Mon, 20 Sep 2021

Mumbai (Maharashtra) [India], June 24 (ANI/BusinessWire India): Mirae Asset Investment Managers (India) Pvt. Ltd, one of the fastest growing fund houses in the country in the equities and debt segments, today announced the launch of India's first - ETF tracking Nifty Financial Services Index - the 'Mirae Asset Nifty Financial Services ETF', an open-ended replicating/tracking the Nifty Financial Services Total Return Index.

The NFO, will open for subscription on July 22, 2021, and close on July 29, 2021.

Key Highlights: Financial Services encompasses not only banks but other industries such as NBFC (Non- Banking Financial Company), Insurance, Capital Market etc. which are currently under penetrated among masses.

Offer investors the opportunity to participate in the sector that is one of the essential factors for the overall growth of the economy.

Financial Services is a fairly diversified sector which is undergoing rapid expansion due to digitalization and emergence of new products and services.

Low market penetration across segments provides more room for growth.

Ideal for investors with an investment time horizon of at least 5 years"Mirae Asset is striving to create a strong suite of passive products that will provide investors the option to take underlying index exposure in various segments of the market at low cost. In this effort, we are now launching Mirae Asset Nifty Financial Services ETF. While the financial services sector has grown at a great pace and financial inclusion across board has improved, we still have a long way to go to reach even global averages. With the advent of new products and services backed by innovative technology, the scope of financial services is tremendous in coming years, which makes it a very compelling sector to take exposure in," said Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) Pvt. Ltd.

Mirae Asset Nifty Financial services ETF will provide exposure to 20 companies representing various segments of the Financial Services Sector. The Index has a rich history of over 16 years and has generated a return of 18.3 per cent per annum compared to 15.1 per cent by NIFTY 50 Index and 14.6% by NIFTY Bank Index in the last 5 years (source: as of June 30, 2021).

The ETF will have a total expense ratio of just 13 bps and will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) where liquidity shall be created by the market maker appointed by the Asset Management Company (AMC).

The minimum initial investment in the scheme during the NFO period will be Rs 5,000 and multiples of Re 1 thereafter.

Disclaimersproduct label:Past performance may or may not sustain in future. TER can change within the limits as prescribed in the Regulations.

NSE Indices Ltd Disclaimer: NSE INDICES LIMITED do not guarantee the accuracy and/or the completeness of the Nifty Financial Services Index or any data included therein and NSE INDICES LIMITED shall have not have any responsibility or liability for any errors, omissions, or interruptions therein.

NSE INDICES LIMITED does not make any warranty, express or implied, as to results to be obtained by the Issuer, owners of the product(s), or any other person or entity from the use of the Nifty Financial Services Index or any data included therein.

NSE INDICES LIMITED makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, NSE INDICES LIMITED expressly disclaim any and all liability for any claims, damages or losses arising out of or related to the Products, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

BSE/NSE Disclaimer: It is to be distinctly understood that the permission given by NSE/BSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE/BSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme Information Document. The investors are advised to refer to the Scheme Information Document for the full text of the 'Disclaimer Clause of NSE/BSE.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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