Mirae Asset is launching the ‘Mirae Asset Nifty EV and New Age Automotive ETF’, an open-ended fund focused on the Electric Vehicles (EV) and New Age Automotive sector. This ETF aims to replicate the Nifty EV and New Age Automotive Total Return Index, providing investors opportunities for long-term capital appreciation. It will invest in companies across the automotive sector’s dynamic and evolving value chain, including Electric Vehicles, Hybrid Vehicles, Battery Manufacturing, and potentially future disruptors like Hydrogen-fuel cell and Autonomous Vehicles.
The New Fund Offer (NFO) for this ETF opens on June 24, 2024, and closes on July 05, 2024. Managed by Ms. Ekta Gala and Mr. Akshay Udeshi, the scheme requires a minimum initial investment of Rs 5,000 during the NFO period, with subsequent investments in multiples of INR 1.
Mr. Swarup Anand Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers (India) Pvt. Ltd., highlighted the ETF’s launch as India’s first focused on the EV and New Age Automotive segment, aiming to support sustainable development while offering avenues for long-term growth. He emphasised Mirae Asset’s commitment to innovation and aligning investments with market trends.
According to Mr. Siddharth Srivastava, Head-ETF Products at Mirae Asset Investment Managers (India) Pvt. Ltd., the ETF aims to capture India’s dynamic automotive industry’s potential by investing in leading companies driving innovation in EVs and new automotive technologies. The portfolio will also include firms benefiting from Production Linked Incentives (PLI) in automobiles and batteries, as well as participants in initiatives like FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles).
This new ETF expands Mirae Asset’s offerings, providing diversified opportunities in the burgeoning electric vehicle and new-age automotive sectors, both domestically and globally.