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Mirae Asset Launches NYSE FANG+ ETF and Fund of Fund

18 August 2021
2 minutes

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  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: 

  • If redeemed within 3 months from the date of allotment: 0.50% 
  • If redeemed after 3 months from the date of allotment: NIL. 
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 
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