Mirae Asset · Equity ETF

Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF

Exchange Traded Funds (ETFs) - Equity ETF Regular plan riskometer: Very high benchmark: Additional Benchmark** launched 6 May 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹51.34

−0.33% since 18 Sep 2026, the previous NAV

1 year

4.2%

return

3 years

not enough history

5 years

not enough history

Since launch

1.9%

a year, over 2.3 years

Assets (AUM)

₹486 Cr

Sep 2026 factsheet

Expense ratio, Direct / Regular

0.37% / 0.37%

a year, as of Sep 2026

Holdings

102

top ten are 32% of the fund · Aug 2026

Disclosed history

2.3 yrs

May 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Ekta Gala · since May 2024Akshay Udeshi · since Mar 2025

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Cannot be measured: needs both a Direct and a Regular growth class.

The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

See how it is measured →

P7Whose record

Run by Ekta Gala & for 2.4 yrs

with Akshay Udeshi. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Ekta Gala's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Not measurable yet: needs three years of NAV and a category median.

Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

See every window →

headline and record disagree 2 checks found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Regular plan class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at May 2024

29 month-ends · ₹48.38 → ₹51.34, 1.1× since May 2024

Deepest fall (max drawdown)

−25.9%

15 Jul 2024 → 3 Mar 2025

Worst month

−11.4%

Feb 2025

Days to recover

not yet recovered

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the regular growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 102 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Laurus Labs Ltd. equity	Pharmaceuticals & Biotechnology	4.36%	Jun 2026	3 mo	+4.36%
2	The Federal Bank Ltd. equity	Banks	4.35%	Dec 2025	9 mo	+1.22%
3	BSE Ltd. equity	Capital Markets	4.16%	Dec 2024	1.8 yrs	-3.12%
4	Multi Commodity Exchange of India Ltd. equity	Capital Markets	3.68%	Jan 2026	8 mo	-1.16%
5	Bharat Forge Ltd. equity	Auto Components	2.89%	Jun 2026	3 mo	+2.89%
6	Polycab India Ltd. equity	Industrial Products	2.74%	May 2024	2.3 yrs	+0.81%
7	GE Vernova T&D India Ltd. equity	Electrical Equipment	2.55%	Dec 2025	9 mo	-0.58%
8	Hitachi Energy India Ltd. equity	Electrical Equipment	2.54%	Dec 2024	1.8 yrs	+0.46%
9	Dixon Technologies (India) Ltd. equity	Consumer Durables	2.30%	May 2024	2.3 yrs	+0.49%
10	Aurobindo Pharma Ltd. equity	Pharmaceuticals & Biotechnology	2.27%	May 2024	2.3 yrs	+1.23%
11	Lupin Ltd. equity	Pharmaceuticals & Biotechnology	2.24%	Dec 2024	1.8 yrs	+0.59%
12	Hero MotoCorp Ltd. equity	Automobiles	2.23%	Dec 2025	9 mo	-1.57%
13	Suzlon Energy Ltd. equity	Electrical Equipment	2.17%	Jun 2025	1.3 yrs	-0.16%
14	Marico Ltd. equity	Agricultural Food & other Products	2.16%	Dec 2024	1.8 yrs	+0.42%
15	AU Small Finance Bank Ltd. equity	Banks	2.05%	Dec 2025	9 mo	-0.90%
16	Welspun Corp Ltd. equity	Industrial Products	1.95%	Jun 2025	1.3 yrs	+1.40%
17	Apar Industries Ltd. equity	Electrical Equipment	1.81%	May 2024	2.3 yrs	+1.15%
18	Persistent Systems Ltd. equity	IT - Software	1.63%	May 2024	2.3 yrs	-0.37%
19	Sona Blw Precision Forgings Ltd. equity	Auto Components	1.62%	Jun 2026	3 mo	+1.62%
