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Mirae Asset Mutual Fund launches India’s 1st EV exchange-traded fund

Published 20-06-2024, 03:12 pm
© Reuters.  Mirae Asset Mutual Fund launches India’s 1st EV exchange-traded fund

Mumbai, June 20 (IANS) Mirae Asset Investment Managers (India) on Thursday launched India’s first exchange-traded fund (ETF) focused on the electric vehicles (EV) and new-age automotive segment, after the National Stock Exchange (NSE) launched a new Nifty EV index last month.The New Fund Offer (NFO) for Mirae Asset Nifty EV and New Age Automotive ETF will open for subscription on June 24 and close on July 5.

In the scheme, the minimum initial investment during NFO will be Rs 5,000, with subsequent investments being multiples of Re 1.

“With the launch of India’s first ETF focused on the Electric Vehicles and the New Age Automotive segment, we aim to offer investors a unique opportunity to participate in the future of mobility,” said Swarup Anand Mohanty, Vice Chairman and CEO, Mirae Asset Investment Managers (India).

The index will seek to capture companies participating in emerging segments like electric vehicles, hybrid vehicles, battery manufacturing etc. across sectors and market cap segments, but will also intend to capture initiatives and possibly future disruptions like hydrogen-fuel cell and autonomous vehicles etc.

“By investing in companies leading the charge in EV and new automotive technologies across the value chain, this new ETF will offer investors exposure to the innovative and rapidly evolving ecosystem in this space,” said Siddharth Srivastava, Head-ETF Products, Mirae Asset Investment Managers (India).

NSE Indices, NSE’s index services subsidiary, last month launched a new Nifty EV and New Age Automotive Index, as the adoption of EVs surges amid an increase in charging infrastructure.

The index will be reconstituted semi-annually and rebalanced on a quarterly basis.

--IANS

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