ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
ICICI Prudential Nifty Financial Services Ex-Bank ETF is an ETF fund and Motilal Oswal BSE Financials ex Bank 30 Index Fund is an Index fund. In the 3 years to 30-10-2026, ICICI Prudential Nifty Financial Services Ex-Bank ETF returned 13.0% a year and Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) returned 9.7% a year. ICICI Prudential Nifty Financial Services Ex-Bank ETF charges 0.21% a year and Motilal Oswal BSE Financials ex Bank 30 Index Fund 0.54%. Their portfolios overlap 87.6%: they hold 25 of the same securities.
ICICI Prudential Nifty Financial Services Ex-Bank ETF
ETF
- 3 year return
- 13.0%
- Expense ratio
- 0.21%
- NAV
- ₹29.21
Motilal Oswal BSE Financials ex Bank 30 Index Fund
Index
- 3 year return
- 9.7%
- Expense ratio
- 0.54%
- NAV
- ₹15.73
Which is better, ICICI Prudential Nifty Financial Services Ex-Bank ETF or Motilal Oswal BSE Financials ex Bank 30 Index? 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 Nifty Financial Services Ex-Bank ETF returned more over 3 years: 13.0% a year against 9.7%.
- ICICI Prudential Nifty Financial Services Ex-Bank ETF returned more over 1 year: −8.6% against −13.2%.
- ICICI Prudential Nifty Financial Services Ex-Bank ETF costs less: 0.21% a year against 0.54%.
- Motilal Oswal BSE Financials ex Bank 30 Index swung less over 3 years: a standard deviation of 19.7% a year against 20.0%.
- ICICI Prudential Nifty Financial Services Ex-Bank ETF fell less in its worst fall since 28-11-2022: −16.7% against −17.8%.
- ICICI Prudential Nifty Financial Services Ex-Bank ETF is the larger fund: ₹198 Cr against ₹30 Cr.
- Their portfolios overlap 87.6%: 25 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 Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Motilal Oswal Mutual Fund |
| Category | ETF | Index |
| AUM | ₹198 Cr (30-09-2026) | ₹30 Cr (30-09-2026) |
| NAV | ₹29.21 | ₹15.73 (Direct) |
| Expense ratio (Direct) | Not available | 0.54% |
| Expense ratio (Regular) | Not available | 1.12% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty Financial Services Ex-Bank TRI | BSE Financials ex Bank 30 TRI |
| Launch date | 25-11-2022 | 29-07-2022 |
| Minimum investment | 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 | ₹500 |
| Lock in | None | None |
| Fund managers | Nishit Patel, Ashwini Bharucha, Venus Ahuja | Swapnil Mayekar, Abhiroop Mukherjee |
| Exit load | Not available | Exit load-1%- If redeemed within 15 days from the date of allotment. |
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: 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 Nifty Financial Services Ex-Bank ETF | −3.14% | −10.30% | −7.18% | −8.58% | +13.01% | -- | -- |
| Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) | −5.12% | −11.92% | −8.09% | −13.20% | +9.69% | -- | -- |
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: Year-wise Returns
| Year | ICICI Prudential Nifty Financial Services Ex-Bank ETFICICI Prudential Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 IndexMotilal Oswal BSE Financials ex Bank 30 Index |
|---|---|---|
| 2026to date | −10.25% | −14.46% |
| 2025 | +27.84% | +22.64% |
| 2024 | +13.95% | +13.25% |
| 2023 | +32.46% | +32.46% |
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: Rolling Returns
Every holding period of both funds, against Nifty Financial Services Ex-Bank TRI, the benchmark of ICICI Prudential Nifty Financial Services Ex-Bank ETF
Rolling returns
Every 3-year holding period, 227 of them, one for each trading day from 28-11-2025 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.
