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Mirae Asset Investment Managers (India) Pvt. Ltd. has announced the launch of India’s first Exchange Traded Fund (ETF) dedicated to the Electric Vehicles (EV) and New Age Automotive segment.
The new fund, named ‘Mirae Asset Nifty EV and New Age Automotive ETF,’ is an open-ended scheme that will replicate and track the Nifty EV and New Age Automotive Total Return Index.
The fund aims to provide investors with opportunities for long-term capital appreciation by investing in the equity of companies leading the charge in the dynamic and rapidly evolving automotive sector, as well as those involved in the entire value chain.
This innovative ETF is designed to capture the growth of companies participating in emerging segments such as Electric Vehicles, Hybrid Vehicles, and Battery Manufacturing, across various sectors and market cap segments. Furthermore, the index will also aim to include companies engaged in potential future disruptions such as Hydrogen-fuel cell technologies and Autonomous Vehicles.
The New Fund Offer (NFO) for the Mirae Asset Nifty EV and New Age Automotive ETF will be open for subscription from June 24, 2024, to July 05, 2024. The scheme will be managed by Ekta Gala and Akshay Udeshi. Investors can make a minimum initial investment of Rs 5,000 during the NFO period, with subsequent investments allowed in multiples of Re 1.
In announcing the NFO, Swarup Anand Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers (India) Pvt. Ltd., emphasized the unique opportunity this ETF offers investors. He highlighted the potential for long-term capital appreciation and the support of sustainable development in the automotive sector.
Impact Shorts
More Shorts“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. This ETF underscores our commitment to innovation and aligning investment opportunities with evolving market trends,” Mohanty stated.
Siddharth Srivastava, Head of ETF Products at Mirae Asset Investment Managers (India) Pvt. Ltd., elaborated on the ETF’s goals, noting the dynamic nature of India’s automotive industry. “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,” he explained.
In addition to targeting cutting-edge companies, the ETF’s portfolio will include companies that have received Production Linked Incentives (PLI) in the automobile and battery segments and those participating in industry initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme.
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