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Mumbai (Maharashtra) [India], November 22 (ANI/PRNewswire): (https://www.miraeassetmf.co.in) Mirae Asset Mutual Fund, one of the fastest growing fund houses in India which invests in the equities and debt segments, today announced the launch of ‘Mirae Asset Hang Seng TECH ETF’, an open-ended scheme replicating/tracking Hang Seng TECH Total Return Index and the ‘Mirae Asset Hang Seng TECH ETF Fund of Funds’, an open-ended fund of fund scheme predominantly investing in units of Mirae Asset Hang Seng TECH ETF.
The NFO for both the funds will open for subscription on November 17, 2021. While the (https://www.miraeassetmf.co.in/mutual-fund-scheme/etf-and-fof/mirae-asset-hang-seng-tech-etf) Mirae Asset Hang Seng TECH ETF will close on November 29, 2021 & the Mirae Asset Hang Seng TECH ETF Fund of Fund will close on December 1, 2021.
The Mirae Asset Hang Seng TECH ETF will be managed by Siddharth Srivastava, while the (https://www.miraeassetmf.co.in/mutual-fund-scheme/etf-and-fof/mirae-asset-hang-seng-tech-etf-fund-of-fund) Mirae Asset Hang Seng TECH ETF Fund of Fund will be managed by Ekta Gala. The Mirae Asset Hang Seng TECH ETF Fund of Fund will also offer investors the options for a Regular Plan and Direct Plan with Growth Option.
The minimum initial investment in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter.
Provides exposure to 30 largest Tech-centric Chinese companies listed on Hong Kong Stock Exchange
Market Cap of US$1.8 Tn, exceeding Market Cap of all BSE Sensex Index companies by 15%, and Revenue of US$463 Bn, exceeding Combined Revenue of all BSE Sensex 30 Companies by 15%
Portfolio aims to provide exposure to multiple tech themes including Cloud, AI, IOT etc. Hang Seng TECH Index has outperformed Nifty50 Index in 5 out of 7 calendar years with significant outperformance in 2019 and 2020 but underperformance in 2018 and 2021 YTD. With recent corrections, the China market may provide an attractive investment opportunity at lower valuations. Hang Seng TECH Index is currently trading at 38% discount to its historical average
Tech and Digital Economy has paved its way toward contributing to the China’s overall GDP exponentially. It is expected to contribute significantly in the coming years to the country’s GDP.
China is now ranked 2nd in terms of facilitating number of unicorn companies across the globe with major focus on consumer driven technology companies
The Hang Seng TECH Index may provide Indian investors with the opportunity to get exposure in innovation leaders from a wide range of sectors such as Semiconductors, Software, IoT, Gaming, Industrial Automation, Autonomous Vehicles, Healthcare, IT, E-commerce, FinTech, Online Travel etc.
“This is the Asian century with China being one of the dominant economies, with a focus on achieving major breakthroughs in core technologies such as AI, semiconductors, cloud computing, and other key areas for its future growth. The recent correction in Hang Seng TECH Index may provide Indian investors an attractive opportunity to diversify and get exposure in the growing digital economy of China,” said Swarup Mohanty, Director & CEO, Mirae Asset Investment Managers (India) Pvt. Ltd.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)
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