Mirae Asset launches Mirae Asset Nifty Bank ETF

economictimes.indiatimes.com:

Mirae Asset Mutual Fund announced the launch of Mirae Asset Nifty Bank ETF, an open-ended scheme replicating/tracking Nifty Bank TRI. The New Fund Offer (NFO) is currently open and it will close for subscription on July 18. The scheme reopens for continuous sale and repurchase on July 21. The listing of ETF units on stock exchanges, BSE & NSE, will be done within five days from the date of allotment. Mirae Asset Nifty Bank ETF will be managed by Ekta Gala.

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The minimum investment during the NFO will be Rs 5,000 and in multiples of Re 1 thereafter. Mirae Asset Nifty Bank ETF will be benchmarked against Nifty Bank Index (TRI).Siddharth Srivastava, Head — ETF Product, Mirae Asset Mutual Fund, said, “banking sector as a whole has been reporting very healthy growth in the last 4-5 years with most of the banks leaving their Non-Performing Assets (NPAs) issue behind. The fintech revolution will further assist the growth of the banking sector as banks partner with fintechs to find more synergy. With the economy slated to register close to 7 per cent annual growth, the Indian banking sector is all poised to record substantial growth in the coming years.” Mirae Asset Nifty Bank ETF will offer an opportunity to the investors to participate in the evolving banking sector in India. This will also offer easy liquidity.