Mirae Asset Mutual Fund launches Mirae Asset Nifty Midcap 150 ETF

Mirae Asset Mutual Fund has launched Mirae Asset Nifty Midcap 150 ETF’, an open-ended scheme replicating/tracking Nifty Midcap 150 Total Return Index. The NFO will open for subscription on February 24 and close on March 4.

Mirae Asset Nifty Midcap 150 ETF will be managed by Ekta Gala. The minimum initial investment in the scheme during the NFO will be Rs 5,000 and multiples of Re 1 thereafter.

The Nifty Midcap 150 Index aims to track the performance of 150 mid-market capitalization companies. According to the fund house, the scheme gives investors an opportunity to participate in the entire midcap segment of the market. The scheme also has a relatively low Total Expense Ratio (TER) of 0.5% .