Mirae Asset Investment Managers (India) has announced the launch of India’s first exchange-traded fund (ETF) focused on electric vehicles (EV) and the new-age automotive segment. This innovative fund follows the recent introduction of the Nifty EV and New Age Automotive Index by the National Stock Exchange (NSE).
The New Fund Offer (NFO) for the Mirae Asset Nifty EV and New Age Automotive ETF will open for subscription on June 24 and will remain open until July 5. Investors can enter the scheme with a minimum initial investment of Rs 5,000, and additional investments can be made in multiples of Re 1.
Swarup Anand Mohanty, Vice Chairman and CEO of Mirae Asset Investment Managers (India), highlighted the ETF's unique market position. “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”, he said.
The ETF will track the Nifty EV and New Age Automotive Index, which captures companies active in emerging sectors such as electric vehicles, hybrid vehicles, and battery manufacturing, across various market capitalization segments. The index is designed not only to reflect current trends but also to include potential future innovations and disruptions, such as hydrogen-fuel cells and autonomous vehicles.
Siddharth Srivastava, Head of ETF Products at Mirae Asset Investment Managers (India), emphasized the growth potential of the fund. “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”, he stated.
The Nifty EV and New Age Automotive Index by NSE Indices, NSE’s index services subsidiary, represents a strategic response to the increasing adoption of EVs driven by the expansion of charging infrastructure. The index will undergo reconstitution semi-annually and rebalancing on a quarterly basis, ensuring it remains reflective of the dynamic nature of the EV and automotive technology sectors.
Mirae Asset’s new ETF offers a strategic avenue for investors looking to capitalize on the rapid advancements and growing market interest in electric and advanced automotive technologies, positioning them at the forefront of the mobility revolution in India.