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Mirae launches 2 funds on electric, autonomous vehicles and AI themes

According to Mirae Asset Mutual Fund, these are the first such funds based on companies involved in future technology to be launched in India in the mutual fund industry. (Photo: iStock)Premium
According to Mirae Asset Mutual Fund, these are the first such funds based on companies involved in future technology to be launched in India in the mutual fund industry. (Photo: iStock)

Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund and Mirae Asset Global X Artificial Intelligence and Technology ETF Fund of Fund will be available to investors in both, regular plan and direct plan

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NEW DELHI: Mirae Asset Mutual Fund has launched two new funds - Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund and Mirae Asset Global X Artificial Intelligence and Technology ETF Fund of Fund.

The vehicle-themed fund will invest in overseas equity exchange traded funds (ETFs) which are based on companies involved in development of electric and autonomous vehicles and related technology, components and materials. On the other hand, the AI themes scheme will invest in units of Global X Artificial Intelligence & Technology ETF.

According to the asset management company, these are the first such funds based on companies involved in future technology to be launched in India in the mutual fund industry.

GlobalX is a leading ETF provider headquartered in New York, presently manages more than $40 billion assets in thematic ETFs. Global X ETFs is a member of Mirae Asset Financial Group.

Both new fund offers opened for subscription on 16 August and will close on 30 August. The funds will be managed by Siddharth Srivastava, head – ETF products, Mirae Asset Investment Managers (India) Pvt Ltd.

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

Announcing the NFOs, Swarup Mohanty, chief executive officer, Mirae Asset Investment Managers (India) Pvt Ltd, said, “We are at a nascent stage of the evolution of these themes in India, but globally these themes are taking centrestage, we believe introducing these funds to investors would offer them a chance to participate in these global themes".

“We want to bring the experience of investing in unique global offerings to Indian investors at an opportune time so as to make their investment horizon broad based and relevant in the investment cycle of investors at large," he added.

Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund and Mirae Asset Global X Artificial Intelligence and Technology ETF Fund of Fund will be available to investors in both, regular plan and direct plan. Post NFO, the minimum additional purchase amount will be 1,000 and in the multiples of Re 1, thereafter.

Siddhartha Srivastava, head-ETF products, Mirae Asset MF, said, “the new fund offers come at a time when valuations seem relatively attractive to investors and there is a substantial tilt towards using these technologies by majority of the countries."

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