Mirae Asset Investment Managers India today announced the launch of two FANG+ funds – ‘Mirae Asset NYSE FANG+ ETF’, an open-ended scheme tracking NYSE FANG+ Total Return Index and ‘Mirae Asset NYSE FANG+ ETF Fund of Fund’, an open-ended fund of fund scheme predominantly investing in Mirae Asset NYSE FANG+ ETF. The new fund offer will run from 19 April to 3 May. Being open-ended in structure, the funds can be purchased and sold thereafter as well.
Here are the key details of the funds:
- The NFO for both the funds will open for subscription on April 19, 2021. While the FANG+ETF will close on April 30, 2021, the FANG+ETF Fund of Fund will close on May 3, 2021.
- The Mirae Asset NYSE FANG+ ETF will be managed by Mr Siddharth Srivastava, while the Mirae Asset NYSE FANG+ ETF Fund of Fund will be managed by Ms Ekta Gala.
- The ‘Mirae Asset NYSE FANG+ ETF Fund of Fund’ will also offer investors the options for a Regular Plan and Direct Plan with Growth Option.
- The NYSE FANG+ Index is an equal weighted Index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks.
- The NYSE FANG+ Index will provide Indian investors with the opportunity to get exposure in global innovation leaders, such as Facebook, Amazon, Apple, Netflix, Alphabet (Google), Tesla, Twitter among others.
- 7 out of the 10 companies in the NYSE FANG+ Index have made it to the list of top 50 innovative companies for the year 2020 as per Boston Consultancy Group.4 of these companies are serial innovators (been part of the Top 50 list over 10 times)
- The minimum initial investment in both the schemes will be ₹5,000 and multiples of Re 1 thereafter during the NFO.
“Through the funds, investors can participate in global growth story, and consequently feel like they too are part of the change driving our world today,” said Mr. Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) Pvt. Ltd.
Mr. Siddharth Srivastava, Fund Manager for Mirae Asset NYSE FANG+ ETF said, “Mirae Asset NYSE FANG+ ETF and Fund of Fund will provide investors the option to take focused and equal weighted exposure in the 10 high growth innovative technology companies which are at the forefront of several megatrends. Through these offerings, investor can take low cost exposure in global markets and participate in the growth story of these companies.”