Mirae Asset Mutual Fund, one of the fastest growing fund houses in India, has announced the launch of its two new funds - Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund (An open-ended fund of fund scheme investing in overseas equity Exchange Traded Funds which are based on companies involved in development of Electric & Autonomous Vehicles and related technology, components and materials) and Mirae Asset Global X Artificial Intelligence and Technology ETF Fund of Fund (An open-ended fund of fund scheme investing in units of Global X Artificial Intelligence & Technology ETF). These are first such funds based on companies involved in future technology to be launched in India in the Mutual Fund Industry.
Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund (EV FoF) will be investing in overseas ETFs which are based on companies from different geographies catering to in the development of Electric and Autonomous Vehicles and related technology, components and materials.
Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund (AI FoF) will be investing in units of Global X Artificial Intelligence & Technology ETF.
GlobalX is a leading ETF provider headquartered in New York, presently manages more than US$40bn AUM in thematic ETFs. Global X ETFs is a member of Mirae Asset Financial Group. (source: GlobalX, as on June 30,2022)
Both NFOs will be open for subscription on August 16, 2022 and close on August 30, 2022. Both the funds will be managed by Mr. Siddharth Srivastava, Head – ETF Products, Mirae Asset Investment Managers (India) Pvt Ltd.
The minimum initial investment in the funds will be Rs 5,000 and multiples of Re 1 thereafter.
Source: Bloomberg data as on July 29, 2022; Exchange rate of FBIL are used for conversion of index value from USD to INR. IF INR appreciates against the currency in which investments are made then the value of foreign
asset declines as a result of which the fund investing in such foreign asset will also bear the impact of it. Past performance may or may not sustain in future. The index return are in Total Return Variant. The data shown
above pertains to the index and does not in manner indicate performance of any scheme of the index.
** AIQ Index stands for for Indxx Artificial Intelligence & Big Data Index. Since Inception Return of AIQ Index: 18.5% (Base Date: 31st Jan 2014); 1 Year Return: -20.7%.
Announcing the NFOs, Mr. Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) Private Limited said, “Mirae Asset has been in the forefront of introducing global investment products for Indian investors. We are at a nascent stage of the evolution of these themes in India, but globally these themes are taking centre stage, we believe introducing these funds to investors would offer them a chance to participate in these global themes”.
“We want to bring the experience of investing in unique global offerings to Indian investors at an opportune time so as to make their investment horizon broad based and relevant in the investment cycle of investors at large,” he added.
Mr. Siddhartha Srivastava, Head-ETF Products at Mirae Asset Investment Managers (India) Private Limited said, “the New Fund Offers come at a time when valuations seem relatively attractive to investors and there is a substantial tilt towards using these technologies by majority of the countries”.
Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund and Mirae Asset Global X Artificial Intelligence and Technology ETF Fund of Fund will be available to investors in both, Regular Plan and Direct Plan. Post NFO, the Minimum Additional Purchase Amount will be Rs 1000 and in multiples of Re 1 thereafter.
For further information, contact:
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For further information about other schemes (Type of scheme, product labelling and performance of the fund) please visit the website of the AMC: www.miraeassetmf.co.in
*Note: The Product Labelling assigned during the NFO is based on internal assessment of the scheme characteristics or model portfolio and the same may vary post NFO when the actual investments are made
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.