20	KEI Industries Ltd. equity	Industrial Products	1.60%	May 2024	2.3 yrs	+0.61%
21	Radico Khaitan Ltd. equity	Beverages	1.51%	Dec 2025	9 mo	+0.12%
22	Oracle Financial Services Software Ltd. equity	IT - Software	1.51%	May 2024	2.3 yrs	+0.80%
23	AnandRathi Wealth Ltd. equity	Capital Markets	1.51%	Dec 2025	9 mo	+0.26%
24	National Aluminium Company Ltd. equity	Non - Ferrous Metals	1.45%	Dec 2025	9 mo	-0.36%
25	Acutaas Chemicals Ltd. equity	Pharmaceuticals & Biotechnology	1.39%	Jun 2026	3 mo	+1.39%
26	Coforge Ltd. equity	IT - Software	1.35%	Jun 2025	1.3 yrs	-0.18%
27	Karur Vysya Bank Ltd. equity	Banks	1.27%	Jun 2026	3 mo	+1.27%
28	Colgate Palmolive (India) Ltd. equity	Personal Products	1.25%	Dec 2024	1.8 yrs	-0.05%
29	NMDC Ltd. equity	Minerals & Mining	1.15%	May 2024	2.3 yrs	+0.20%
30	Indus Towers Ltd. equity	Telecom - Services	1.14%	Dec 2024	1.8 yrs	-0.49%
31	APL Apollo Tubes Ltd. equity	Industrial Products	1.14%	May 2024	2.3 yrs	+0.16%
32	Gland Pharma Ltd. equity	Pharmaceuticals & Biotechnology	1.10%	Jun 2026	3 mo	+1.10%
33	Glenmark Pharmaceuticals Ltd. equity	Pharmaceuticals & Biotechnology	1.10%	May 2024	2.3 yrs	-0.39%
34	Nippon Life India Asset Management Ltd. equity	Capital Markets	1.10%	May 2024	2.3 yrs	+0.22%
35	Indian Bank equity	Banks	1.06%	May 2024	2.3 yrs	-0.61%
36	Page Industries Ltd. equity	Textiles & Apparels	0.95%	Dec 2024	1.8 yrs	+0.10%
37	Bank of Maharashtra equity	Banks	0.95%	Jun 2024	2.3 yrs	+0.41%
38	Computer Age Management Services Ltd. equity	Capital Markets	0.87%	Dec 2025	9 mo	-0.05%
39	L&T Finance Ltd. equity	Finance	0.86%	Dec 2025	9 mo	-1.07%
40	Thermax Ltd. equity	Electrical Equipment	0.84%	Jun 2026	3 mo	+0.84%
41	Neuland Laboratories Ltd. equity	Pharmaceuticals & Biotechnology	0.83%	Jun 2025	1.3 yrs	+0.16%
42	Central Depository Services (I) Ltd. equity	Capital Markets	0.83%	May 2024	2.3 yrs	-0.17%
43	360 ONE WAM Ltd. equity	Capital Markets	0.82%	Jun 2024	2.3 yrs	-0.14%
44	Mphasis Ltd. equity	IT - Software	0.79%	Dec 2024	1.8 yrs	+0.02%
45	Ajanta Pharma Ltd. equity	Pharmaceuticals & Biotechnology	0.76%	Jun 2026	3 mo	+0.76%
46	Himadri Speciality Chemical Ltd. equity	Chemicals & Petrochemicals	0.73%	Dec 2024	1.8 yrs	+0.31%
47	Angel One Ltd. equity	Capital Markets	0.71%	Feb 2026	7 mo	-0.08%
48	Data Patterns (India) Ltd. equity	Aerospace & Defense	0.70%	Dec 2025	9 mo	+0.22%
49	Hindustan Copper Ltd. equity	Non - Ferrous Metals	0.69%	Dec 2025	9 mo	-0.17%
50	City Union Bank Ltd. equity	Banks	0.67%	Dec 2025	9 mo	-0.46%
51	Granules India Ltd. equity	Pharmaceuticals & Biotechnology	0.62%	Jun 2026	3 mo	+0.62%
52	Dr. Lal Path labs Ltd. equity	Healthcare Services	0.61%	May 2024	2.3 yrs	+0.07%
53	The Great Eastern Shipping Co. Ltd. equity	Transport Services	0.60%	Dec 2025	9 mo	+0.04%
54	Coromandel International Ltd. equity	Fertilizers & Agrochemicals	0.60%	May 2024	2.3 yrs	-0.15%
55	Adani Total Gas Ltd. equity	Gas	0.59%	Jun 2026	3 mo	+0.59%
56	Motilal Oswal Financial Services Ltd. equity	Capital Markets	0.58%	May 2024	2.3 yrs	+0.10%
57	Manappuram Finance Ltd. equity	Finance	0.55%	Jun 2025	1.3 yrs	-0.49%
58	UNO Minda Ltd. equity	Auto Components	0.55%	May 2024	2.3 yrs	-0.23%
59	Elgi Equipments Ltd. equity	Industrial Products	0.52%	Jun 2026	3 mo	+0.52%
60	Blue Star Ltd. equity	Consumer Durables	0.51%	Mar 2025	1.5 yrs	-0.13%
61	Linde India Ltd. equity	Chemicals & Petrochemicals	0.51%	Jun 2026	3 mo	+0.51%
