Honestly, if you've been tracking the tech market lately, you know the "Magnificent Seven" talk is everywhere. But here's the thing: most people are still stuck buying broad indices like the Nasdaq-100, thinking they’re getting "pure" tech exposure. They aren't. Not really. If you want the concentrated, high-octane version, you’re likely looking at the Mirae Asset NYSE FANG+ ETF.
It’s a specific beast.
Unlike a typical tech fund that might hold 100 or 300 stocks, this ETF is obsessed with just 10. That's it. Ten massive, highly traded companies that basically run the modern world. We're talking about the heavy hitters like Nvidia, Meta, Apple, and Microsoft. But there's a catch to how this fund works that most retail investors completely overlook.
The Strategy Behind MAFANG
The Mirae Asset NYSE FANG+ ETF—often traded under the ticker MAFANG on the NSE or 543291 on the BSE—doesn't just buy these stocks and let them sit. It follows an equal-weighted approach.
Most people are used to market-cap weighting. In those funds, the bigger the company, the more space it takes up. In the MAFANG world, every stock starts on a level playing field. Whether it’s a trillion-dollar giant or a slightly "smaller" tech titan, they each get roughly 10% of the pie at the time of rebalancing.
Quarterly resets.
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This means the fund is forced to sell the "winners" and buy more of the "underperformers" every three months. It’s a built-in mechanism for profit-taking. While it sounds simple, it fundamentally changes how the fund reacts compared to something like the Invesco QQQ. If Nvidia shoots up 40% in a month, it becomes a larger part of the fund until the next rebalance brings it back down to that 10% target.
What's Actually Inside?
You'd think a "FANG" fund would just be Facebook, Amazon, Netflix, and Google. It’s not. The index evolved years ago to include what they call "tech-enabled" leaders. As of early 2026, you're looking at a roster that includes:
- Broadcom and Nvidia: The semiconductor backbone of the AI era.
- Crowdstrike and ServiceNow: The enterprise software plays that keep businesses from collapsing.
- The Classics: Apple, Amazon, Meta, Netflix, Microsoft, and Alphabet.
Sometimes the lineup shifts slightly based on trading volume and "innovative" relevance, but it stays lean. No fluff. No legacy banks or slow-moving retail chains hiding in the corners.
Why This ETF Hits Different in 2026
The market in 2026 is weirdly bifurcated. We've seen a massive rotation out of speculative growth and into "proven" earnings. The Mirae Asset NYSE FANG+ ETF has become a sort of safe haven for growth investors because these ten companies aren't just "ideas"—they are cash-flow machines.
Check the numbers. As of mid-January 2026, the fund's Assets Under Management (AUM) sits around ₹3,456 Crores. That’s a lot of trust placed in just ten tickers. The expense ratio is currently hovering around 0.65%.
Is that high? Sorta.
If you compare it to a domestic Nifty 50 ETF, it looks pricey. But you have to remember you're paying for international access without the headache of opening a US brokerage account or dealing with LRS (Liberalised Remittance Scheme) limits directly. It’s a "domestic" way to play the global tech game.
The Tracking Error Reality
No ETF is perfect. There’s always a gap between what the index does and what the fund delivers. For MAFANG, the tracking error has historically stayed quite low—around 0.05% to 0.06% in recent reports—but you have to watch the currency.
Because the underlying stocks are in US Dollars and you’re buying in Rupees, the exchange rate matters. If the Rupee weakens against the Dollar, your investment gets a "stealth" boost. If the Rupee strengthens, it eats into your gains. It’s a double-edged sword that many first-time international investors forget to sharpen.
Performance vs. The Hype
Looking back at the three-year CAGR (Compounded Annual Growth Rate), this fund has been a monster, frequently clocking in over 50%. But don't let those numbers blind you.
Concentration is a risk.
If the US Department of Justice decides to actually break up Alphabet or if Apple hits a massive regulatory wall in Europe, 10% of your portfolio is immediately under fire. In a broader fund, that might be a 2% or 3% hit. Here? It’s a gut punch.
I’ve seen people treat this like a "set it and forget it" index fund. It isn't. It’s a tactical tool. It’s for the part of your portfolio where you want to be aggressive.
How to Get In (and Out)
You can buy the ETF directly on the exchange like a stock. However, if you don't have a demat account or prefer the mutual fund route, Mirae offers a Fund of Fund (FoF) version.
The FoF basically just buys units of the ETF for you.
It’s easier for SIPs (Systematic Investment Plans). You can start with as little as ₹100 or ₹500 depending on the platform. The trade-off is the extra layer of expenses. The FoF total expense ratio (TER) can be significantly higher—sometimes over 1.1% for the regular plan—because you're paying for the underlying ETF costs plus the management of the FoF.
Honestly, if you have a demat account, just buy the ETF units (MAFANG) directly. Save the extra percentage. Over ten years, that "small" difference in fees will buy you a very nice vacation.
Liquidity Matters
One thing nobody talks about is the bid-ask spread. Because this tracks US stocks but trades during Indian market hours, the "live" price (iNAV) can sometimes disconnect from the market price if there isn't enough trading volume.
Always use limit orders.
If you just hit "buy" at market price, you might end up paying a 1% or 2% premium just because the liquidity was thin at that exact second. Check the iNAV on the Mirae Asset website before you pull the trigger.
Actionable Steps for Your Portfolio
If you're thinking about adding the Mirae Asset NYSE FANG+ ETF to your mix, don't just dive in headfirst. Use it surgically.
- Cap the Exposure: Most experts suggest keeping concentrated bets like this to 10-15% of your total equity portfolio. It’s the "satellite" to your "core."
- Watch the Rebalance: Every quarter, the fund resets. If you see a major divergence in the holdings (e.g., one stock becomes 15% of the fund), know that a sell-off is coming to bring it back to 10%.
- Check the Tax Man: Since this is an international fund, it’s taxed differently than Indian equity. In 2026, the rules around debt-like taxation for international funds are still a major factor. You’re likely looking at your slab rate depending on your holding period.
- Use the FoF for SIPs: If you can’t be bothered to log in and buy shares manually every month, the Fund of Fund is worth the extra cost for the automation.
This ETF isn't for everyone. It’s volatile. It’s loud. It’s focused. But for capturing the raw power of the companies that are actually building the AI-driven future, it’s one of the cleanest plays available on the Indian market. Just make sure you can handle the swings when the "Magnificent" names decide to have a bad week.