Mirae Asset to launch S&P 500 Top 50 Index-based fund and Mirae Asset S&P 500 Top 50 ETF

Mirae Asset Investment Managers has launched S&P 500 Top 50 Index-based fund as well as Mirae Asset S&P 500 Top 50 ETF. With assets under management of around Rs 77 thousand crore at the end of June 2021, it manages more than 30 funds in its effort to bring in more passively managed funds, that too, US-focussed. 

It is India’s first passive product, which aims to provide exposure to 50 mega-cap companies in the US. Mirae Asset S&P 500 Top 50 ETF is an open-ended scheme that tracks S&P 500 Top 50 Total Return Index while Mirae Asset S&P 500 Top 50 ETF Fund of Fund is an open-ended FoF scheme, predominantly investing in Mirae Asset S&P 500 Top 50 ETF.  

The NFO for both the funds will open for subscription on September 1, 2021. While Mirae Asset S&P 500 Top 50 ETF will close on September 14, 2021, Mirae Asset S&P 500 Top 50 ETF Fund of Fund will close on September 15, 2021.  

Mirae Asset S&P 500 Top 50 ETF will be managed by Siddharth Srivastava while Mirae Asset S&P 500 Top 50 ETF Fund of Fund will be managed by Ekta Gala.   

S&P 500 Top 50 Index is designed to represent the performance of 50 US mega-cap companies, across sectors, selected based on the free-float market cap from S&P 500 Index. S&P 500 Top 50 (INR) has outperformed Nifty 50 by more than 10 per cent in the last 10, 5, 3, 2 years period, respectively. Nevertheless, it should not be construed that it will continue to do so in the future also as outperformance and under-performance move in a cycle.