Mirae Asset Launches Mirae Asset S&P 500 Top 50 ETF Fund of Fund
Mirae Asset Investment Managers (India) Limited has launched a new fund offer for Mirae Asset S&P 500 Top 50 ETF Fund of Fund. The fund is open for subscription between September 1, 2021, and September 15, 2021.
Read on to find out more about the NFO.
Investment Objective
Mirae Asset S&P 500 Top 50 ETF Fund of Fund is an open-ended fund of fund scheme predominantly investing in units of Mirae Asset S&P 500 Top 50 ETF.
Indicative Asset Allocation
| Types of Instruments | Indicative allocation (% of total assets) | Risk Profile | |
| Minimum | Maximum | ||
| Units of Mirae Asset S&P 500 Top 50 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 |
Fund Details
| Scheme name | Mirae Asset S&P 500 Top 50 ETF Fund of Fund |
| Type of scheme | An open-ended fund of fund scheme predominantly investing in units of Mirae Asset S&P 500 Top 50 ETF. |
| NFO Dates | September 1 – September 15, 2021. |
| Fund Managers | Mr. Siddharth Srivastava |
| Benchmark | S&P 500 TOP 50 TRI (Total Return Index) (INR) |
| Minimum Amount for Application during NFO | Rs. 5,000/- and in multiples of Re. 1/- after that |
| Minimum Additional Purchase Amount | Rs 1,000/- and in multiples of Rs 1/- after that |
| Minimum Redemption/Switch-Out Amount | The minimum redemption amount shall be ‘any amount’ or ‘any number of units’.
A switch request must be compulsorily made for a minimum amount of Rs.5000/- and in multiples of Re. 1 after that. |
| Load | a) Entry Load: N.A
b) Exit Load: (i) If redeemed within 3 months from the date of allotment: 0.50% (ii) If redeemed after 3 months from the date of allotment: NIL |
| Plans | Direct and Regular |
| Options | Growth |
| Minimum SIP Amount | Rs 5,000/- |
Benchmark
S&P 500 TOP 50 TRI (Total Return Index) (INR)
The S&P 500 Top 50 consists of 50 of the largest companies from the S&P 500, reflecting U.S. mega-cap performance.
A Total Return Index reflects the returns on the index arising from:
(a) Listed stock price movements and
(b) Dividend receipts from those stocks.
Fund Manager
Mr Siddharth Srivastava
Mr. Siddharth Srivastava has over 10 years of experience in the field of financial services and stock markets. He has been associated with Mirae Asset Investment Managers (India) Private Limited from 1st January 2020 to date.
Before that, he was associated with Mirae Asset Global Investments (India) Private Limited from 17th Oct 2018 – 31st December 2019 with overall responsibilities of leading passive investment products of the company.
Before that, he was Senior Manager at NSE Indices Limited from September 2014 – October 2018 and was associated as Senior Associate at Morgan Stanley Capital International from November 2010 – August 2014.
