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Mirae Asset Mutual Fund has launched Mirae Asset Nifty50 Equal Weight ETF, a smart beta fund focusing on equal weight strategy. The underlying benchmark for this fund is the Nifty50 Equal Weight Total Return Index (TRI).
The Nifty50 Equal Weight TRI gives equal weightage to all Nifty 50 large cap companies, which reduces concentrated exposure to individual stocks. Each stock weight is around 2%.
“The ETF seeks to capitalise on opportunities in large cap segment when market is driven by a wider set of companies typically during broad based economic growth, in a disciplined manner by providing equal opportunity to each and every company in the Nifty 50 portfolio,” said Siddharth Srivastava, Head – ETF products and Fund Manager, Mirae Asset Investment Managers (India).
The NFO will open for subscription on April 30 and close on May 6.
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