Mirae Mutual Fund files for cloud computing fund with SEBI.

Mirae Mutual Fund has filed offer document with SEBI to launch an open-ended fund of fund scheme investing in overseas equity Exchange Traded Funds which are based on companies positioned to benefit from the increased adoption of cloud computing.

The New Fund Offer price is Rs.10 per unit

The objective of the scheme is is to provide long-term capital appreciation from a portfolio investing in units of overseas equity ETFs which are based on companies positioned to benefit from the increased adoption of cloud computing technology, including companies whose principal business is in offering computing Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS),Infrastructure-as-a-Service (IaaS), managed server storage space and data center real estate investment trusts, and/or cloud and edge computing infrastructure and hardware.

The scheme will invest either in the Global X Cloud Computing ETF or Global X Cloud Computing UCITS ETF or in a combination of both the ETFs.

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The Mirae Mutual Fund will invest in either the Global X Cloud Computing ETF or the Global X Cloud Computing UCITS ETF, or a mix of both. Amazon, global HR management system provider Workday, file storage business Dropbox, Netflix, Zoom, Microsoft, and Google are among the top holdings of the cloud computing ETF.

Global X ETFs is a New York-based provider of thematic ETFs that offer access to investment opportunities across global markets.

Mirae Mutual Fund also filed for other funds that will give investors exposure to companies operating in new-age businesses.

Mirae Asset Global Clean Energy ETFs Fund of Fund will also invest in ETFs run by Global X – Global X CleanTech ETF and Global X Renewable Energy Producers ETF.

These ETFs are invested in energy producers that use natural resources such as solar and wind to produce energy.

Mirae Mutual Fund filed for Artificial Intelligence & Technology ETF Fund of Fund. This fund will also invest in the Global X ETF.

Fund houses have been filing for new products offering investors access to technology businesses such as semiconductors, electric vehicles, autonomous driving, climate conservation, etc.