New Delhi: Mirae Asset Mutual Fund has launched two new funds – Mirae Asset Global Electric & Autonomous Vehicles ETF Fund of Fund and Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund.
The vehicle-themed fund will invest in foreign equity exchange-traded funds (ETFs) based on companies involved in the development of electric and autonomous vehicles and related technology, components and materials. On the other hand, the AI Theme scheme will invest in units of the Global X Artificial Intelligence and Technology ETF.
According to the asset management company, these are the first such funds based on companies involved in future technology to be launched in the mutual fund industry in India.
GlobalX is a leading ETF provider headquartered in New York, currently managing over $40 billion in assets in thematic ETFs. The Global X ETF is a member of Mirae Asset Financial Group.
Both the new fund offers open for subscription on August 16 and close on August 30. The fund will be managed by Siddharth Srivastava, Head – ETF Products, Mirae Asset Investment Managers (India) Pvt Ltd.
The minimum initial investment in the funds will be 5,000 and thereafter in multiples of Rs.
Announcing the NFO, Swarup Mohanty, Chief Executive Officer, Mirae Asset Investment Managers (India) Pvt Ltd said, “We are at an early stage of development of these themes in India, but globally these themes are central, we believe. It is hoped that these funds given to investors will give them an opportunity to participate in these global themes.”
“We aim to bring the investment experience of Indian investors across unique global offerings at an opportune time to broaden and perpetuate their investment horizons in the investment cycle of large scale investors,” he added.
Mirae Asset Global Electric & Autonomous Vehicles ETF Fund of Fund and Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund will be available to investors in both Regular Plan and Direct Plan. After NFO, the minimum additional purchase amount will be 1,000 and thereafter in multiples of Rs.
Siddharth Srivastava, Head of ETF Products, Mirae Asset MF said, “The new fund offers come at a time when valuations seem relatively attractive to investors and there is substantial inclination for most countries to use these techniques.”
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