Mirae Asset launches ETF tracking Nifty Financial Services Index; NFO opens on July 22 - check details here
Mirae Asset Nifty Financial Services ETF is the ETF tracking Nifty Financial Services Index launched by Mirae Asset. New Fund Offer (NFO) will open on July 22, 2021.
Mirae Asset Investment Managers (India) Pvt. Ltd on Thursday announced the launch of India’s first -ETF tracking Nifty Financial Services Index called ‘Mirae Asset Nifty Financial Services ETF, an open-ended replicating/tracking the Nifty Financial Services Total Return Index.
As per the information provided by the company, the New Fund Offer (NFO) will open for subscription on July 22, 2021, and will close on July 29, 2021.
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“Mirae Asset is striving to create a strong suite of passive products that will provide investors the option to take underlying index exposure in various segments of the market at low cost. In this effort, we are now launching Mirae Asset Nifty Financial Services ETF,” said Swarup Mohanty, CEO, Mirae Asset Investment Managers (India)Pvt. Ltd.
Mirae Asset Nifty Financial services ETF will provide exposure to 20 companies representing various segments of the Financial Services Sector.
As per the information provided by the company, the ETF will have a total expense ratio of 13 bps and will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) where liquidity shall be created by the market maker appointed by the Asset Management Company (AMC).
The minimum initial investment in the scheme during the NFO period will be Rs 5,000 and multiples of Re 1 thereafter.
1. Financial Services encompasses not only banks but other industries such as NBFC (Non- Banking financial Company), Insurance, Capital Market etc. which are currently under penetrated among masses.
2. Offer investors the opportunity to participate in the sector that is one of the essential factors for the overall growth of the economy.
3. Financial Services is a fairly diversified sector which is undergoing rapid expansion due to digitalization and emergence of new products and services.
4. Low market penetration across segments provides more room for growth.
5. Ideal for investors with an investment time horizon of at least 5 years.
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