Publish Date:
Mirae Asset Mutual Fund has launched a new scheme – Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund
It is an open-ended fund of fund scheme investing in units of Global X Artificial Intelligence & Technology ETF.
Accordingly, the investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing in units of Global X Artificial Intelligence & Technology ETF.
However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns.
Under normal circumstances, Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund will hold an allocation of 95% to 100% of its assets in Units of Global X Artificial Intelligence & Technology ETF, and 0% to 5% of its assets in Money market instruments including Tri Party REPO/ debt securities.
As per the Scheme Information Document, the scheme uses passive approach to try to achieve the Fund's investment objective. The Scheme generally will use a replication strategy whereby it will replicate the performance of underlying ETFs by investing in them subject to foreign exchange, cost and other associated charges.
The scheme may invest in the units of ETF 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 X Artificial Intelligence & Technology ETF Fund of Fund’s performance will be benchmarked against Indxx Artificial Intelligence & Big Data 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 any amount thereafter.
The scheme offers Regular Plan and Direct Plan each plan offers Growth option.
[Read: Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund: Should You Invest?]