Lucknow Stock：India❼first electric vehicle and new age automotive ETF to launch next week

Mirae Asset Mutual Fund has announced the launch of India’s first Exchange Traded Fund (ETF) focused on the Electric Vehicles (EV) and New Age Automotive segment.

Known as Mirae Asset Nifty EV and New Age Automotive ETF, this will be an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index.

The fund 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.

Additionally, it will capture initiatives and possibly future disruptions like Hydrogen-fuel cell, Autonomous Vehicles etc, Mirae Asset Mutual Fund said.Lucknow Stock

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 ₹5,000/- (Rupees Five Thousand) with subsequent investments being multiples of ₹1.Mumbai Stock Exchange

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."

Siddharth Srivastava, Head of ETF Products at Mirae Asset Investment Managers (India), emphasised that the product seeks to capture the potential of India’s rising automotive industry.

"By investing in companies at the forefront of EV and new automotive technologies, this ETF provides exposure to an innovative and rapidly evolving ecosystem," he explained.

Kanpur Investment