Mirae Asset Mutual Fund launches two new small cap funds
Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund's exit load will be 0.50 per cent if units are redeemed three months before the allotment date.
Mirae Asset Mutual Fund has launched two new small-cap funds. One is Exchange Traded Fund (ETF) and the other is Fund Of Funds (FoF). The ETF is known as ‘Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF.’ While, the FoF is known as ‘Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund.’ The minimum initial investment during NFO in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter.
The New Fund Offer (NFO) for Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF opened for subscription on February 12, 2024 and will close on February 21, 2024. After that retail investors can invest from February 26, 2024. Nil exit load will be levied on this ETF.
While Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund will open for subscription on February 15, 2024 and close on February 28, 2024. After that retail investors can invest from March 04, 2024. The investment objective of the scheme is log time capital appreciation.
FoF’s exit load will be 0.50 per cent if units are redeemed three months before the allotment date. After three months, no ext load is levied.
Both are passive open-ended schemes. Both will track Nifty Smallcap250 Index. The schemes will be managed by Ekta Gala and Vishal Singh.
The fund house has said that the ETF will invest in only 100 stocks of the Nifty Smallcap250 Index. It will be a concentrated portfolio. While, the FoF will invest in units of Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF.
Siddharth Srivastava, Head – ETF Product and Fund Manager, has advised investors to invest in the ETF with a long-term investment horizon.
Established in 2008, South Korea-based Mirae Asset Mutual Fund is one of India’s fastest-growing fund houses.
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