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Mirae Asset Mutual Fund has launched Mirae Asset Nifty Metal ETF, an open-ended scheme replicating Nifty Metal Total Return Index and Mirae Asset Nifty PSU Bank ETF, an open-ended scheme tracking Nifty PSU Bank Total Return Index.
Nifty Metal Index provides exposure to 15 stocks from Indian metals and mining sector. The index consists of companies involved in the extraction, processing, and distribution of metals including iron ore, steel, aluminium, zinc and copper. The NFO of Mirae Asset Nifty Metal ETF opens on September 20 and closes on September 30.
On the other hand, the Nifty PSU Bank Index comprises Indian public sector undertaking bank stocks listed on NSE. The NFO of Mirae Asset PSU Bank ETF opens on September 24and closes on September 30.
In a press release, Siddharth Srivastava, Head – ETF Products and Fund Manager, Mirae Asset MF said, “The Nifty Metal ETF will allow investors to take either tactical exposure based on short-term view on metal and commodity cycle or a long-term exposure due to India’s focus on infrastructure and manufacturing. The PSU Bank segment in the last few years has witnessed a significant improvement in asset quality, risk preparedness, and strong turnaround in profitability. The PSU Bank ETF aims to provide focussed exposure to this segment which has the potential to continue on its current track of growth and profitability.”