ICICI Prudential Nifty Financial Services Ex-Bank ETF
Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct)
Nifty Financial Services Ex-Bank TRI
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 Nifty Financial Services Ex-Bank ETF | 0.0 | 0.0 | 0.0 | 9.7 | 25.6 | 49.3 | 15.4 | 21.2% | 22.0% | 11.9% | 27.0% | 0% |
| Motilal Oswal BSE Financials ex Bank 30 Index | 0.0 | 0.0 | 2.7 | 15.0 | 38.1 | 43.4 | 0.9 | 18.4% | 18.9% | 8.9% | 25.1% | 0% |
| Nifty Financial Services Ex-Bank TRI | 0.0 | 0.0 | 0.0 | 9.3 | 22.5 | 48.5 | 19.8 | 21.5% | 22.3% | 12.2% | 27.3% | -- |
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 Financial Services Ex-Bank 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 28-11-2022. Past returns do not promise future returns.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETFICICI Prudential Nifty Financial Services Ex-Bank ETF | ₹4,80,000 | ₹5,84,515 | ₹1,04,515 | 9.9% |
| Motilal Oswal BSE Financials ex Bank 30 IndexMotilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) | ₹4,80,000 | ₹5,40,075 | ₹60,075 | 5.9% |
ICICI Prudential Nifty Financial Services Ex-Bank ETFICICI Prudential Nifty Financial Services Ex-Bank ETF
Motilal Oswal BSE Financials ex Bank 30 IndexMotilal Oswal BSE Financials ex Bank 30 Index Fund (Direct)
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 Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.58% | −13.20% |
| Standard deviation | 21.52% | 20.90% |
| Sharpe ratio | -0.64 | -0.88 |
| Sortino ratio | -0.89 | -1.19 |
| Maximum drawdown | −16.7% (31-03-2026) | −17.8% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.17% | −0.35% |
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 Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.01% | +9.69% |
| Standard deviation | 20.04% | 19.74% |
| Sharpe ratio | 0.35 | 0.19 |
| Sortino ratio | 0.49 | 0.26 |
| Maximum drawdown | −16.7% (31-03-2026) | −17.8% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.25% | −0.39% |
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 Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.70% | +11.19% |
| Standard deviation | 18.71% | 18.47% |
| Sharpe ratio | 0.46 | 0.27 |
| Sortino ratio | 0.64 | 0.38 |
| Maximum drawdown | −16.7% (31-03-2026) | −17.8% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.28% | −0.74% |
From daily NAVs, 28-11-2022 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 Nifty Financial Services Ex-Bank ETF
Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct)
Nifty Financial Services Ex-Bank TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETF | −16.7% | 06-01-2026 | 31-03-2026 | 31-07-2026 | 4 months | −14.0% |
| Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) | −17.8% | 06-01-2026 | 30-03-2026 | 06-08-2026 | 4 months | −15.7% |
| Nifty Financial Services Ex-Bank TRI | −16.7% | 06-01-2026 | 30-03-2026 | 13-07-2026 | 3 months | −14.0% |
From daily values since 28-11-2022, 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 Nifty Financial Services Ex-Bank ETF
Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct)
Nifty Financial Services Ex-Bank 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 Nifty Financial Services Ex-Bank ETF
Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct)
Nifty Financial Services Ex-Bank TRI
Against Nifty Financial Services Ex-Bank TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETF | 99% | 100% | 0.05% |
| Motilal Oswal BSE Financials ex Bank 30 Index Fund (Direct) | 93% | 102% | 3.60% |
From month-end values since 28-11-2022. 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 Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Nifty Financial Services Ex-Bank ETF, September 2026; Motilal Oswal BSE Financials ex Bank 30 Index Fund, September 2026
Holdings in common
- Overlap
- 87.6%
- Held by both
- 25
- Only in ICICI Prudential Nifty Financial Services Ex-Bank ETF
- 5
- Only in Motilal Oswal BSE Financials ex Bank 30 Index
- 5
| Security | % of ICICI Prudential Nifty Financial Services Ex-Bank ETF | % of Motilal Oswal BSE Financials ex Bank 30 Index |
|---|---|---|
| Bajaj Finance Ltd. | 15.81% | 15.93% |
| Shriram Finance Ltd. | 8.31% | 8.96% |
| Bajaj Finserv Ltd. | 6.08% | 6.37% |
| Multi Commodity Exchange Of India Ltd. | 5.08% | 5.52% |
| SBI Life Insurance Company Ltd. | 4.60% | 5.01% |
| One 97 Communications Ltd | 4.36% | 4.72% |
| Jio Financial Services Ltd | 4.30% | 4.69% |
| Cholamandalam Investment And Finance Company Ltd. | 4.24% | 4.61% |
| HDFC Life Insurance Company Ltd. | 3.39% | 3.63% |
| Life Insurance Corporation of India | 3.03% | 3.60% |
| Power Finance Corporation Ltd. | 2.86% | 3.10% |
| Bajaj Holdings & Investment Ltd. | 2.82% | 2.99% |
| HDFC Asset Management Company Ltd. | 2.81% | 3.02% |
