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Mirae Asset Mutual Fund launches Mirae Asset Nifty 200 Alpha 30 ETF

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ET OnlineLast Updated: Oct 09, 2023, 11:07:00 AM IST

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Synopsis

The scheme will be benchmarked against Nifty 200 Alpha 30 TRI (Total Return Index). The scheme will be managed by Ekta Gala and Vishal Singh.

Mirae Asset Mutual Fund has launched Mirae Asset Nifty 200 Alpha 30 ETF, an open-ended scheme replicating/tracking Nifty 200 Alpha 30 Total Return Index.

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The new fund offer or the NFO of the scheme is open for subscription and will close on October 18. The scheme will re-open for continuous sale and repurchase from October 23.

The scheme will be benchmarked against Nifty 200 Alpha 30 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 Nifty 200 Alpha 30 Total Return Index, subject to tracking error.

The scheme does not offer any plans/options for investment. The minimum application amount is Rs 5,000 per application and in multiples of Re. 1 thereafter.

The scheme will invest 95-100% in securities included in the Nifty 200 Alpha 30 Index and 0-5% in money market instruments/debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.

The Mirae Asset Nifty 200 Alpha 30 ETF will be managed passively with investments in stocks in the same proportion as in the Nifty 200 Alpha 30 Index. The investment strategy of the scheme will be to invest in a basket of securities forming part of Nifty 200 Alpha 30 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 scheme is suitable for investors who are seeking returns that commensurate with performance of Nifty 200 Alpha 30 TRI, subject to tracking error over long-term and want investments in equity securities covered by Nifty 200 Alpha 30 TRI. The principal invested in the scheme will be at very high risk, according to the riskometer of the scheme.

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