Mirae Asset launches Nifty Financial Services ETF

Mirae Asset Investment Managers (India) has announced the launch of an ETF tracking Nifty Financial Services Index – the ‘Mirae Asset Nifty Financial Services ETF’. The NFO will open for subscription on July 22 and close on July 29. The minimum initial investment in the scheme during the NFO period will be Rs 5,000 and multiples of Re 1 thereafter.

According to the press release, Mirae Asset Nifty Financial services ETF will provide exposure to 20 companies representing various segments of the financial services sector. The Index has a rich history of over 16 years and has generated a return of 18.3% per annum compared to 15.1% by NIFTY 50 Index and 14.6% by NIFTY Bank Index in the last 5 years. The ETF will have a total expense ratio of just 13 bps and will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

“Mirae Asset is striving to create a strong suite of passive products that will provide investors the option to take underlying index exposure in various segments of the market at low cost. In this effort, we are now launching Mirae Asset Nifty Financial Services ETF. While the financial services sector has grown at a great pace and financial inclusion across board has improved, we still have a long way to go to reach even global averages. With the advent of new products and services backed by innovative technology, the scope of financial services is tremendous in coming years, which makes it a very compelling sector to take exposure in,” said Swarup Mohanty, CEO, Mirae Asset Investment Managers (India).