Mirae Asset Investment Launches ETF Focused On EVs

Mirae Asset Investment Launches ETF Focused On EVs

Mirae Asset Investment Managers (India) has launched India’s first exchange-traded fund (ETF) focused on electric vehicles (EV) and the new-age automobile industry, after the National Stock Exchange (NSE) launched the new Nifty EV- an index.  last month.The New Fund Offer (NFO) of Mirae Asset Nifty EV and New Age Automotive ETF starts on June 24 and ends on July 5 for subscription.

In the scheme, the minimum investment at the time of NFO is Rs 5,000 and subsequent investments are in multiples of Re 1.

“With the launch of India’s first ETF focused on electric vehicles and the New Age Automotive segment, we want to offer investors a unique opportunity to participate in the future of mobility,” said Swarup Anand Mohanty, Vice President and Chief. Director, Mirae Asset Investment Managers (India).

The index aims to cover companies involved in emerging segments such as electric vehicles, hybrid vehicles, battery manufacturing, etc. across sectors and market capitalization segments, but also intends to include initiatives and potential future disruptors such as hydrogen fuel cells and autonomous vehicles, etc. “By investing in companies leading the development of electric vehicles and new automotive technologies across the value chain, this new ETF offers investors exposure to the innovative and fast-growing ecosystem in this region,” said Siddharth Srivastava, Head of ETF Products at Mirae Asset. . Investment. Directors (India).  NSE Index, a subsidiary of NSE Index Services, launched the new Nifty EV and New Age Automotive Index last month as EV adoption increases along with charging infrastructure. The index is compiled semi-annually and rebalanced quarterly.