- Mirae Asset Mutual Fund announces the launch of ‘Mirae Asset Nifty EV and New Age Automotive ETF’ (An open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index)
- The New Fund Offer (NFO) for Mirae Asset Nifty EV and New Age Automotive ETF will open for subscription on June 24, 2024 and close on July 05, 2024
- In the scheme, the minimum initial investment during NFO will be Rs 5,000 (Rupees Five Thousand) with subsequent investments being multiples of Re 1
- India’s first fund focused on the Electric Vehicles (EV) and New Age Automotive segment
- It aims to offer investors long term capital appreciation by investing in companies forming part of Nifty EV & New Age Automotive Total Return Index
- The ETF’s portfolio will seek to capture the entire ecosystem of companies involved in current and emerging disruptive technologies like Electric Vehicles, Hybrid Vehicles, Battery production, Automation etc.
- The ETF will also target companies participating in key government initiatives like FAME (Faster Adoption & Manufacturing of Electric Vehicles) and PLI (Production linked Incentive)
NE BUSINESS BUREAU
MUMBAI, JUNE 23
Mirae Asset Investment Managers (India) Pvt. Ltd. on Friday announced the launch of India’s first Exchange Traded Fund (ETF) focused on the Electric Vehicles (EV) and New Age Automotive segment. ‘Mirae Asset Nifty EV and New Age Automotive ETF’, an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index that aims to offer investors with long-term capital appreciation opportunities by investing in equity of companies that are at the forefront of the dynamic and rapidly evolving automotive sector and the entire value chain.
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, Autonomous Vehicles etc.
The New Fund Offer (NFO) for Mirae Asset Nifty EV and New Age Automotive ETF will open for subscription on June 24, 2024 and close on July 05, 2024. The scheme will be managed by Ekta Gala and Akshay Udeshi.
In the scheme, the minimum initial investment during NFO will be Rs 5,000 (Rupees Five Thousand) with subsequent investments being multiples of Re 1.
Announcing the NFO, Swarup Anand Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers (India) Pvt. Ltd., 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.”
Siddharth Srivastava, Head-ETF Products, Mirae Asset Investment Managers (India) Pvt. Ltd., added, “This product aims to capture the potential of India’s dynamic automotive industry. 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. With a focus on both global and domestic themes, this product adds value to our lineup of exclusive offerings providing investors with diversified opportunities in the electric vehicle and new-age automotive segment.”
In addition to targeting leading-edge companies, the ETF’s portfolio will also include companies that have received Production Linked Incentives (PLI) in the automobile and battery segments, and those who participated in industry initiatives such as Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME).
