Mirae Asset Nifty Metal ETF New Fund Offering or NFO will open for subscription on September 20 and close on September 30. The scheme will reopen for continuous sale and repurchase on October 4.
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The NFO of Mirae Asset PSU Bank ETF will open on September 24 and close on September 30. The scheme will reopen for continuous sale and repurchase on October 3.
Mirae Asset Nifty Metal ETF is an open-ended scheme that replicates/tracks the Nifty Metal Total Return index and Mirae Asset Nifty PSU Bank ETF is an open-ended scheme that replicates/tracks the Nifty PSU Bank Total Return index.
The investment objective of Mirae Asset Nifty Metal ETF is to generate returns, before expenses, that are in line with the performance of the Nifty Metal Total Return Index, subject to tracking error. The investment objective of Mirae Asset PSU Bank ETF is to generate returns, before expenses, that are in line with the performance of the Nifty PSU Bank Total Return Index, subject to tracking error. Also Read | What HDFC Mutual Fund bought and sold in August
Both funds will be managed by Ekta Gala and Akshay Udeshi. The minimum initial investment in both funds will be Rs 5,000 and in multiples of Rs 1 thereafter during the NFO.
“The Nifty Metal ETF will enable investors to take tactical exposure based on a short-term view of the metals and commodities cycle or a long-term exposure due to India’s focus on infrastructure and manufacturing. The PSU Bank segment over the last few years has witnessed a significant improvement in asset quality, risk readiness and a sharp turnaround in profitability. The PSU Bank ETF aims to provide focused exposure to this segment which has the potential to continue on its current growth and profitability trajectory,” he said. Siddhartha SrivastavaHead of ETF Products & Fund Manager, Mirae Asset Investment Managers (India).
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