Mirae Asset Nifty IT ETF is open for subscription. Should you invest?
Mirae Asset Mutual Fund has launched Mirae Asset Nifty IT ETF, an open-ended scheme replicating/tracking Nifty IT Total Return Index.
The new fund offer or the NFO of the scheme is open for subscription and it will close on October 18. The scheme will re-open for continuous sale and repurchase from October 23.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty IT Total Return Index, subject to tracking error.
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The performance of the scheme will be benchmarked against Nifty IT TRI (Total Return Index). The scheme will be managed by Ekta Gala, and Vishal Singh.
The minimum application amount is Rs 5,000 & in multiples of Re 1 thereafter. The scheme will allocate 95-100% of its assets in the securities included in the Nifty IT Index, 0-5% in money market instruments / debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.
The Mirae Asset Nifty IT ETF will be managed passively with investments in stocks in the same proportion as in the Nifty IT Index. The investment strategy of the scheme will be to invest in a basket of securities forming part of Nifty IT 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.
According to the scheme information