62	Astral Ltd. equity	Industrial Products	0.51%	Jun 2026	3 mo	+0.51%
63	PI Industries Ltd. equity	Fertilizers & Agrochemicals	0.47%	Jun 2025	1.3 yrs	-0.10%
64	K.P.R. Mill Ltd. equity	Textiles & Apparels	0.47%	Jun 2025	1.3 yrs	+0.14%
65	Schneider Electric Infrastructure Ltd. equity	Electrical Equipment	0.46%	Jun 2026	3 mo	+0.46%
66	Finolex Cables Ltd. equity	Industrial Products	0.42%	Jun 2026	3 mo	+0.42%
67	Aditya Birla Sun Life Amc Ltd. equity	Capital Markets	0.41%	Dec 2025	9 mo	+0.13%
68	ZF Commercial Vehicle Control Systems India Ltd. equity	Auto Components	0.40%	Jun 2026	3 mo	+0.40%
69	Indian Energy Exchange Ltd. equity	Capital Markets	0.37%	May 2024	2.3 yrs	-0.06%
70	Narayana Hrudayalaya Ltd. equity	Healthcare Services	0.36%	Jun 2025	1.3 yrs	-0.27%
71	Tata Elxsi Ltd. equity	IT - Software	0.35%	May 2024	2.3 yrs	-0.07%
72	Usha Martin Ltd. equity	Industrial Products	0.35%	Dec 2025	9 mo	-0.10%
73	Gabriel India Ltd. equity	Auto Components	0.34%	Jun 2026	3 mo	+0.34%
74	Castrol India Ltd. equity	Petroleum Products	0.34%	May 2024	2.3 yrs	-0.04%
75	Vijaya Diagnostic Centre Ltd. equity	Healthcare Services	0.33%	Jun 2026	3 mo	+0.33%
76	Motherson Sumi Wiring India Ltd. equity	Auto Components	0.33%	Dec 2025	9 mo	-0.22%
77	The Jammu & Kashmir Bank Ltd. equity	Banks	0.32%	Jun 2026	3 mo	+0.32%
78	Triveni Turbine Ltd. equity	Electrical Equipment	0.31%	May 2024	2.3 yrs	-0.01%
79	Force Motors Ltd. equity	Automobiles	0.31%	Dec 2025	9 mo	-0.43%
80	Zen Technologies Ltd. equity	Aerospace & Defense	0.30%	Jun 2026	3 mo	+0.30%
81	Bharat Dynamics Ltd. equity	Aerospace & Defense	0.30%	May 2024	2.3 yrs	-0.00%
82	Garden Reach Shipbuilders & Engineers Ltd. equity	Aerospace & Defense	0.27%	Jun 2024	2.3 yrs	-0.11%
83	Natco Pharma Ltd. equity	Pharmaceuticals & Biotechnology	0.27%	Jun 2026	3 mo	+0.27%
84	L&T Technology Services Ltd. equity	IT - Services	0.26%	May 2024	2.3 yrs	-0.01%
85	KPIT Technologies Ltd. equity	IT - Software	0.26%	May 2024	2.3 yrs	-0.13%
86	Engineers India Ltd. equity	Construction	0.25%	Jun 2026	3 mo	+0.25%
87	HBL Engineering Ltd. equity	Industrial Products	0.25%	Jun 2024	2.3 yrs	-0.25%
88	Caplin Point Laboratories Ltd. equity	Pharmaceuticals & Biotechnology	0.25%	Jun 2026	3 mo	+0.25%
89	Godfrey Phillips India Ltd. equity	Cigarettes & Tobacco Products	0.25%	May 2024	2.3 yrs	-0.09%
90	Nava Ltd. equity	Power	0.24%	Jun 2025	1.3 yrs	-0.04%
91	Godawari Power & Ispat Ltd. equity	Industrial Products	0.21%	Oct 2024	1.9 yrs	-0.12%
92	Gillette India Ltd. equity	Personal Products	0.21%	Dec 2024	1.8 yrs	-0.06%
93	JSW Dulux Ltd. equity	Consumer Durables	0.20%	Dec 2025	9 mo	+0.03%
94	Mahanagar Gas Ltd. equity	Gas	0.18%	May 2024	2.3 yrs	-0.03%
95	Chambal Fertilisers and Chemicals Ltd. equity	Fertilizers & Agrochemicals	0.18%	Jun 2026	3 mo	+0.18%
96	Indiamart Intermesh Ltd. equity	Retailing	0.17%	Dec 2025	9 mo	-0.09%
97	Gujarat Mineral Development Corporation Ltd. equity	Minerals & Mining	0.15%	Dec 2025	9 mo	-0.15%
98	SAREGAMA India Ltd. equity	Entertainment	0.13%	Jul 2026	2 mo	+0.13%
99	Transformers & Rectifiers (India) Ltd. equity	Electrical Equipment	0.11%	Jun 2026	3 mo	+0.11%
100	BLS International Services Ltd. equity	Leisure Services	0.09%	May 2024	2.3 yrs	-0.02%
101	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.02%	May 2024	2.3 yrs	+0.04%
102	TREPS / cash equivalents TREPS · money market	—	0.01%	May 2024	2.3 yrs	+0.00%

