Mirae Asset Mutual Fund launches Mirae Asset S&P BSE Sensex ETF. Should you invest?
Mirae Asset Mutual Fund has launched Mirae Asset S&P BSE Sensex ETF, an open-ended scheme replicating/tracking S&P BSE Sensex Total Return Index.
The new fund offer or NFO of the scheme is open for subscription and will close on September 26. The scheme will re-open for continuous sale and repurchase from October 3.
The performance of the scheme will be benchmarked against S&P BSE Sensex TRI (Total Return Index). The scheme will be managed by Ekta Gala and Vishal Singh.
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The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the S&P BSE Sensex Total Return Index, subject to tracking error.
The scheme will invest 95-100% in securities included in the S&P BSE Sensex Index, and 0-5% in money market instruments / debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.
The investment strategy of the scheme will be to invest in a basket of securities forming part of S&P BSE Sensex Index in similar weight proportion. The investment strategy would revolve around reducing the tracking error to the least possible through regular rebalancing of the portfolio, considering the change in weights of stocks in the index as well as the incremental collections/redemptions in the scheme. A part of the funds may be invested in debt and money market instruments, to meet the liquidity requirements.
The minimum application amount will be Rs 5,000 and in multiples of Re 1 thereafter.
The scheme is suitable for the investors who are seeking returns that commensurate with performance of S&P BSE Sensex Total Return Index, subject to
