NFO alert: Mirae Asset launches Nifty Metal and PSU Bank ETFs for investors. Details here

Mirae Asset Investment Managers (India) Pvt. Ltd. announces the launch of two new funds: Mirae Asset Nifty Metal ETF (an open-ended scheme replicating/tracking the Nifty Metal Total Return Index) and Mirae Asset Nifty PSU Bank ETF (an open-ended scheme replicating/tracking theNifty PSU Bank Total Return Index).

Mirae Asset Nifty Metal ETF aims to generate returns before expenses commensurate with the performance of the Nifty Metal Total Return Index, subject to tracking error. The Nifty Metal Index provides exposure to 15 stocks from the Indian metals and mining sector, listed on the National Stock Exchange (NSE).

The index consists of companies involved in extracting, processing, and distributing metals, including iron ore, steel, aluminium, zinc, and copper.

Mirae Asset PSU Bank ETF aims to generate returns before expenses commensurate with the Nifty PSU Bank Total Return Index performance, subject to tracking error. The Nifty PSU Bank Index comprises Indian Public Sector Undertaking Bank stocks listed on the National Stock Exchange (NSE).

The New Fund Offer (NFO) for Mirae Asset Nifty Metal ETF opens on September 20, 2024, and closes on September 30, 2024. The scheme will re-open for continuous sale and repurchase on October 04, 2024.

The NFO for Mirae Asset PSU Bank ETF opens on September 24, 2024, and closes on September 30, 2024. The scheme will re-open for continuous sale and repurchase on October 03, 2024.

Both funds will be managed by Ms. Ekta Gala & Mr. Akshay Udeshi. The minimum initial investment in both funds will be Rs. 5,000/- and multiples of Re. 1/- after that during the NFO.

Speaking on the NFO Launch, Siddharth Srivastava, Head – ETF Products and Fund Manager, Mirae Asset Investment Managers (India) Pvt. Ltd., said, “The Nifty Metal ETF will allow investors to take either tactical exposure based on short-term view on metal and commodity cycle or a long-term exposure due to India’s focus on infrastructure and manufacturing. In the last few years, the PSU Bank segment has witnessed a significant improvement in asset quality, risk preparedness, and strong turnaround in profitability. The PSU Bank ETF aims to provide focussed exposure to this segment which has the potential to continue on its current track of growth and profitability”.

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