NFO alert: Mirae Asset Mutual Fund introduces Mirae Asset Nifty Total Market Index Fund; check details before investment

Mirae Asset Investment Managers has launched Mirae Asset Nifty Total Market Index Fund, an open-ended scheme replicating/ tracking the Nifty Total Market Total Return Index, offering exposure to 750 companies across various market cap segments. The Nifty Total Market Index provides a comprehensive representation of the Indian equity market, offering exposure to large, mid, small, and micro-cap segments. This diversified approach may help investors capture growth opportunities across the evolving landscape of the Indian equity market.

Top points

1. The New Fund Offer (NFO) for Mirae Asset Nifty Total Market Return Index Fund will open for subscription on October 08, 2024, and close on October 22, 2024. The scheme re-opens for continuous sale and repurchase on October 29, 2024. The scheme will be managed by Ekta Gala and Vishal Singh.

2.As India's economy is projected to become the third-largest in the world by 2028, market attractiveness in the country is expected to grow. The Mirae Asset Nifty Total Market Index Fund is designed to capitalize on evolving market dynamics by targeting opportunities across various sectors and market caps. 

3. This fund includes key sectors such as banking, IT, and pharmaceuticals, as well as focus sectors like manufacturing, infrastructure, and emerging industries like fintech and digital entertainment. By encompassing different market cap segments, the fund aims to offer investors potential opportunities for market cap and sectoral diversification, as well as risk management.

4. In the scheme, the minimum initial investment during NFO will be Rs 5,000/- (Rupees Five Thousand) with subsequent investments being multiples of Re 1.

Siddharth Srivastava, Head-ETF Product, Mirae Asset Investment Managers (India) Pvt. Ltd., said: "The Indian economy’s and stock market’s growth trajectory has led to the evolution of stock and sectoral composition of market cap segments with numerous opportunities existing across the board, and the Mirae Asset Nifty Total Market Index Fund seeks to allow investors to participate in this dynamic journey across large, mid, small and micro-cap segments, in a single diversified fund. The new fund aims to capture opportunities across sectors, from established to emerging, present across market cap segments, providing a comprehensive approach to wealth creation over the long term."