Mirae Asset Mutual Fund launches Mirae Asset Nifty India Manufacturing ETF
In a bid to strengthen its offering Mirae Mutual Fund has launched one more exchange traded fund that will mimic Nifty India Manufacturing Total Return Index (NMTRI). The fund house also launched a fund of fund scheme which will buy units of MMI. Both the schemes are open for subscription since January 10, 2022.
Indian economy is known for companies in services sector. However, over last three years the government has taken many initiatives to boost manufacturing sector. Various production linked incentives have been announced. Manufacturing sector is expected to do well. China plus one model of global manufacturing should help Indian manufacturing sector. Many emerging sectors such as electric vehicles, high technology defense and global outsourcing can be tapped through this index, which houses many manufacturing companies’ stocks in India.
“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 Swarup Mohanty, Director & CEO, Mirae Asset Investment Managers (India).
The minimum initial investment in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter.
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.
Since the beginning of CY2021, Mirae Mutual Fund has launched ETF schemes tracking indices such as HangSeng Tech, S&P500 Top 50, Nifty Financial Services and NYSE Fang+. The fund house has been focusing on smart indices, instead of broad market indices.