Mirae Asset Mutual Fund Introduces Changes in Exit Load Duration and adds News ETF Market Maker
Mirae Asset Investment Managers declared significant changes that will come into force from the end of October and November 2024. These changes include changes in the management team of its funds, revised exit load structures for specific schemes and an enhancement in liquidity for exchange-traded funds (ETFs).
Mirae Asset Liquid Fund appoints a New Fund Manager
From November 1, 2024, the existing management of the Mirae Asset Liquid Fund will be replaced and the scheme will be managed by two managers co-managing the fund. The second manager Amit Modani will join the current manager Abhishek Iyer, thereby providing much better and comprehensive oversight of the fund.
Exit Load Structure Changes for Fund of Funds Schemes
The existing exit load structure of many funds of fund schemes shall change, which will be effective from October 30, 2024. For Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF FoF, Nifty Midsmallcap400 Momentum Quality 100 ETF FoF, and some other funds, redemption will attract an exit load at the reduced rate of 0.05% if redeemed within 15 days of allotment. However, beyond this period, no exit load would apply.
For the Mirae Asset Nifty 100 ESG Sector Leaders FoF, the exit load will remain 0.05% for redemptions made within 5 to 15 days of allotment. These new exit load structures will apply to all new investments and systematic transactions made after the effective date.
New Market Maker for ETFs
Mirae Asset has added Vaibhav Stock and Derivatives Broking Private Limited as its new market maker to further enrich the liquidity of its ETF offerings. This will help investors enhance their trading experience in a number of ETFs by Mirae Asset. The new change will come into effect across all Mirae Asset ETFs except the Mirae Asset Gold ETF, Silver ETF, and Nifty 1D Rate Liquid ETF-IDCW.
Finally, the updated Scheme Information Document and Key Information Memorandum will show the changes, giving investors up-to-date information on the changes themselves.
