Publish Date:
Mirae Asset Mutual Fund has launched a new scheme - Mirae Asset S&P 500 Top 50 ETF Fund of Fund.
It is an open-ended fund of fund scheme predominantly investing in units of Mirae Asset S&P 500 Top 50 ETF.
Accordingly, the investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in units of Mirae Asset S&P 500 Top 50 ETF. There is no assurance that the investment objective of the Scheme will be realized.
Under normal circumstances, 95% to 100% of the funds portfolio will be invested in Units of Mirae Asset S&P 500 Top 50 ETF.
It can invest up to 5% of its assets in Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds.
Mirae Asset S&P 500 Top 50 ETF Fund of Fund will invest in the units of Mirae Asset S&P 500 Top 50 ETF managed by Mirae Asset Mutual Fund as per the above stated asset allocation. The cumulative gross exposure through Units of Mirae Asset S&P 500 Top 50 ETF, Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds shall not exceed 100% of the net assets of the Scheme.
The scheme’s performance will be benchmarked against S&P 500 TOP 50 TRI (Total Return Index) (INR).
It will be managed by Ms Ekta Gala.
The NFO opens for subscription on September 01, 2021, and closes on September 15, 2021. The scheme will reopen for continuous Sale and Repurchase from September 23, 2021.
The fund 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 fund offers Regular Plan and Direct Plan having Growth Option under both the plans.