Mirae Asset Launches India’s First ETF Tracking Nifty Financial Services Index Mirae Asset Nifty Financial Services ETF
- ByAyushi Ray | July 24, 2021
Mirae Asset launches India’s First ETF Tracking Nifty Financial Services Index Mirae Asset Nifty Financial Services ETF. The NFO will open for subscription on July 22, 2021, and close on July 29, 2021. Financial Services will encompass not only banks but other industries such as NBFC (Non- Banking Financial Company), Insurance, Capital Market etc. which are currently under penetrated among masses. Offer investors will utilise the opportunity to participate in the sector that is one of the essential factors for the overall growth of the economy. Financial Services is a fairly diversified sector which is undergoing rapid expansion due to digitalization and emergence of new products and services. There will also be low market penetration across segments and will provide more room for growth. This is ideal for investors with an investment time horizon of at least 5 years.
Mirae Asset is striving to create a strong suite of passive products that will provide investors the option to take underlying index exposure in various segments of the market at low cost. In this effort, we are now launching Mirae Asset Nifty Financial Services ETF. While the financial services sector has grown at a great pace and financial inclusion across board has improved, we still have a long way to go to reach even global averages. With the advent of new products and services backed by innovative technology, the scope of financial services is tremendous in coming years, which makes it a very compelling sector to take exposure in,” said Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) Pvt. Ltd. Mirae Asset Nifty Financial services ETF will provide exposure to 20 companies representing various segments of the Financial Services Sector. The Index has a rich history of over 16 years and has generated a return of 18.3 per cent per annum compared to 15.1 per cent by NIFTY 50 Index and 14.6% by NIFTY Bank Index in the last 5 years.
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