‘Mirae Asset Nifty Bank ETF’, This is An open-ended scheme replicating/tracking Nifty Bank Total Return Index introduced by Mirae Asset Mutual Fund. The NFO will be open for subscription from July 12th, 2023 and will end on July 18th, 2023. Within five Business Days following the date of allotment, the Schemes will reopen for continuous sale and repurchase (21st July). Subscriptions can be made starting at Rs. 5,000 and in multiples of Rs. 1/-.
About Mirae Asset Mutual Fund
Mirae Asset Global Investments is a global diversified asset manager offering cutting-edge strategies to customers in an ever-evolving global market. In administering their fully diversified investment platform, Mirae Asset Global Investments, which was created in Asia and currently has a presence in 16 countries, they employ a collaborative approach.
As part of an internal restructuring of its business effective as of January 1, 2020, Mirae Asset Global Investments (India) Private Limited (“MAGI India”) has transferred its asset management business to its wholly owned subsidiary, Mirae Asset Investment Managers (India) Private Limited (“Mirae AMC”). Effective January 1, 2020, Mirae AMC has taken over as the Asset Management Company (“AMC”) of Mirae Asset Mutual Fund (“MAMF”) from MAGI India.
Mirae Asset Multicap Fund – NFO Detail
| Type of Offer | NFO (New Fund Offer) |
| Fund House | Mirae Asset Mutual Fund |
| Name of the Fund | Mirae Asset Nifty Bank ETF |
| Type of Scheme | Open-ended |
| Category of Scheme | Index fund |
| NFO Starts | 12-July-2023 |
| NFO Ends | 18-July-2023 |
| NFO Unit Price | Rs 10 per unit |
| Minimum Investment | Rs. 5000 |
| Plans | The Scheme does not offer any Plans for investment. |
| Options | The Scheme does not offer any Options for investment. |
| Entry Load | Not Applicable |
| Exit Load | Nil |
| Investment Manager | Mirae Asset Investment Managers (India) Private Limited |
| Fund Manager | Ms.Ekta Gala |
Mirae Asset Nifty Bank ETF NFO – Scheme Objective
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Bank Total Return Index, subject to tracking error.
Mirae Asset Nifty Bank ETF NFO – Who Can Invest?
This product is suitable for investors who are seeking*:
- Returns that commensurate with performance of Nifty Bank Total Return Index, subject to tracking error over long term.
- Investments in equity securities covered by Nifty Bank Total Return Index.
How Will the Scheme Allocate Its Asset
- 95-100% in Securities included in the Nifty Bank Index.
- 0-5% in Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
Where Will the Scheme Invest?
- The Scheme would invest in stocks constituting the Nifty BankIndex in the similar proportion (weightage) as in the Index and endeavor to track the benchmark index.
- The Scheme will invest in debt and money market instruments. Debt securities and Money Market Instruments will include but will not be limited to:
- Securities created and issued by the Central and State Governments as may be permitted by RBI (including but not limited to coupon bearing bonds,zero coupon bonds and treasury bills).
- Securities guaranteed by the Central and State Governments (including but not limited to coupon bearing bonds, zero coupon bonds and treasury bills).
- Debt securities of domestic Government agencies and statutory bodies, which may or may not carry a Central/State Government guarantee.
- Corporate debt (of both public and private sector undertakings).
- Money market instruments permitted by SEBI/RBIor in alternative investment for the call money market as may be provided by the RBI to meet the liquidity requirements.
- Certificate of Deposits (CDs).
- Commercial Paper (CPs). A part of the net assets may be invested in the Collateralized Borrowing & Lending Obligations (CBLO) or in an alternative investment as may be provided by RBI to meet the liquidity requirements.
- The non-convertible part of convertible securities.
- Any other domestic fixed income securities as permitted by SEBI / RBI from time to time subject to necessary approvals from SEBI, if any.
- Any other instruments/securities, which in the opinion of the fund manager would suit the investment objective of the scheme subject to compliance with extant Regulations.
- The Scheme may take derivatives positions based on the opportunities available subject to the guidelines provided by SEBI from time to time and in line with the overall investment objective of the Scheme.
Mirae Asset Nifty Bank ETF NFO – SID (Scheme Information Document)
Please click here to read the SID (Scheme Information Document) of this upcoming NFO scheme.
How to Invest?
Visit this page on the AMC website for further detail and investment.
Disclaimer: This post is just information about the scheme. It does not give any advice or recommendation. Mutual Fund investments are subject to market risk. Please read the offer document carefully before investing.
