by Suman Gupta
- Open ended Scheme replicating/tracking Nifty Bank TRI
- Offers opportunity to be part of the robust banking sector
- Easy liquidity for investors
Mumbai, July , 2023: Mirae Asset Mutual Fund, one of the fastest-growing fund houses in India, today announced the launch of Mirae Asset Nifty Bank ETF, an open-ended scheme replicating/tracking Nifty Bank TRI.
The New Fund Offer (NFO) opens on July 12, 2023 and closes on July 18 and the scheme reopens for continuous sale and repurchase on July 21, 2023. The listing of ETF units on stock exchanges i.e., BSE & NSE will be done within 5 days from the date of allotment. Mirae Asset Nifty Bank ETF will be managed by Ms. Ekta Gala. The minimum investment during the NFO will be Rs. 5,000 and in multiples of Re. 1 thereafter.
Banking sector plays a key role in the development of the economy and GDP growth. Indian banking sector has emerged robust in the last few years with a healthy capital ratio and the sector has been able to resolve the non-performing asset (NPA) issue and most of the banks have reported impressive results in the last few years. Banks and the financial sector will continue to play a pivotal role as Indian economy emerges from the developing stage to a developed economy. Digitisation and technological changes that are being introduced through fintechs will further consolidate the role of banks in the overall growth of the economy.
Mirae Asset Nifty Bank ETF will offer an opportunity to the investors to participate in the evolving banking sector in India. This will also offer easy liquidity.
Siddharth Srivastava, Head – ETF Product, Mirae Asset Mutual Fund said, “banking sector as a whole has been reporting very healthy growth in the last 4-5 years with most of the banks leaving their Non-Performing Assets (NPAs) issue behind. The fintech revolution will further assist the growth of the banking sector as banks partner with fintechs to find more synergy. With economy slated to register close to 7 per cent annual growth, the Indian banking sector is all poised to record substantial growth in the coming years”.
WHY INVEST IN MIRAE ASSET NIFTY BANK ETF?
- Tracks Nifty Bank Index which constitutes most liquid and large Indian banking stocks
- Opportunity to participate in the sector which is one of the essential for the overall growth of the economy
- Tracks the top 12 private and public sector banks, where weightage of each constituent in the index is based on its free-float market capitalisation
- Relatively low-cast option to participate in the banking sector compared to active banking financial services funds
Mirae Asset Nifty Bank ETF will be benchmarked against Nifty Bank Index (TRI).
