Nifty Capital Markets index funds and ETFs
3 index funds and ETFs track the Nifty Capital Markets, as each fund house reported for Sep 2026. Closest to the index over the year: Motilal Oswal Nifty Capital Market Index Fund. Tracking difference is the fund's return less the index's over the year; its costs make it negative, so the figure nearest nought is the closest.
Index funds on the Nifty Capital Markets
Closest to the index first, then the lowest expense ratio. Over the year to the month's end.The Nifty Capital Markets
Motilal Oswal Nifty Capital Market Index FundMotilal Oswal Mutual FundTracking difference−0.61%After fee−0.04%Tracking error0.06%Expense ratio0.63%Fund size, ₹ Cr663
Tata Nifty Capital Markets Index FundTata Mutual FundTracking difference−0.74%After fee−0.16%Tracking error0.11%Expense ratio0.62%Fund size, ₹ Cr964
Axis Nifty Capital Markets Index FundAxis Mutual FundTracking difference–After fee–Tracking error0.17%Expense ratio0.88%Fund size, ₹ Cr124
About Nifty Capital Markets index funds and ETFs
Nifty Capital Markets index funds and ETFs are funds that copy the Nifty Capital Markets index, a thematic index of at most 20 companies that run or serve India's securities markets, so their return follows the index less costs.
The index they track
The Nifty Capital Markets is maintained by NSE Indices. The eligible industries are asset managers, exchanges and data platforms, stockbrokers, depositories, clearing houses and other market intermediaries, financial product distributors and rating agencies, all drawn from the Nifty 500. The 20 largest by six-month average free-float market capitalisation (the value of the shares available for trading) are selected.
The base date is 1 Apr 2019 at 1000, and the index launched on 9 Sep 2024.
A narrow index
Each stock is weighted by free-float market capitalisation, capped at 20%. The cap is reapplied each quarter, on the last trading day of Mar, Jun, Sep and Dec, and between those dates a weight can drift above it. Membership is reviewed twice a year. With so few members and a cap that high, a single company can carry a fifth of a fund.
Tracking difference and tracking error
Tracking difference is the fund's one-year return less the index's return over the same year. It is usually below zero because costs come out of the fund. The after fee figure adds the year's average expense ratio back, which shows the gap that is not the fee. Tracking error is how much the daily gaps vary, stated as a yearly figure. This page shows both for each fund and leaves a dash where a figure is not available.
Expense ratio and fund size
The expense ratio is the yearly charge as a share of the money invested, taken out of NAV (the value of one unit) every day, so the returns shown are already net of it. The table switches between the direct plan, bought straight from the fund house, and the regular plan, which pays a distributor and costs more. Fund size counts all plans at month end.
How the list is ordered
Funds with the tracking difference nearest zero come first. Ties go to the lower expense ratio. Figures cover the year to the latest month-end.