Mirae Asset Launches India's First EV ETF

Tags: Economy/Finance

Mirae Asset Investment Managers (India) Pvt. Ltd has introduced India's first Exchange Traded Fund (ETF) focused on the Electric Vehicle (EV) market.

An Overview of the News

• The ETF is named 'Mirae Asset Nifty EV and New Age Automotive ETF'.

Scheme Details:

• The ETF is an open-ended scheme that replicates/tracks the NIFTY EV and New Age Automotive Total Return Index (TRI).

• Aimed at providing investors with long-term capital appreciation.

• Focuses on leading companies within the dynamic automotive sector and its value chain.

New Fund Offer (NFO):

• Subscription Period: 24 June 2024 to 5 July 2024.

• Re-opening Date: 11 July 2024 for continuous sale and repurchase.

Investment Details:

• Minimum Initial Investment: Rs 5,000 during the NFO period.

• Subsequent Investments: Allowed in multiples of Re 1.

Fund Management:

• Managed by Fund Managers Ekta Gala and Akshay Udeshi.

Investment Strategy:

• 95-100% allocation in securities of the NIFTY EV and New Age Automotive Index.

• 0-5% allocation in money market instruments and debt/liquid schemes.