Mirae Asset Launches NYSE FANG+ ETF and Fund of Fund
Mirae Asset Mutual Fund is launching an open-ended fund of fund scheme predominantly investing in Mirae Asset NYSE FANG+ ETF. The NFO is open for subscription between April 19, 2021, and May 3, 2021.
What is a fund of fund?
A fund of fund is a mutual fund scheme that invests in the units of other funds. For example, the Mirae Asset NYSE FANG+ ETF Fund of Fund is a fund of fund that will invest in the units of Mirae Asset NYSE FANG+ ETF.
Benchmark
NYSE FANG+ Total Return Index
The NYSE FANG+ Index is a U.S. stock market index with 10 of the most highly traded tech giants. A few of the popular stocks listed on the index are Facebook, Apple, Amazon, Netflix, Google (FAANG), Twitter, Tesla, Alibaba and more.
Indicative Asset Allocation
Under normal circumstances, the asset allocation will be as follows:
| Types of Instruments | Indicative allocation (% of total assets) | Risk Profile | |
| Minimum
m |
Maximum | ||
| Units of Mirae Asset NYSE FANG+ ETF | 95% | 100% | High |
| Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds | 0 | 5% | Low to
Medium |
Investment Objective
The scheme’s investment objective is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset NYSE FANG+ ETF.
Fund Details
| Scheme name | Mirae Asset NYSE FANG+ETF Fund of Fund |
| Type of scheme | An open-ended fund of fund scheme predominantly investing in Mirae Asset NYSE FANG+ ETF. |
| NFO Dates | April 19, 2021 to May 3, 2021 |
| Fund Managers | Ms Ekta Gala |
| Minimum Amount for Application | Rs.5,000/- and in multiples of Re. 1/- after that. |
| Minimum Additional Application Amount | Rs. 1,000/- and in multiples of Re. 1/- after that. |
| Minimum Redemption Amount | ‘Any amount’ or ‘any number of units’ as requested by the investor at the time of redemption. |
| Load | a) Entry Load: Not Applicable
b) Exit Load:
|
| Plans | Direct
Regular |
| Options | Growth |
| Minimum SIP Amount | The minimum SIP amount will be Rs. 5000 |
Fund Manager
Ms Ekta Gala has experience of more than 4 years in dealer and fund management. She was previously associated with ICICI Prudential AMC as ETF Dealer.
Other funds managed by her:
- Mirae Asset NIFTY 50 ETF
- Mirae Asset NIFTY Next 50 ETF
- Mirae Asset ESG Sector Leader ETF
- Mirae Asset ESG Sector Leader Fund of Fund
