Eight NFOs opened this week. The bulk are passive products, with two fixed-maturity debt index funds, three equity ETFs and an index fund tracking private sector banks. One contra fund and a commodity FOF round out the set.

This week's NFOs

Groww Nifty Private Bank ETF

Groww Mutual Fund · ETF, Passive Equity · open-ended · Opens 2026-05-06

Tracks the Nifty Private Bank index, concentrating exposure entirely in private sector banking. Sectoral ETFs carry single-industry concentration by construction.

Groww Nifty Private Bank Index Fund

Groww Mutual Fund · Index Fund, Passive Equity · open-ended · Opens 2026-05-06

The index fund wrapper for the same Nifty Private Bank index, accessible without a demat account. The underlying concentration risk is identical to the ETF variant.

HDFC Gold Silver Passive FOF

HDFC Mutual Fund · Fund of Funds, Commodity · open-ended · Opens 2026-05-15

A passive FOF investing in gold and silver ETFs or funds. FOF structures stack fees, with the FOF's own expense ratio sitting on top of what the underlying commodity funds already charge.

Motilal Oswal Contra Fund

Motilal Oswal Mutual Fund · Equity Scheme, Contra Fund · open-ended · Opens 2026-05-08

Contra funds take positions against prevailing market sentiment, buying out-of-favour stocks. SEBI permits only one contra fund per AMC, so this is a distinct category slot for Motilal Oswal.

SBI CRISIL-IBX 10:90 Gilt + SDL Index - Dec 2029 Index Fund

SBI Mutual Fund · Index Fund, Debt, Target Maturity · open-ended · Opens 2026-05-14

A target-maturity debt index fund maturing in December 2029, blending government securities and state development loans in a 10:90 ratio. Target-maturity funds hold bonds to maturity, which reduces but does not eliminate interest rate risk.

SBI Nifty G-sec Jul 2031 Index Fund

SBI Mutual Fund · Index Fund, Debt, Target Maturity · open-ended · Opens 2026-05-14

Tracks a Nifty G-sec index maturing in July 2031, investing purely in central government securities. The longer maturity window relative to the Dec 2029 fund means greater sensitivity to interest rate movements over the holding period.

SBI Nifty Smallcap 250 ETF

SBI Mutual Fund · ETF, Passive Equity · open-ended · Opens 2026-05-07

Tracks the Nifty Smallcap 250 index, spreading passive exposure across 250 small-cap names. Smallcap indices carry higher volatility and wider bid-ask spreads on the exchange than large-cap equivalents.

SBI Nifty200 Value 30 ETF

SBI Mutual Fund · ETF, Passive Equity, Factor/Smart Beta · open-ended · Opens 2026-05-07

A smart-beta ETF tracking the Nifty200 Value 30 index, which selects 30 value-screened stocks from the Nifty 200. Factor indices concentrate the portfolio significantly compared to broad-market benchmarks.

Category observations

Passive products dominate this week's launches. Six of the eight NFOs are index funds or ETFs, continuing a trend of AMCs filling out their passive shelf across equity, debt and commodity categories. SBI alone accounts for four launches, spanning smallcap equity, value factor and two target-maturity debt products. The two target-maturity debt index funds from SBI arrive at a time when the target-maturity category is already well-populated, so differentiation comes down to the specific maturity date and index composition rather than the structure itself.

Track records emerge over three years.

Reading the broader picture

• The live list of currently open NFOs sits at finset.in/nfo.
• Per-scheme deep dives live at finset.in/funds.

Mutual fund investments are subject to market risks. Read all scheme related documents carefully. Published by Sanket Nilkantha Dube, AMFI-registered Mutual Fund Distributor (ARN-180462). Not investment advice. Full disclosures.