Mirae Asset Nifty EV and New Age Automotive ETF: Here's what you should know about India's first EV ETF

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exchange-traded fund (ETF) specialising in electric vehicles (EVs) and the emerging automotive sector, named the ‘Mirae Asset Nifty EV and New Age Automotive ETF’. This open-ended scheme is crafted to harness the sector’s promising long-term growth potential.

Investors have the flexibility to trade units on stock exchanges, akin to other securities. The fund will follow the Nifty EV and New Age Automotive Total Return index.The subscription period for the scheme begins on June 24, 2024, and concludes on July 5, 2024.

Ekta Gala and Akshay Udeshi will serve as the managers for this scheme. During the new fund offer (NFO) period, the scheme requires a minimum initial investment of ₹5,000, with additional investments in multiples of Re 1.

The scheme will allocate 95-100% of its funds to securities listed in the Nifty EV and New Age Automotive index, and 0-5% to money market instruments, including tri-party repo agreements, debt securities, and units of debt/liquid schemes offered by domestic mutual funds.Announcing the NFO, Swarup Anand Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers (India), said, “With the launch of India’s first ETF focused on the Electric Vehicles and New Age Automotive segment, we aim to offer investors a unique opportunity to participate in the future of mobility. We aim to provide avenues for long-term capital appreciation while supporting sustainable development in the automotive sector.

This ETF underscores our commitment to innovation and aligning investment opportunities with evolving market trends."The purpose of the scheme was enunciated by Siddharth Srivastava during the launch. Encapsulating what this fund has to offer, Srivastava, Head-ETF Products, Mirae Asset Investment