Saturday, July 13, 2024
spot_img

Mirae Asset Mutual Fund launches India’s 1st EV exchange-traded fund

Date:

Share post:

spot_img
spot_img

Shillong, June 20: Mirae Asset Investment Managers (India) on Thursday launched India’s first exchange-traded fund (ETF) focused on the electric vehicles (EV) and new-age automotive segment, after the National Stock Exchange (NSE) launched a new Nifty EV index last month.

 

The New Fund Offer (NFO) for Mirae Asset Nifty EV and New Age Automotive ETF will open for subscription on June 24 and close on July 5.

 

In the scheme, the minimum initial investment during NFO will be Rs 5,000, with subsequent investments being multiples of Re 1.

 

“With the launch of India’s first ETF focused on the Electric Vehicles and the New Age Automotive segment, we aim to offer investors a unique opportunity to participate in the future of mobility,” said Swarup Anand Mohanty, Vice Chairman and CEO, Mirae Asset Investment Managers (India).

 

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, but will also intend to capture initiatives and possibly future disruptions like hydrogen-fuel cell and autonomous vehicles etc.

 

“By investing in companies leading the charge in EV and new automotive technologies across the value chain, this new ETF will offer investors exposure to the innovative and rapidly evolving ecosystem in this space,” said Siddharth Srivastava, Head-ETF Products, Mirae Asset Investment Managers (India).

 

NSE Indices, NSE’s index services subsidiary, last month launched a new Nifty EV and New Age Automotive Index, as the adoption of EVs surges amid an increase in charging infrastructure.

 

The index will be reconstituted semi-annually and rebalanced on a quarterly basis. (IANS)

spot_img
spot_img

Related articles

Centre approves IIT Bombay’s research proposal for sustainable maritime practices

New Delhi, July 13: The government on Saturday approved a research proposal by the Indian Institute of Technology...

Calcutta HC’s Justice Amrita Sinha now to hear teachers’ recruitment cases

Kolkata, July 13: Calcutta High Court’s single-judge bench of Justice Amrita Sinha from now onwards will be hearing...

India has potential to become world’s 2nd largest economy by 2031: RBI Dy Governor

Mumbai, July 13: Given the country’s innate strengths, it is possible to imagine India striking out into the...

Did Rahul Gandhi and Kamala Harris speak over phone? US V-P’s office debunks ‘lies’

New Delhi, July 13:  United States Vice President Kamala Harris and the Leader of Opposition (LoP) in Lok...