Nifty Etf: Mirae Asset Mutual Fund launches Nifty India Manufacturing ETF and FOF

Mirae Asset Mutual Fund has announced the launch of “Mirae Asset Nifty India Manufacturing ETF”, an open-end program replicating the Nifty India Manufacturing Total Return Index. The fund house has also launched the “Mirae Asset Nifty India Manufacturing ETF FOF”, an open-ended fund of funds investing primarily in Mirae Asset Nifty India Manufacturing ETF.

The NFO for both funds will open for subscription on January 10. While the Mirae Asset Nifty India Manufacturing ETF will close for subscription on January 20, the Mirae Asset Nifty India Manufacturing ETF FOF will close on January 24. Both programs will be managed by Ekta Gala.

According to the press release, the minimum initial investment in the two schemes will be Rs 5,000 and multiples of Re 1 thereafter.

“While services and consumption have been priority areas for investors, manufacturing has seemingly been undervalued despite strong performance over the past few years. Going forward, the manufacturing segment has the potential to become the next growth engine for India, supported by strong government initiatives such as production-related incentive programs and the Make in India campaign. Over the past few years, India-based manufacturing companies have increasingly integrated digital and Industry 4.0 into their processes, becoming more efficient, productive and competitive, with quality improvements as well. This could potentially open up a larger domestic market for them and provide them with more export opportunities, and this bodes well for the sector,” said Swarup Mohanty, Director and CEO of Mirae Asset Investment Managers (India).

Dolores W. Simon