Showing 1–102 of 102 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Pharmaceuticals & Biotechnology15.2% · 7.0%

Capital Markets15.0% · 13.9%

Electrical Equipment10.8% · 7.3%

Banks10.7%

Industrial Products9.7% · 7.7%

Auto Components6.1% · 2.8%

IT - Software5.9% · 12.2%

Consumer Durables3.0% · 5.8%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap0.4%

Mid cap71.6%

Small / micro cap25.1%

Not classified2.9%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 0%
Mid cap 72%
Small / micro 25%
Cash & other 0%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Not measurable yet. Needs a Direct and a Regular growth class with overlapping NAV history.

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 108% of the portfolio a year

+0.03 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

108% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 58 funds · category median 43%

excess return per unit of turnover+0.03 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 15 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

15 months

lowest in categoryhighest in category

39th percentile · below median of 67 funds · category median 21 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 3.3 points ahead of them

220 positions judged, one disclosure at a time · ahead by 18.0 points when it won, behind by 12.6 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 18.0 points in the 114 positions it won and behind by 12.6 in the 106 it lost, so the average across all 220 is +3.3 points. The worst position was INE935N01020 at the Aug 2025 disclosure, 32.1 points behind.

52%

lowest in categoryhighest in category

68th percentile · above median of 54 funds

positions judged220beat the median stock114average across every position+3.26 pts · median +0.78when ahead, by how much+17.98 pts over 114 positionswhen behind, by how much−12.58 pts over 106 positionsworst position−32.09 pts, INE935N01020 at the Aug 2025 disclosurebest position+71.27 pts, INE262H01021 at the May 2024 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹486 Cr, 78th percentile in category; 100% of growth came from inflows

smaller than 22% of the funds in its category (67 funds) · AUM Jun 2024 → Sep 2026 · Regular plan expense ratio 0.37%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

78th percentile by AUM

largestsmallest

22th percentile · bottom quartile of 67 funds

median holding weight, trendfallingexpense ratio, Regular / Direct0.37% / 0.37% · category median 0.26%AUM, Jun 2024 → Sep 2026₹59 Cr → ₹486 Cr (+155% a year)of that change, from flows rather than returns100% net inflows · NAV −1% over the window

Assets under management, ₹ crore, Jun 2024 – Sep 2026

19 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.05% in Mar 2019 → 0.37% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Ekta Gala & for 2.4 yrs

with Akshay Udeshi

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

2.4 yrs · Ekta Gala &

newest teamlongest-serving

52th percentile · above median of 43 funds · category median 2.3 yrs

running it nowEkta Gala & (since May 2024), Akshay Udeshi (since Mar 2025)share of the fund's life under the longest-serving current manager100%changes of hands in the archive1 — last Mar 2025

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Ekta Gala	fund manager	May 2024	now	2.6% vs 5.3% p.a. (−2.78 pp)	—
Akshay Udeshi	fund manager	Mar 2025	now	15.3% vs 11.1% p.a. (+4.18 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 2.3 years, against a 5-year figure on display. Akshay Udeshi joined roughly 1.5 years ago. A record earned under different people is not evidence about these ones.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. Replication needs a fully disclosed domestic-equity portfolio and daily prices for every line; this fund has not been replicated in this build.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
regular Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF	—	₹51.34	21 Sep 2026

The Direct / Regular gap, in rupees

This fund does not have both a Direct and a Regular growth class in the data, so the gap cannot be measured.

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

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