Mirae Asset Nifty India Manufacturing ETF Fund of Fund

An open-ended fund of fund scheme predominantly investing in Mirae Asset Nifty India Manufacturing ETF.

The Scheme will invest in the units of Mirae Asset Nifty India Manufacturing ETF managed by Mirae Asset Mutual Fund as per the stated asset allocation in SID. The cumulative gross exposure through Units of Mirae Asset Nifty India Manufacturing ETF, Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds shall not exceed 100% of the net assets of the Scheme.

• Manufacturing segment has potential to become next growth driver for India, backed by strong government initiatives like PLI and Make in India
• Participate in potential emerging segments like Electric vehicles, Electronics, Battery Tech, Defense etc.
• Achieve diversification against funds which are tilted towards services and consumption sector

Following provisions of Income Tax Act 1961, may be applicable on this scheme. As per the Section 112A of the Act, this scheme (which invest at least 90% in domestic equity ETF, where such ETF invest at least 90% in domestic equity shares) falls under the category of “equity oriented fund”, however, as per the newly introduced Section 50AA by Finance Act, 2023, any “specified mutual fund”, by whatever name called, where not more than 35 percent of its total proceeds is invested in the equity shares of domestic companies, any gains on transfer / redemption of units if such specified mutual funds acquired on or after 1 April 2023 shall be deemed to be short-term capital gains. A view may be adopted that sale of this scheme may be classified as "specified mutual fund" under the Act and should be taxable at the rate of 15% (plus applicable surcharge and cess). For further details, clarification and action, please consult your tax advisor for further details