Publish Date:
Mirae Asset Mutual Fund has launched a new scheme - Mirae Asset Nifty Midcap 150 ETF.
It is a passively managed open-ended scheme replicating/tracking Nifty Midcap 150 Total Return Index (TRI).
Accordingly, the investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Midcap 150 Total Return Index, subject to tracking error. The Scheme does not guarantee or assure any returns.
Under normal circumstances the scheme will invest 95% to 100% of the portfolio Securities included in the Nifty Midcap 150 Index.
It can invest up to 5% of its assets in Money market instruments including Tri Party REPO/ debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
As per the Scheme Information Document, Mirae Asset Nifty Midcap 150 ETF would invest in stocks constituting the Nifty Midcap 150 Index in the similar proportion (weightage) as in the Index and endeavor to track the benchmark index.
The Mirae Asset Nifty Midcap 150 ETF will be managed passively with investments in stocks in the same proportion as in the Nifty Midcap 150 Index. The investment strategy of the Scheme will be to invest in a basket of securities forming part of Nifty Midcap 150 Index in similar weight proportion. The investment strategy would revolve around reducing the tracking error to the least possible through regular rebalancing of the portfolio, considering the change in weights of stocks in the Index as well as the incremental collections/redemptions in the Scheme. A part of the funds may be invested in debt and money market instruments, to meet the liquidity requirements..
The scheme’s performance will be benchmarked against Nifty Midcap 150 TRI (Total Return Index).
It will be managed by Mr Siddharth Srivastava.
The NFO opens for subscription on February 24, 2022, and closes on March 04, 2022. The scheme will reopen for continuous Sale and Repurchase from March 11, 2022.
The minimum subscription amount is Rs 5,000 and in multiples of Re 1 thereafter.
The scheme does not offer any Plans/Options for investment.
The Units of the ETF will be listed on the Capital Market Segment of the National Stock Exchange of India Ltd (NSE) /BSE Limited (BSE) and/or any other recognised stock exchanges as may be decided by the AMC from time to time. All investors including Authorized Participants and Large Investors can subscribe (buy) / redeem (sell) Units of the Scheme on a continuous basis on the NSE and/ or BSE on which the Units are listed during the trading hours on all the trading days. The Units of the Scheme may be bought or sold on all trading days at prevailing listed price on such Stock Exchange(s).