Minimum investment | ₹100 | During 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 in | None | None |
| Fund managers | Sankaran Naren, Vaibhav Dusad | Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja |
| Exit load | Exit load of 1%, if redeemed within 1 month. | Not available |
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 ETF: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Large Cap Fund (Direct) | +0.21% | −6.10% | −3.55% | −9.69% | +10.31% | +9.88% | +13.02% |
| ICICI Prudential Nifty 100 ETF | +1.00% | −5.43% | −3.23% | −9.17% | +8.54% | +6.69% | +11.17% |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | +11.81% |
Category average: the average of the 35 Large Cap funds, same plan type.
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 ETF: Year-wise Returns
| Year | Large CapICICI Prudential Large Cap | Nifty 100 ETFICICI Prudential Nifty 100 ETF | Nifty 100 TRI |
|---|---|---|---|
| 2026to date | −10.78% | −9.71% | −9.32% |
| 2025 | +11.95% | +9.71% | +10.24% |
| 2024 | +17.55% | +12.38% | +12.95% |
| 2023 | +28.14% | +20.66% | +21.24% |
| 2022 | +7.53% | +4.43% | +4.94% |
| 2021 | +29.96% | +25.85% | +26.45% |
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,510 of them, one for each trading day from 22-08-2016 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.
ICICI Prudential Large Cap Fund (Direct)
ICICI Prudential Nifty 100 ETF
Nifty 100 TRI
to
Jun 2017Mar 2016
to
Mar 2019Dec 2017
to
Dec 2020Aug 2019
to
Aug 2022May 2021
to
May 2024Jan 2023
to
Jan 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Large Cap | 1.2 | 5.2 | 6.1 | 31.9 | 35.3 | 16.9 | 3.5 | 15.6% | 16.0% | −5.1% | 33.9% | 77% |
| ICICI Prudential Nifty 100 ETF | 1.2 | 4.3 | 13.6 | 49.3 | 25.7 | 4.9 | 1.0 | 13.1% | 13.3% | −5.3% | 30.7% | 0% |
| Nifty 100 TRI | 1.0 | 4.0 | 10.7 | 46.5 | 31.0 | 5.3 | 1.4 | 13.7% | 13.9% | −5.0% | 31.4% | -- |
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 Nifty 100 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 21-08-2013. Past returns do not promise future returns.
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 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
₹10,000 on the first trading day of every month, from 01-08-2013 to 30-10-2026: 159 instalments, ₹15,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Large CapICICI Prudential Large Cap Fund (Direct) | ₹15,90,000 | ₹40,10,692 | ₹24,20,692 | 13.1% |
| ICICI Prudential Nifty 100 ETFICICI Prudential Nifty 100 ETF | ₹15,90,000 | ₹33,91,635 | ₹18,01,635 | 10.8% |
ICICI Prudential Large CapICICI Prudential Large Cap Fund (Direct)
ICICI Prudential Nifty 100 ETFICICI Prudential Nifty 100 ETF
Amount 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.
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Large Cap Fund (Direct) | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Return (CAGR) | −9.69% | −9.17% |
| Standard deviation | 13.10% | 14.04% |
| Sharpe ratio | -1.14 | -1.03 |
| Sortino ratio | -1.51 | -1.36 |
| Maximum drawdown | −14.2% (30-03-2026) | −15.0% (31-03-2026) |
| Beta | 0.93 | 1.00 |
| Alpha | −1.93% | −0.48% |
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.
| Measure | ICICI Prudential Large Cap Fund (Direct) | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Return (CAGR) | +10.31% | +8.54% |
| Standard deviation | 12.55% | 13.69% |
| Sharpe ratio | 0.34 | 0.18 |
| Sortino ratio | 0.47 | 0.25 |
| Maximum drawdown | −15.4% (04-03-2025) | −17.4% (28-02-2025) |
| Beta | 0.91 | 1.00 |
| Alpha | +1.52% | −0.54% |
From daily NAVs, 30-10-2023 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.
| Measure | ICICI Prudential Large Cap Fund (Direct) | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Return (CAGR) | +9.88% | +6.69% |
| Standard deviation | 12.70% | 13.99% |
| Sharpe ratio | 0.32 | 0.06 |
| Sortino ratio | 0.44 | 0.09 |
| Maximum drawdown | −15.4% (04-03-2025) | −17.4% (28-02-2025) |
| Beta | 0.89 | 1.00 |
| Alpha | +2.80% | −0.53% |
From daily NAVs, 29-10-2021 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.
| Measure | ICICI Prudential Large Cap Fund (Direct) | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Return (CAGR) | +13.95% | +13.23% |
| Standard deviation | 15.03% | 15.70% |
| Sharpe ratio | 0.53 | 0.46 |
| Sortino ratio | 0.72 | 0.63 |
| Maximum drawdown | −37.3% (23-03-2020) | −37.9% (23-03-2020) |
| Beta | 0.93 | 0.99 |
| Alpha | +2.38% | −0.34% |
From daily NAVs, 02-01-2013 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.
