NFO Alert: Mirae Asset Mutual Fund launches Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund; all you need to know

Mirae Asset Mutual Fund announced the launch of the Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund. The scheme opened for public subscription on July 08, 2024, and will close on July 22, 2024.

Abeer Ray
Updated11 Jul 2024, 05:12 PM IST
Mirae Asset Mutual Fund launched the Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund as a part of its new fund offers.
Mirae Asset Mutual Fund launched the Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund as a part of its new fund offers.

Mirae Asset Mutual Fund announced the launch of the Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund, an open-ended fund of fund scheme investing in units of Mirae Asset Nifty200 Alpha 30 ETF.

The scheme opened for public subscription on July 08, 2024, and will close on July 22, 2024. The scheme re-opens for continuous sale and repurchase from July 29, 2024.

What kind of mutual fund scheme is this?

This is an open-ended fund of fund scheme investing in units of Mirae Asset Nifty200 Alpha 30 ETF.

Also Read | What is the total cost of owning an ETF?

What is the main objective of investing in this fund?

The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing in units of Mirae Asset Nifty200 Alpha 30 ETF. There is no assurance that the investment objective of the Scheme will be achieved. However, there is no assurance that the investment objective of the scheme will be achieved.

Siddharth Srivastava, Head-ETF Products, Mirae Asset Investment Managers (India), said, “Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund is a strategic addition to our existing product portfolio, which seeks to provide a valuable opportunity for investors who wish to invest in the Mirae Asset Nifty200 Alpha 30 ETF without requiring a broking or a demat account. This product is designed to capture the alpha and momentum strategy, focusing on 30 large and mid-cap stocks* selected and weighted based on their ‘alpha score’ rather than free float market cap. The portfolio is reviewed every quarter and has exhibited dynamic rotation between sectors and large and midcap stocks by capturing the latest market trends.”

How may one invest in this scheme?

Investors can invest under the scheme with a minimum investment of 5000 per plan/option and in multiples of Re 1. There is no upper limit for investment.

Under normal circumstances, the asset allocation of the scheme will be as follows:

InstrumentsIndicative allocations (percent of total assets)

Minimum

Maximum

Units of Mirae Asset Nifty200 Alpha 30 ETF

95%

100%

Money market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds

0%

5%

Are there similar mutual funds in the market?

To date, no asset management company (AMC) has launched any mutual fund scheme in this category.

Also Read | Kotak Mahindra Mutual Fund launches Kotak BSE PSU Index Fund. Details here

How will the scheme benchmark its performance?

The performance of the scheme will be benchmarked to the performance of the Nifty200 Alpha 30 TRI (Total Return Index). The Nifty200 Alpha 30 Index has been chosen as the benchmark since the underlying Mirae Asset Nifty200 Alpha 30 ETF tracks the portfolio and performance of the Nifty200 Alpha 30 Index. Since the scheme will invest in the units of Mirae Asset Nifty200 Alpha 30 ETF, Nifty200 Alpha 30 Index is an appropriate benchmark.

Are there any entry or exit loads to this scheme?

This scheme involves no “Entry Load”, which means that investors do not have to pay anything to park their earnings in this scheme. The “Exit Load” charged would also be charged as under:

  • If redeemed within three months from the date of allotment: 0.50%;
  • If redeemed after three months from the date of allotment: NIL

Who will manage this scheme?

Ekta Gala and Vishal Singh have been designed as fund managers of this scheme.

Does the fund contain any inherent risk?

The scheme involves “Very High Risk” as per the details mentioned in theScheme Information Document and is best suited to investors willing to understand that their principal will be subject to very high risk only. However, investors should consult their financial advisors if they doubt whether the product is suitable for them.

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First Published:11 Jul 2024, 05:12 PM IST
HomeMutual FundsNFO Alert: Mirae Asset Mutual Fund launches Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund; all you need to know

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