Publish Date:
Mirae Asset Mutual Fund has launched – Mirae Asset Silver ETF
It is an open-ended scheme replicating/tracking Domestic Price of Silver
Accordingly, the investment objective is to generate returns that are in line with the performance of physical silver in domestic prices, subject to tracking error. The Scheme does not guarantee or assure any returns.
Under normal circumstances, Mirae Asset Silver ETF will hold an allocation of 95% to 100% of its assets in Silver which includes physical silver and other silver related instruments and 0% to 5% 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 Silver ETF Investments made from the net assets of the Scheme would be in accordance with the investment objective of the Scheme and the provisions of the SEBI (MF) Regulations.
The Scheme will strive to achieve the investment objective by way of a judicious portfolio mix comprising Silver (includes physical Silver and other Silver related instruments which may be permitted by Regulator from time to time) and instruments related to silver (including derivatives as and when permitted by SEBI), Debt Securities and Money Market Instruments. Investments in silver (includes physical Silver and other Silver related instruments which may be permitted by Regulator from time to time) would be primarily assessed with regard to its fineness (or purity) of 999 parts per 1,000 (99.9%) or higher.
Mirae Asset Silver ETF’s performance will be benchmarked against Domestic Price of Physical Silver
The scheme will be managed by Mr Ritesh Patel
The NFO opens for subscription on May 29, 2023 and closes on June 06, 2023. The schemes will reopen for continuous sale and repurchase from June 12, 2023.
The fund's face value is Rs 10/- per unit. The units will be issued at premium/discount equivalent to the difference between allotment price and the face value of Rs 10/-. The minimum subscription amount is Rs 5,000/- and in multiples of any amount thereafter.
Currently, the Scheme does not offer any Plans/Options for investment.