ICICI Prudential Large Cap Fund (Direct)
ICICI Prudential Nifty 100 ETF
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Large Cap Fund (Direct) | −37.3% | 17-01-2020 | 23-03-2020 | 10-11-2020 | 8 months | −11.6% |
| ICICI Prudential Nifty 100 ETF | −37.9% | 17-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −10.9% |
| Nifty 100 TRI | −37.9% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.1% |
From daily values since 21-08-2013, 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.
ICICI Prudential Large Cap Fund (Direct)
ICICI Prudential Nifty 100 ETF
Nifty 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Large Cap Fund (Direct)
ICICI Prudential Nifty 100 ETF
Nifty 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Large Cap Fund (Direct)
ICICI Prudential Nifty 100 ETF
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Large Cap Fund (Direct) | 99% | 87% | 2.97% |
| ICICI Prudential Nifty 100 ETF | 98% | 100% | 0.50% |
From month-end values since 21-08-2013. 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.
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Large Cap Fund, September 2026; ICICI Prudential Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 67.0%
- Held by both
- 61
- Only in ICICI Prudential Large Cap
- 30
- Only in ICICI Prudential Nifty 100 ETF
- 39
| Security | % of ICICI Prudential Large Cap | % of ICICI Prudential Nifty 100 ETF |
|---|---|---|
| HDFC Bank Ltd. | 8.44% | 8.41% |
| ICICI Bank Ltd. | 8.92% | 7.34% |
| Reliance Industries Ltd. | 5.46% | 6.15% |
| Bharti Airtel Ltd. | 4.21% | 4.14% |
| Larsen & Toubro Ltd. | 3.82% | 3.41% |
| Axis Bank Ltd. | 4.14% | 2.73% |
| Kotak Mahindra Bank Ltd. | 2.50% | 2.38% |
| Mahindra & Mahindra Ltd. | 2.51% | 2.04% |
| Infosys Ltd. | 1.96% | 2.72% |
| Sun Pharmaceutical Industries Ltd. | 2.08% | 1.49% |
| State Bank Of India | 1.34% | 3.07% |
| Maruti Suzuki India Ltd. | 2.67% | 1.20% |
| NTPC Ltd. | 2.07% | 1.19% |
| Tata Steel Ltd. | 1.57% | 1.18% |
| Ultratech Cement Ltd. | 2.92% | 1.00% |
| Interglobe Aviation Ltd. | 1.21% | 0.87% |
| ITC Ltd. | 0.86% | 1.96% |
| Hindustan Unilever Ltd. | 0.86% | 1.29% |
| Asian Paints Ltd. | 1.47% | 0.84% |
| Tech Mahindra Ltd. | 0.83% | 0.75% |
| Eicher Motors Ltd. | 0.73% | 0.76% |
| Power Grid Corporation Of India Ltd. | 0.71% | 0.91% |
| BSE Ltd. | 0.70% | 0.98% |
| Hindustan Aeronautics Ltd. | 0.99% | 0.69% |
| TVS Motor Company Ltd. | 0.68% | 0.75% |
| Oil & Natural Gas Corporation Ltd. | 0.98% | 0.68% |
| Trent Ltd. | 0.84% | 0.68% |
| TML Commercial Vehicles Ltd. | 0.64% | 0.68% |
| Bharat Electronics Ltd. | 0.62% | 1.08% |
| SBI Life Insurance Company Ltd. | 0.91% | 0.59% |
| Cipla Ltd. | 0.66% | 0.59% |
| Dr. Reddy's Laboratories Ltd. | 1.02% | 0.58% |
| MAX Healthcare Institute Ltd | 0.86% | 0.54% |
| Eternal Ltd. | 0.51% | 1.80% |
| Vedanta Aluminium Metal Ltd. | 0.51% | 0.54% |
| Cummins India Ltd. | 1.07% | 0.50% |
| Avenue Supermarts Ltd. | 1.23% | 0.47% |
| Bharat Petroleum Corporation Ltd. | 0.60% | 0.47% |
| Britannia Industries Ltd. | 0.88% | 0.44% |
| Tata Motors Passenger Vehicles Ltd. | 0.44% | 0.46% |
| HDFC Life Insurance Company Ltd. | 1.08% | 0.43% |
| Shriram Finance Ltd. | 0.38% | 1.07% |
| Hindalco Industries Ltd. | 0.38% | 1.06% |
| HDFC Asset Management Company Ltd. | 1.00% | 0.36% |
| Titan Company Ltd. | 0.34% | 1.47% |
| Adani Enterprises Ltd. | 0.34% | 0.76% |
| DLF Ltd. | 1.05% | 0.33% |
| Jindal Steel Ltd. | 0.35% | 0.33% |
| Polycab India Ltd. | 0.27% | 0.33% |
| Godrej Consumer Products Ltd. | 0.49% | 0.26% |
| Siemens Ltd. | 0.70% | 0.25% |
| Grasim Industries Ltd. | 0.25% | 0.89% |
| HCL Technologies Ltd. | 0.23% | 1.00% |
| ABB India Ltd. | 0.23% | 0.28% |
| Muthoot Finance Ltd. | 0.38% | 0.23% |
| Hyundai Motor India Ltd. | 0.76% | 0.22% |
| Zydus Lifesciences Ltd. | 0.38% | 0.22% |
| Bajaj Finserv Ltd. | 0.22% | 0.78% |
| Hindustan Zinc Ltd. | 0.27% | 0.21% |
| Tata Power Company Ltd. | 0.21% | 0.47% |
| Apollo Hospitals Enterprise Ltd. | 0.08% | 0.65% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 67.0% means 67.0% 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 ICICI Prudential Large Cap Fund
