Mirae Asset Nifty EV and New Age Automotive ETF - India’s first EV fund - lists on bourse20
Mirae Asset Nifty EV and New Age Automotive ETF – India’s first Exchange Traded Fund (ETF) focused on the Electric Vehicles (EV) and New Age Automotive segment – got listed on exchanges for trading on Tuesday
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Mumbai, Jul 19: Mirae Asset Nifty EV and New Age Automotive ETF – India’s first Exchange Traded Fund (ETF) focused on the Electric Vehicles (EV) and New Age Automotive segment – got listed on exchanges for trading on Tuesday.
Swarup Anand Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers (India) along with other officials of the fund house and National Stock Exchange (NSE) were present at the bell ringing ceremony on listing.
Mirae Asset Nifty EV & New Age Automotive ETF aims to provide avenues for long-term capital appreciation while supporting sustainable development in the automotive sector,” Mohanty said.
The ETF tracks the Nifty EV and New Age Automotive index. The index seeks 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 electric vehicle market is poised for exponential growth. With significant investments in infrastructure and a growing focus on sustainability, the prospects of the Indian EV market are encouraging. The listing on BSE and NSE is a watershed moment for investors as it provides an opportunity to them to participate in this transformative journey,” Mohanty added.
The New Fund Offer (NFO) for Mirae Asset Nifty EV and New Age Automotive ETF was open for subscription between June 24, 2024 and July 05, 2024. As of Friday close, the market cap of the fund stood at Rs 90 crore.
Being the first such offer, it has the first mover advantage in the industry. The ETF 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.
In addition to investing in 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).
