Mirae Asset Mutual Fund announced the launch of ‘Mire Asset Nifty India Manufacturing ETF’, an open-ended scheme that mimics/tracks the Nifty India Manufacturing Total Return Index.
The fund house also launched ‘Mire Asset Nifty India Manufacturing ETF FOF’, an open-ended fund of the fund scheme investing primarily in Mirae Asset Nifty India Manufacturing ETF.
Nifty India Manufacturing Index aims to track the performance of stocks that represent manufacturing sectors in India including electric vehicles, electronics, battery-tech, defence, etc.
According to the AMC, the Nifty India Manufacturing Index has outperformed the Nifty 500 Index during the period of economic recovery and Make in India push. Also, the index has outperformed the Nifty 50 index in the last 6 out of the last 8 calendar years (including the 2021 YTD). The portfolio is expected to cover most of the sectors where the government aims to provide approx. 2 trillion incentives for capacity expansion that can contribute to significant growth.
“While services and consumption have been the focus areas for investors, manufacturing remains underreported despite strong performance over the past few years. Going forward, backed by strong government initiatives such as production linked incentive schemes and Make in India push, the manufacturing segment has the potential to be the next growth driver for India. Over the past few years, India-based manufacturing companies have been increasingly incorporating digital and Industry 4.0 into their processes, improving quality as well as becoming more efficient, productive and competitive. This could potentially open up a bigger domestic market for them as well as provide increased export opportunities, and this augurs well for the sector,” said Mr. Swarup Mohanty, Director and CEO, Mirae Asset Investment Managers. .
The NFO for both the funds will open for subscription on January 10, 2022. Mirae Asset Nifty India Manufacturing ETF closes on Jan 20, 2022 Mirae Asset Nifty India Manufacturing ETF FOF closes on Jan 24, 2022. The schemes will be managed by Ekta Gala.
Both the schemes will have minimum initial investment multiples of 5,000 more 1 after that.
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