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Mirae Asset ETF Tracks Nifty EV Index

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The ‘Mirae Asset Nifty EV and New Age Automotive ETF’ replicates the Nifty EV and New Age Automotive Total Return Index, attracting investors in the dynamic automotive sector.

Mirae Asset Investment Managers introduces India’s inaugural Exchange Traded Fund (ETF), centred on electric vehicles (EV) and the new-age automotive sector. Named the ‘Mirae Asset Nifty EV and New Age Automotive ETF’, this open-ended scheme mirrors the Nifty EV and New Age Automotive Total Return Index. The ETF offers investors an avenue to invest in leading companies propelling the swiftly evolving automotive landscape.

This launch coincides with a pivotal moment for India’s automotive industry, poised for substantial growth buoyed by rising consumer demand, governmental backing, and technological strides. Industry projections indicate the Indian electric vehicle market could expand at a CAGR exceeding 40% from 2021 to 2027, reaching a market size surpassing $150 billion by 2027.

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ETFs have gained traction in the United States and other markets as vehicles for accessing emerging industries and sectors. These ETFs concentrate on firms at the forefront of cutting-edge technologies, disruptive business models, and sectors with growth potential. Examples span electric vehicles, renewable energy, artificial intelligence, biotechnology, and e-commerce.

India’s automotive sector has transformed significantly, increasingly emphasizing sustainable and eco-friendly transportation solutions. Government initiatives such as the FAME scheme and PLI for automobile and battery manufacturing sectors underscore India’s commitment to fostering electric vehicle adoption.

Mirae Asset’s novel ETF aims to harness this dynamic industry’s potential by investing in companies engaged in burgeoning segments like Electric Vehicles, Hybrid Vehicles, and Battery Manufacturing. 

The New Fund Offer (NFO) for the Mirae Asset Nifty EV and New Age Automotive ETF opens for subscription on June 24, 2024, closing on July 05, 2024. The NFO requires a minimum initial investment of Rs 5,000, with subsequent investments in multiples of Re 1.

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