| ICICI Lombard General Insurance Company Ltd. | 2.34% | 2.54% |
| PB Fintech Ltd. | 2.28% | 2.49% |
| Rural Electrification Corporation Ltd. | 2.26% | 2.43% |
| Max Financial Services Ltd. | 2.20% | 2.37% |
| Aditya Birla Capital Ltd. | 1.96% | 2.12% |
| Muthoot Finance Ltd. | 1.77% | 1.95% |
| 360 One Wam Ltd. | 1.63% | 1.75% |
| L&T Finance Ltd. | 1.37% | 1.48% |
| Indian Railway Finance Corporation Ltd. | 1.07% | 1.15% |
| ICICI Prudential Life Insurance Company Ltd. | 1.06% | 1.14% |
| SBI Cards & Payment Services Ltd. | 1.04% | 1.12% |
| LIC Housing Finance Ltd. | 0.96% | 1.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 87.6% means 87.6% 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 Nifty Financial Services Ex-Bank ETF
| Security | % of fund |
|---|---|
| BSE Ltd. | 7.63% |
| Central Depository Services (India) Ltd. | 1.36% |
| PNB Housing Finance Ltd. | 1.27% |
| Angel One Ltd. | 1.08% |
| Computer Age Management Services Ltd. | 0.98% |
Largest holdings only in Motilal Oswal BSE Financials ex Bank 30 Index Fund
| Security | % of fund |
|---|---|
| Piramal Finance Limited | 1.61% |
| Mahindra & Mahindra Financial Services Limited | 1.39% |
| Nippon Life India Asset Management Limited | 1.26% |
| Poonawalla Fincorp Limited | 1.03% |
| General Insurance Corporation of India | 0.88% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index |
|---|---|---|
| Equity | 100.0% | 99.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 0.1% |
Market cap of stocks
| Market cap | ICICI Prudential Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index |
|---|---|---|
| Large Cap | 68.7% | 65.0% |
| Mid Cap | 25.6% | 33.9% |
| Small Cap | 5.7% | 1.0% |
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 Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index |
|---|---|---|
| Finance | 56.1% | 62.0% |
| Capital Markets | 20.6% | 11.6% |
| Insurance | 16.6% | 19.2% |
| Financial Technology (Fintech) | 6.6% | 7.2% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Nifty Financial Services Ex-Bank ETF | Motilal Oswal BSE Financials ex Bank 30 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.54% |
| Base expense ratio (Direct) | 0.00% | 0.37% |
| Total expense ratio (Regular) | Not available | 1.12% |
| Base expense ratio (Regular) | 0.17% | 0.90% |
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.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs Motilal Oswal BSE Financials ex Bank 30 Index Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Nifty Financial Services Ex-Bank ETF and Motilal Oswal BSE Financials ex Bank 30 Index Fund?
ICICI Prudential Nifty Financial Services Ex-Bank ETF is an ETF fund, Motilal Oswal BSE Financials ex Bank 30 Index Fund is an Index fund, run by ICICI Prudential Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 87.6%. ICICI Prudential Nifty Financial Services Ex-Bank ETF charges 0.21% a year and Motilal Oswal BSE Financials ex Bank 30 Index Fund 0.54%.
Which has given higher returns, ICICI Prudential Nifty Financial Services Ex-Bank ETF or Motilal Oswal BSE Financials ex Bank 30 Index Fund?
Over 1 year: ICICI Prudential Nifty Financial Services Ex-Bank ETF −8.58%, Motilal Oswal BSE Financials ex Bank 30 Index Fund −13.20%. Over 3 years: ICICI Prudential Nifty Financial Services Ex-Bank ETF +13.01% a year, Motilal Oswal BSE Financials ex Bank 30 Index Fund +9.69% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Nifty Financial Services Ex-Bank ETF or Motilal Oswal BSE Financials ex Bank 30 Index Fund?
ICICI Prudential Nifty Financial Services Ex-Bank ETF charges less: 0.21% a year against 0.54%. These are the total expense ratios reported to AMFI.
How much do ICICI Prudential Nifty Financial Services Ex-Bank ETF and Motilal Oswal BSE Financials ex Bank 30 Index Fund overlap?
87.6%. They hold 25 of the same securities, the largest shared ones being BAJFINANCE, SHRIRAMFIN, BAJAJFINSV. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Nifty Financial Services Ex-Bank ETF or Motilal Oswal BSE Financials ex Bank 30 Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,99,753 in ICICI Prudential Nifty Financial Services Ex-Bank ETF (XIRR 5.0% a year) and ₹3,71,711 in Motilal Oswal BSE Financials ex Bank 30 Index Fund (XIRR 0.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Nifty Financial Services Ex-Bank ETF and Motilal Oswal BSE Financials ex Bank 30 Index Fund?
Yes. 87.6% 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 Nifty Financial Services Ex-Bank ETF and Motilal Oswal BSE Financials ex Bank 30 Index Fund?
ICICI Prudential Nifty Financial Services Ex-Bank ETF: Nishit Patel, Ashwini Bharucha, Venus Ahuja. Motilal Oswal BSE Financials ex Bank 30 Index Fund: Swapnil Mayekar, Abhiroop Mukherjee.
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.