Mirae Asset Mutual Fund launches Nifty India Manufacturing ETF and FOF

Mirae Asset Mutual Fund has announced the launch of ‘Mirae Asset Nifty India Manufacturing ETF’, an open-ended scheme replicating Nifty India Manufacturing Total Return Index. The fund house has also launched the ‘Mirae Asset Nifty India Manufacturing ETF FOF’, an open-ended fund of fund scheme predominantly investing in Mirae Asset Nifty India Manufacturing ETF.

The NFO for both the funds will open for subscription on January 10. While the Mirae Asset Nifty India Manufacturing ETF will close for subscription on January 20, the Mirae Asset Nifty India Manufacturing ETF FOF will close on January 24. Both the schemes will be managed by Ekta Gala.

According to the press release, the minimum initial investment in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter.

“While services and consumption have been focus areas for investors, manufacturing has seemingly been underrated despite a strong performance over the last few years. Going forward, the Manufacturing segment has the potential to become the next growth driver for India, backed by strong government initiatives like Production Linked Incentive schemes and the Make in India push. Over the past few years, India-based manufacturing companies have been increasingly incorporating digital and Industry 4.0 into their processes becoming more efficient, productive and competitive, with improvements in quality as well. This could potentially open up a larger domestic market for them as well as provide increased export opportunities, and that augurs well for the sector,” said Swarup Mohanty, Director & CEO, Mirae Asset Investment Managers (India).

Source link

Spread the word!

Leave a Comment

Your email address will not be published. Required fields are marked *