Markets

Mirae Asset launches two passive funds

Our Bureau Mumbai | Updated on April 16, 2021

New Fund Offers to open on April 19

Mirae Asset Investment Managers has launched two passive funds that will track NYSE FANG+ ETF index, which consists of the most innovative technology and consumer companies.

Mirae Asset NYSE FANG+ ETF is an open-ended scheme tracking the FANG+ Total Return Index while the NYSE FANG + ETF Fund of Funds (FoF) will predominantly invest in Mirae Asset NYSE FANG+ ETF.

Also read: Mirae Asset launches Corporate Bond Fund

The FoF helps to invest in ETFs without a demand account.

The NFO of both funds will open on April 19. While the FANG+ ETF will close on April 30, the FANG+ ETF Fund of Fund will close on May 3.

The Mirae Asset NYSE FANG+ ETF Fund of Fund offers investors the options for regular and direct plans with growth option.

The NYSE FANG+ Index is an equal weighted index designed to represent the technology and consumer discretionary sectors consisting of highly-traded growth stocks. Its constituents include Facebook, Amazon, Apple, Netflix, Alphabet (Google), Tesla, and Twitter, among others.

The FANG+ companies have a total market cap of $7.7 trillion and their revenues are three times that of the Indian government’s total receipts in FY20. Their cash holdings of $500 billion is equivalent to 85 per cent of India’s forex reserves, and net income of $179 billion would exceed the combined net income of all Indian equities.

Swarup Mohanty, CEO, Mirae Asset Investment Managers, said there are a few global companies that do not just follow future mega trends but rather drive the change with their constant innovations.

By investing in the two ETFs, investors can participate in the global growth story, and become part of the change driving the world today, he said.

Published on April 16, 2021

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