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Published on 22/07/2021 2:22:39 PM | Source: Mirae Asset Investment Managers India

Mirae Asset launches country`s first Nifty based Financial Services Index ETF `Mirae Asset Nifty Financial Services ETF`

Posted in Mutual Fund Analysis| #Mutual Fund #Mirae Asset Mutual Fund

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Mumbai, July 22, 2021: Mirae Asset Investment Managers (India) Pvt. Ltd, one of the fastest growing fund houses in the country in the equities and debt segments, today announced the launch of India’s first -ETF tracking Nifty Financial Services Index – the ‘Mirae Asset Nifty Financial Services ETF’, an open-ended replicating/tracking the Nifty Financial Services Total Return Index.

The NFO,will open for subscription on July 22, 2021, and close on July 29, 2021.

Key Highlights:

* Financial Services encompasses not only banks but other industries such as NBFC (Non- Banking financial Company), Insurance, Capital Market etc. which are currently under penetrated among masses.

* Offer investors the opportunity to participate in the sector that is one of the essential factors for the overall growth of the economy.

* Financial Services is a fairly diversified sector which is undergoing rapid expansion due to digitalization and emergence of new products and services.

* Low market penetration across segments provides more room for growth.

* Ideal for investors with an investment time horizon of at least 5 years

“Mirae Asset is striving to create a strong suite of passive products that will provide investors the option to take underlying index exposure in various segments of the market at low cost. In this effort, we are now launching Mirae Asset Nifty Financial Services ETF.While the financial services sector has grown at a great pace and financial inclusion across board has improved, we still have a long way to go to reach even global averages. With the advent of new products and services backed by innovative technology, the scope of financial services is tremendous in coming years, which makes it a very compelling sector to take exposure in,” saidMr. Swarup Mohanty, CEO, Mirae Asset Investment Managers (India)Pvt. Ltd.

Mirae Asset Nifty Financial services ETF will provide exposure to 20 companies representing various segments of the Financial Services Sector. The Index has a rich history of over 16 years and has generated a return of 18.3% per annum compared to 15.1% by NIFTY 50 Index and 14.6% by NIFTY Bank Index in the last 5 years (source: as of June 30, 2021). The ETF will have a total expense ratio of just 13 bps and will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) where liquidity shall be created by the market maker appointed by the Asset Management Company (AMC).

The minimum initial investment in the scheme during the NFO period will be Rs 5,000 and multiples of Re 1 thereafter.

 

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