Mirae Asset Mutual Fund Launches ETF Scheme; Tracks Hang Seng TECH Index

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Mutual Funds
oi-Sneha Kulkarni

| Published: Monday, November 22, 2021, 13:06 [IST]

Mirae Asset Mutual Fund announced the launch of the ‘Mirae Asset Hang Seng TECH ETF,’ an open-ended scheme replicating/tracking the Hang Seng TECH Total Return Index, as well as 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.

On November 17, 2021, the NFOs for both funds will open for subscription. The Mirae Asset Hang Seng TECH ETF and the Mirae Asset Hang Seng TECH ETF Fund of Fund will both close on November 29, 2021, and December 1, 2021, respectively.

Mr. Siddharth Srivastava will oversee the Mirae Asset Hang Seng TECH ETF, while Ms. Ekta Gala will oversee the Mirae Asset Hang Seng TECH ETF Fund of Fund. Investors can choose between a Regular Plan and a Direct Plan with a Growth Option with the Mirae Asset Hang Seng TECH ETF Fund of Fund.

Both plans will require a minimum initial investment of Rs 5,000, with subsequent investments in multiples of Rs 1.

Major Things To Know

  • Exposure to the Hong Kong Stock Exchange’s 30 top tech-centric Chinese companies.
  • Market capitalization of US$1.8 trillion, which is 15% more than the market capitalization of all BSE Sensex Index businesses, and revenue of US$463 billion, which is 15% higher than the combined revenue of all BSE Sensex 30 companies.
  • The goal of this portfolio is to give you exposure to a variety of IT topics, such as cloud, AI, and IoT. In five of the last seven calendar years, the Hang Seng TECH Index has outperformed the Nifty50 Index, with strong outperformance in 2019 and 2020, but underperformance in 2018 and 2021 YTD. With recent market declines, the China market could be a good place to invest at a reduced price. The Hang Seng TECH Index is currently selling at a 38% discount to its long-term average.
  • The tech and digital economy has cleared the path for China’s overall GDP to grow tremendously. It is expected to make a substantial contribution to the country’s GDP in the next years.
  • China is now ranked second in the world in terms of encouraging the formation of unicorn firms, with a particular concentration on consumer-driven technology companies.
  • Semiconductors, Software, IoT, Gaming, Industrial Automation, Autonomous Vehicles, Healthcare, IT, E-commerce, FinTech, Online Travel, and other industries may be covered by the Hang Seng TECH Index, which may give Indian investors with exposure to innovation leaders from a variety of sectors.
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Story first published: Monday, November 22, 2021, 13:06 [IST]