Market Government to launch PSU Bank ETF: Key things to know Updated : May 27, 2019 02:15 PM IST The government is planning to diversify the ETF basket by including stocks of public sector banks and financial institutions. ETFs function like mutual funds that duplicate existing indices. The government already provides two ETF options — CPSE ETF and Bharat 22-ETF. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.