The NFO for both the funds will open for subscription on April 19. While the FANG+ETF will close on April 30, the FANG+ETF Fund of Fund will close on May 3rd.
The Mirae Asset NYSE FANG+ ETF will be managed by Siddharth Srivastava, while the Mirae Asset NYSE FANG+ ETF Fund of Fund will be managed by Ekta Gala. The ‘Mirae Asset NYSE FANG+ ETF Fund of Fund’ will also offer investors the options for a regular plan and direct plan with growth option.
The NYSE FANG+ Index is an equal weighted Index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks. The press release said that the NYSE FANG+ Index will provide Indian investors with the opportunity to get exposure to global innovation leaders, such as Facebook, Amazon, Apple, Netflix, Alphabet (Google), Tesla, Twitter among others.
“There are a few global companies that do not just follow future megatrends but rather drive the change with their constant innovations. They have not just shaped our society; they have provided good returns to investors for years together. Through the Mirae Asset NYSE FANG+ ETF’, and the ‘Mirae Asset NYSE FANG + ETF Fund of Fund’ they can participate in this global growth story, and consequently feel like they too are part of the change driving our world today,” said Swarup Mohanty, CEO, Mirae Asset Investment Managers (India).
Siddharth Srivastava, Fund Manager for Mirae Asset NYSE FANG+ ETF says, Mirae Asset NYSE FANG+ ETF and Fund of Fund will provide investors the option to take focused and equal weighted exposure in the 10 high growth innovative technology companies which are at the forefront of several megatrends. These companies are leaders in their respective domains and are changing the world we live in through constant innovation and have become part of our daily lives. Through these offerings, investors can take low cost exposure in global markets and participate in the growth story of these companies. In the last 5 years, NYSE FANG+ index has significantly outperformed both NASDAQ 100 index and NIFTY 50 index with better return to risk profile.
The minimum initial investment in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter during the NFO.
