New fund offer of Mirae Asset Nifty Financial Services ETF opens for subscription

Mirae Asset Investment Managers (India) today announced the launch of new fund offer (NFO) of ‘Mirae Asset Nifty Financial Services ETF’. The NFO opened today for subscription and will close on July 29, 2021.

The scheme is a passively managed offering and aims to replicating the Nifty Financial Services Total Return Index. Minimum investment in the NFO period is Rs 5000.

The financial services includes a wide universe including banks, NBFC (Non- Banking financial Company), Insurance, Capital Market services which are currently under penetrated among masses. It offers investors the opportunity to participate in the sector that is one of the essential factors for the overall growth of the economy.

“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,” said Swarup Mohanty, CEO, Mirae Asset Investment Managers (India).

Mirae Asset Nifty Financial services ETF will provide exposure to 20 companies representing various segments of the Financial Services Sector. The Index has generated a return of 18.3% per annum compared to 15.1% by NIFTY 50 Index and 14.6% by NIFTY Bank Index in the last 5 years ended June 30, 2021). 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.