Publish Date:
Mirae Asset Mutual Fund has introduced a new scheme – Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund
It is an open-ended fund of fund scheme investing in overseas equity Exchange Traded Funds which are based on companies involved in development of Electric & Autonomous Vehicles and related technology, components and materials.
Accordingly, the investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing in units of overseas equity ETFs which are based on companies involved in development of Electric & Autonomous Vehicles and related technology, components and materials.
However, there is no guarantee or assurance that the investment objective of the scheme will be realized.
Under normal circumstances, Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund will hold an allocation of 95% to 100% of its assets in Units of overseas equity Exchange Traded Funds and 0% to 5% of its assets in Money market instruments including Tri Party REPO/ debt securities, Units of debt/liquid schemes of domestic Mutual Funds.
As per the Scheme Information Document, the scheme aims to invest in units of overseas equity ETFs which are based on companies involved in development of Electric & Autonomous Vehicles and related technology, components and materials. The scheme may invest in multiple ETFs which are listed in different countries and track companies from different geographies.
The scheme may invest in the units of ETFs through the exchange on which the ETF is listed, through the asset management company which is managing the ETF, through authorized participant, market marker or any other available counterparty.
Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund’s performance will be benchmarked against Solactive Autonomous & Electric Vehicles Index (TRI) (INR)
The scheme will be managed by Mr. Siddharth Srivastava
The NFO opens for subscription on August 16, 2022 and closes on August 30, 2022. The scheme will reopen for continuous sale and repurchase on September 08, 2022.
The fund’s NAV is priced at Rs 10/- per unit during the NFO period. The minimum subscription amount is Rs 5,000 and in multiples of Re.1 thereafter.
The scheme offers Regular Plan and Direct Plan each plan offers Growth option.
[Read: Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund: Should You Invest?]