Mirae Asset Mutual Fund has announced the launch of two new schemes: Mirae Asset Nifty India New Age Consumption ETF and Mirae Asset Nifty India New Age Consumption ETF Fund of Fund.
These schemes aim to offer investors a chance to participate in India’s evolving consumption landscape, driven by changing demographics and increased discretionary spending, according to Mirae Asset Investment Managers (India) Pvt Ltd.
The first is an open-ended scheme replicating/tracking the Nifty India New Age Consumption Index, while the second is an open-ended fund of fund scheme investing in units of the ETF.
Key features of the Nifty India New Age Consumption Index
The Nifty India New Age Consumption Index comprises 75 stocks from emerging discretionary and aspirational spending segments such as: Ecommerce, Fintech, Wealth Management, Tours & Travels, Real Estate, Consumer Electronics and Entertainment.
The index focuses on India’s non-food spending in the Business-to-Consumer (B2C) discretionary segment.
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New Fund Offer (NFO) details:
Mirae Asset Nifty India New Age Consumption ETF
Opens for subscription: December 12, 2024
Closes: December 20, 2024
Re-opens for continuous sale and repurchase: December 27, 2024
Mirae Asset Nifty India New Age Consumption ETF Fund of Fund
Opens for subscription: December 12, 2024
Closes: December 26, 2024
Re-opens for continuous sale and repurchase: January 3, 2025
The minimum initial investment during the New Fund Offer is Rs 5,000, with subsequent investments in multiples of Re 1.
Commenting on the launch, Siddharth Srivastava, Head-ETF Product & Fund Manager at Mirae Asset Investment Managers (India) Pvt Ltd, stated, “India’s spending patterns are evolving at a significant pace, fueled by demographic advantages, the rise of new-age companies, digitalization, higher access, increasing penetration, and rising disposable incomes. The Mirae Asset Nifty India New Age Consumption ETF and Fund of Fund are designed to potentially capture this transformation, providing investors with a gateway to participate in the growth of India’s discretionary and aspirational consumption segment.”
Long-term investment opportunity
Investors seeking long-term exposure to India’s rising discretionary and aspirational spending trends may consider these new schemes. These products offer a unique opportunity to capitalize on the evolving consumption landscape driven by demographic shifts and economic growth.
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