Mirae Asset's India Billion Consumer ETF surpasses $150 mn in net assets
Man-Su Choe
Jul 11, 2024 (Gmt+09:00)
South Korea's Mirae Asset Global Investments said on Thursday that the net assets of its TIGER India Billion Consumer ETF surpassed 200 billion won ($145 million).
The exchange-traded fund (ETF), which debuted on May 14, held net assets of 206.4 billion won ($149.5 million) as of Wednesday, the asset manager said in a statement.
Individual investors have cumulatively contributed 36 billion won to the product.
This ETF invests in the top 20 Indian consumer goods companies.
These include Tata Motors, a commercial vehicle company, Titan Company, a jewelry brand, Zomato, a food delivery platform, and Hindustan Unilever, the country's largest household goods company.
"With private consumption expenditure exceeding 60% of India's GDP and domestic consumption growing faster than GDP, the economy is demonstrably consumption-driven," a Mirae Asset Global Investments source said.
"The TIGER India Billion Consumer ETF is well-positioned to benefit from India's long-term economic growth."