Mirae Asset Investment Managers (India) on October 8, 2024 launched the ‘Mirae Asset Nifty Total Market Index Fund’, investing in 750 companies across various market cap segments. The Nifty Total Market Index aids diversification by offering exposure across large, mid, small and micro-cap segments.
NFO Details
The New Fund Offer (NFO) for Mirae Asset Nifty Total Market Return Index Fund runs from October 8, 2024 to October 22, 2024. The scheme re-opens for continuous sale and repurchase on October 29, 2024. The minimum initial investment during NFO will be Rs 5,000 with subsequent investments being multiples of Re 1.
There is no exit load involved in the scheme.
Investment Philosophy
This index offers investors access to companies across large, mid, small, and micro-cap segments, covering approximately 96 per cent of the total market capitalization of companies listed on the NSE. The Index covers all 22 sectors classified by NSE. Moreover, the index also covers all 100 large-cap, 150 mid-cap and 250 small cap stocks along with 250 micro-cap stocks. The stock’s weight is based on its free-float market capitalization.
According to the World Bank data, India’s market attractiveness may continue to rise as it is expected to become the world’s third-largest economy by 2028, the fund house said. Further key sectors such as banking, IT, pharmaceuticals, focus sectors like manufacturing, infrastructure and emerging industries like fintech and digital entertainment are all covered under this index.
Says Siddharth Srivastava, Head-ETF Product, Mirae Asset Investment Managers (India) Pvt. Ltd.: "The Indian stock market has evolved in such a way that of stock and sectoral composition of market cap segments presents numerous opportunities across the board. The new fund aims to capture opportunities from established to emerging sectors, presenting a comprehensive wealth-creating opportunity." Nifty Total Return Index has delivered 29.74 per cent in one year and 13.57 per cent in 3 years.
