Mirae Asset Nifty Bank ETF NFO Review, Offer Details

Mirae Asset Nifty Bank ETF NFO

Updated on 17 Oct, 2023

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Mirae Asset Mutual Fund is launching a new exchange-traded fund, Mirae Asset Nifty Bank ETF, that seeks to track the Nifty Bank Index closely and aims to achieve returns of the index, subject to tracking errors. The New Fund Offer (NFO) period for the Mirae Asset Nifty Bank ETF is from 12th July 2023 to 18th July 2023. The scheme re-opens for continuous repurchase and sale on 21st July 2023.

Investment Objective: The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Bank Total Return Index, subject to tracking error. There is no assurance or guarantee that the investment objective of the scheme will be achieved.

Mirae Asset Nifty Bank ETF

Fund Name	Mirae Asset Nifty Bank ETF
NFO Opening Date	12th July 2023
NFO Closing Date	18th July 2023
Re-open Date	21st July 2023
Type of Fund	Exchange Traded Fund
Fund Manager	Ms Ekta Gala
Minimum Investment Amount	INR 5,000
Minimum Additional Purchase Amount	NA
Exit Load	0
Suitability	Very High Risk
Benchmark	Nifty Bank TRI
Plans and Options	Currently, there are no plan / options available under the Scheme

NOTE:

All additional investment amounts should be multiple of INR 1/-

Who Can Invest in Mirae Asset Nifty Bank ETF NFO?

Mirae Asset Nifty Bank ETF is a theme-based exchange-traded fund that invests in the companies that form part of the Nifty Bank index. The Nifty Bank Index comprises of the most liquid and large Indian Banking stocks. The Index comprises of maximum 12 companies listed on the National Stock Exchange of India (NSE).

Investors seeking exposure to the banking sector and having very high-risk tolerance levels can consider investing in the scheme. Also, since it is a thematic fund, investors must be aware of the industry-specific risks. This exchange-traded fund requires a minimum investment horizon of 5 years or more.

Fund Manager

Ms Ekta Gala

Ms Gala has been associated with Mirae Asset mutual fund since December 2020. Prior to joining Mirae Asset mutual fund, she was associated with ICICI Prudential Asset Management Company. She is Chartered Accountant (CA) and holds a B.Com degree.

Asset Allocation

Types of Instruments	Minimum Allocation	Maximum Allocation	Risk Profile
Securities included in the Nifty Bank Index	95%	100%	High
Money market instruments/debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds	0%	5%	Low to Medium

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Frequently Asked Questions

How Can I Invest in the Mirae Asset Nifty Bank ETF?

You can invest in the Mirae Asset Nifty Bank ETF through any of the following methods:
Offline: By filling out the Mirae Asset NFO application and submitting it along with all documents and cheques to the nearest Investor Service Centre of CAMS or Mirae Asset mutual fund office.
Online:
Mirae Asset Mutual Fund Website
Online FinTech platforms and mutual fund platforms
Through Demat account
Through a mutual fund distributor or agent

Is Mirae Asset Nifty Bank ETF risky?

Yes, it is a very high-risk investment based on the riskometer. Mirae Asset Nifty Bank ETF is a theme-based exchange-traded fund closely tracking the Nifty Bank Index. The bank index comprises the top 12 banking companies listed on the National Stock Exchange by market capitalisation.

Is there a lock-in period for Mirae Asset Nifty Bank ETF?

No, the Mirae Asset Nifty Bank ETF has no lock-in period. The units of the fund trade on the stock exchange, and thus, investors can easily buy and sell them.

When will the scheme open for ongoing subscriptions, switches and redemptions?

The Mirae Asset Nifty Bank ETF scheme re-opens for ongoing subscriptions, switches and redemptions from 21st July 2023.