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Mirae MF has launched two new open-ended passive funds - Mirae Asset Nifty India New Age Consumption ETF and the Mirae Asset Nifty India New Age Consumption ETF Fund of Fund.
The ETF will track the Nifty India New Age Consumption Index. The NFO for the ETF opens on December 12 and closes on December 20. The NFO for the FoF will be open till December 26.
The minimum initial investment for both schemes will be Rs. 5,000 during the NFO and in multiples of Re 1 afterwards.
The Nifty India New Age Consumption Index focuses on India’s non-food spending in business-to-consumer discretionary segment. It focuses on ecommerce, fintech, wealth management, tours & travels, real estate, consumer electronics, entertainment segments among others.
Announcing the NFO, Siddharth Srivastava, Head-ETF Product & Fund Manager, Mirae MF, said, "India’s spending patterns are evolving at a significant pace, fueled by demographic advantages, rise of new age companies, digitalization, higher access and increasing penetration and rising disposable incomes. The Mirae Asset Nifty India New Age Consumption ETF and Fund of Fund are designed to potentially capture this transformation, providing investors with a gateway to participate in the growth of India’s discretionary & aspirational consumption segment.”
