|Mirae Asset Mutual Fund has launched a new fund named as Mirae Asset NIFTY NEXT 50 ETF, an open ended scheme replicating/tracking Nifty Next 50 Total Return Index. The New Fund Offer (NFO) price for the scheme is 1/100th value of Nifty Next 50 ETF. The new issue will be open for subscription from 13 January to 21 January 2020.
The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty Next 50 Total Return Index, subject to tracking error.
The Scheme does not offer any Plans/Options for investment.
The scheme would allocate 95%-100% of assets in securities included in the Nifty Next 50 Index with high risk profile, upto 5% of assets in Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds, but excluding subscription and redemption cash flow with low to medium risk profile.
The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.
The minimum additional application amount is Rs 5000 and in multiples of Re 1 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry load: Nil
Exit Load: Nil
The performance of the scheme will be benchmarked to the performance of the Nifty Next 50 TRI index.
The fund manager for the scheme is Bharti Sawant.
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