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Mirae Asset MF launches Nifty India Manufacturing ETF, FOF

The Nifty India Manufacturing Index aims to track the performance of stocks that represent manufacturing sectors in India including electric vehicles, electronics, battery-tech, defence etc. (REUTERS)Premium
The Nifty India Manufacturing Index aims to track the performance of stocks that represent manufacturing sectors in India including electric vehicles, electronics, battery-tech, defence etc. (REUTERS)

  • The NFO for both the funds will open for subscription on January 10, 2022. While the Mirae Asset Nifty India Manufacturing ETF will close on January 20, 2022, the Mirae Asset Nifty India Manufacturing ETF FOF will close on January 24, 2022

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Mirae Asset Mutual Fund announced the launch of ‘Mirae Asset Nifty India Manufacturing ETF’, an open-ended scheme replicating/tracking the Nifty India Manufacturing Total Return Index. 

The fund house also launched ‘Mirae Asset Nifty India Manufacturing ETF FOF’, an open-ended fund of fund scheme predominantly investing in Mirae Asset Nifty India Manufacturing ETF.

The Nifty India Manufacturing Index aims to track the performance of stocks that represent manufacturing sectors in India including electric vehicles, electronics, battery-tech, defence etc.

As per the AMC, Nifty India Manufacturing Index has outperformed the Nifty 500 Index during periods of economic recovery and Make in India push. Also, the index has outperformed the NIFTY 50 Index, in the last 6 out of 8 calendar years (including 2021 YTD). The portfolio is expected to cover the majority of sectors where the government aims to provide around 2 trillion incentive for capacity expansion which may contribute to significant growth.

“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 Mr Swarup Mohanty, Director & CEO, Mirae Asset Investment Managers.

The NFO for both the funds will open for subscription on January 10, 2022. While the Mirae Asset Nifty India Manufacturing ETF will close on January 20, 2022, the Mirae Asset Nifty India Manufacturing ETF FOF will close on January 24, 2022. Both the schemes will be managed by Ekta Gala.

The minimum initial investment in both the schemes will be 5,000 and multiples of 1 thereafter.

 

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