Mirae Asset Mutual Fund launches two new fund offers (NFOs) on Electric & Autonomous Vehicles and Artificial Intelligence themes; First of its kind to be launched in India
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.
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.
Key Highlights: • Diversified portfolio with exposure to companies from multiple countries and the ecosystem of Electric & Autonomous Vehicles and Artificial Intelligence & Technology in respective funds.
• Indxx Artificial Intelligence and Big Data Index (AIQ Index) (the benchmark index for AI FoF) portfolio has 83 companies spread across 20 Industries with total market cap of USD 13.2 Trillion * • AIQ Index has generated 20.4% return in last 7 years (as on 31 July 2022) ** • May be considered as a unique opportunity for investors to take exposure to global markets.
*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.
Disclaimers Index Disclaimer:''Indxx'' is a service mark of Indxx and has been licensed for use for certain purposes by the Advisor. The Funds are not sponsored, endorsed, sold or promoted by Indxx. Indxx makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly. Indxx has no obligation to take the needs of the Advisor or the shareholders of the Funds into consideration in determining, composing or calculating the Underlying Indices. Indxx is not responsible for and has not participated in the determination of the timing, amount or pricing of the Fund shares to be issued or in the determination or calculation of the equation by which the Fund shares are to be converted into cash. Indxx has no obligation or liability in connection with the administration, marketing or trading of the Funds.
Solactive Disclaimer: Solactive AG (''Solactive'') is the licensor of (the ''Index''). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Index.'' Statutory Details: Trustee: Mirae Asset Trustee Company Private Limited; Investment Manager: Mirae Asset Investment Managers (India) Private Limited (AMC); Sponsor: Mirae Asset Global Investments Company Limited.
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 Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund is suitable for investors who are seeking- • To generate long term capital appreciation/income.
1. Investments in Global X Artificial Intelligence & Technology ETF *Investors should consult their financial advisors if they are not clear about the suitability of the product Investors understand that their principal will be at Very High Risk Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund is suitable for investors who are seeking- • To generate long term capital appreciation/income.
• Investments in units of equity ETFs which are based on companies involved in development of Electric & Autonomous Vehicles and related technology, components and materials *Investors should consult their financial advisors if they are not clear about the suitability of the product Investors understand that their principal will be at Very High Risk Investors understand that their principal will be at Very High Risk 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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Global X Artificial Intelligence & Technology ETF
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- Inception Return of AIQ
- Mirae Asset Global X Artificial Intelligence and Technology ETF Fund
- Head-ETF Products
- Mirae Asset Investment Managers
- Siddharth Srivastava
- Mutual Fund
- Siddhartha Srivastava
- Mutual Fund Industry
- Solactive AG
- New York
- AI FoF
- Underlying Indices
- Very High Risk Investors
- Total Return Variant
- Electric & Autonomous Vehicles