| Security | % of fund |
|---|---|
| Life Insurance Corporation of India | 2.59% |
| United Spirits Ltd. | 0.97% |
| ICICI Prudential Life Insurance Company Ltd. | 0.95% |
| Shree Cements Ltd. | 0.87% |
| 91 Days Treasury Bills | 0.65% |
Largest holdings only in ICICI Prudential Nifty 100 ETF
| Security | % of fund |
|---|---|
| Bajaj Finance Ltd. | 2.03% |
| Tata Consultancy Services Ltd. | 1.62% |
| Adani Ports and Special Economic Zone Ltd. | 1.09% |
| JSW Steel Ltd. | 0.93% |
| Bajaj Auto Ltd. | 0.92% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Large Cap | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Equity | 96.2% | 100.0% |
| Debt | 1.5% | 0.0% |
| Cash and others | 2.4% | 0.0% |
Market cap of stocks
| Market cap | ICICI Prudential Large Cap | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Large Cap | 85.1% | 98.0% |
| Mid Cap | 10.9% | 2.0% |
| Small Cap | 0.1% | 0.0% |
| Not on AMFI's list | 0.1% | 0.0% |
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
| Sector | ICICI Prudential Large Cap | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Banks | 25.3% | 25.1% |
| Automobiles | 8.0% | 6.4% |
| Petroleum Products | 6.1% | 7.0% |
| It - Software | 3.1% | 6.7% |
| Finance | 1.0% | 6.2% |
| Insurance | 6.2% | 1.0% |
| Pharmaceuticals & Biotechnology | 4.5% | 4.3% |
| Telecom - Services | 4.2% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Large Cap vs ICICI Prudential Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Large Cap Fund | ICICI Prudential Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.01% | Not available |
| Base expense ratio (Direct) | 0.72% | 0.00% |
| Total expense ratio (Regular) | 1.50% | Not available |
| Base expense ratio (Regular) | 1.14% | 0.41% |
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
ICICI Prudential Large Cap Fund vs ICICI Prudential Nifty 100 ETF: Frequently Asked Questions
What is the difference between ICICI Prudential Large Cap Fund and ICICI Prudential Nifty 100 ETF?
ICICI Prudential Large Cap Fund is a Large Cap fund, ICICI Prudential Nifty 100 ETF is an ETF fund, run by ICICI Prudential Mutual Fund. Their portfolios overlap 67.0%. ICICI Prudential Large Cap Fund charges 1.01% a year and ICICI Prudential Nifty 100 ETF 0.50%.
Which has given higher returns, ICICI Prudential Large Cap Fund or ICICI Prudential Nifty 100 ETF?
Over 1 year: ICICI Prudential Large Cap Fund −9.69%, ICICI Prudential Nifty 100 ETF −9.17%. Over 3 years: ICICI Prudential Large Cap Fund +10.31% a year, ICICI Prudential Nifty 100 ETF +8.54% a year. Over 5 years: ICICI Prudential Large Cap Fund +9.88% a year, ICICI Prudential Nifty 100 ETF +6.69% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Large Cap Fund or ICICI Prudential Nifty 100 ETF?
ICICI Prudential Nifty 100 ETF charges less: 0.50% a year against 1.01%. These are the total expense ratios reported to AMFI.
How much do ICICI Prudential Large Cap Fund and ICICI Prudential Nifty 100 ETF overlap?
67.0%. They hold 61 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, ICICI Prudential Large Cap Fund or ICICI Prudential Nifty 100 ETF?
On SEBI's riskometer, ICICI Prudential Large Cap Fund is rated Very High and ICICI Prudential Nifty 100 ETF Very High. Over 3 years, the standard deviation of daily returns was 12.55% and 13.69% a year.
Which is better for SIP, ICICI Prudential Large Cap Fund or ICICI Prudential Nifty 100 ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,46,681 in ICICI Prudential Large Cap Fund (XIRR 7.9% a year) and ₹7,01,218 in ICICI Prudential Nifty 100 ETF (XIRR 5.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Large Cap Fund and ICICI Prudential Nifty 100 ETF?
Yes. 67.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages ICICI Prudential Large Cap Fund and ICICI Prudential Nifty 100 ETF?
ICICI Prudential Large Cap Fund: Sankaran Naren, Vaibhav Dusad. ICICI Prudential Nifty 100 ETF: Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja.
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.