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NFO Alert: Mirae Asset Mutual Fund launches Mirae Asset Nifty PSU Bank ETF; Details inside
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3 min read | Updated on September 25, 2024, 16:29 IST
SUMMARY
Mirae Asset Mutual Fund has launched the Mirae Asset Nifty PSU Bank ETF, an open-ended scheme tracking the Nifty PSU Bank Index. The NFO runs from September 24 to September 30, 2024, with a minimum subscription amount of ₹5,000.
NFO Alert: Mirae Asset Mutual Fund launches Mirae Asset Nifty PSU Bank ETF – Details inside
The Mirae Asset Nifty PSU Bank ETF is an open-ended mutual fund scheme launched by Mirae Asset Mutual Fund on September 24, 2024. It will generate returns by keeping track of the performance of the Nifty PSU Bank Index. The scheme is classified under the "Other Scheme - Other ETFs" category. The new fund offer (NFO) closes on September 30, 2024. The minimum subscription amount is ₹5,000.
Objective of the Scheme: The investment objective of the Mirae Asset Nifty PSU Bank ETF is to generate returns, before expenses, that are commensurate with the performance of the Nifty PSU Bank Index, subject to tracking error.
Risk-o-meter
Funds Allocation
| Types of Instruments | Minimum Allocation (% of Net Assets) | Maximum Allocation (% of Net Assets) |
|---|---|---|
| Securities included in the Nifty PSU Bank Index | 95 | 100 |
| Money market instruments including Tri-Party REPO/ debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds. | 0 | 5 |
Who should invest in this fund?
This NFO of the Mirae Asset Nifty PSU Bank ETF is suitable for investors seeking to create wealth over the long term and to seek returns commensurate with the performance of the Nifty PSU Bank Total Return Index.
Benchmark
The performance of the Mirae Asset Nifty PSU Bank ETF will be benchmarked to the performance of the Nifty PSU Bank Total Return Index.
Peer Fund Schemes
| Scheme Name | AUM (Crore) | Expense Ratio (%) | 1 Year Returns (%) | Since Launch Ret (%) |
|---|---|---|---|---|
| ICICI Pru Nifty PSU Bank ETF | 75.53 | 0.4 | 31.93 | 52.04 |
| DSP Nifty PSU Bank ETF | 41.98 | 0 | 31.68 | 41.5 |
| Kotak Nifty PSU Bank ETF | 1453.1 | 0.49 | 31.61 | 5.75 |
| Nippon India ETF Nifty PSU Bank BeES | 2501.65 | 0 | 31.55 | 10.73 |
| HDFC NIFTY PSU BANK ETF | 25 | 0.35 | - | 9.84 |
Who Manages the Scheme?
Ekta Gala - (AUM - ₹ 10,002.78 crore, Schemes - 28)
Ekta Gala has over 6 years of experience as a dealer. Before this assignment, she was associated with ICICI Prudential Asset Management Company Ltd.
Akshay Udeshi
Akshay Udeshi has over 4 years of experience in the field of financial services. He has been associated with the AMC since June 2021. Before this assignment, Udeshi was associated with Reliance Retail Limited where he was involved in product development in the affordability space. He also has an experience with L&T Financial Services where he was involved in product management of secured lending products.
The Mirae Asset Nifty PSU Bank ETF offers an opportunity for long-term investors seeking returns matching the Nifty PSU Bank Index. It's ideal for those looking to invest in PSU banking sector performance.
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