Mirae Asset Mutual Fund launches Mirae Asset Nifty EV and New Age Automotive ETF

Mirae Asset Mutual Fund has announced the launch of Mirae Asset Nifty EV and New Age Automotive ETF, an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index.

The fund will be India’s first Exchange Traded Fund (ETF) focused on the Electric Vehicles (EV) and New Age Automotive segment. The fund aims to offer investors long-term capital appreciation opportunities by investing in the equity of companies that are at the forefront of the dynamic and rapidly evolving automotive sector and the entire value chain.

The new fund offer or NFO of the scheme will open for subscription on June 24 and will close on July 5. The scheme will re-open for continuous sale and repurchase on July 11.

The scheme will be benchmarked against Nifty New Age and Automotive Total Return Index. The scheme will be managed by Ekta Gala and Akshay Udeshi. The exit load will be nil.

The minimum initial investment during NFO will be Rs 5,000 with subsequent investments being multiples of Re 1. The scheme will invest 95-100% in securities included in the Nifty EV and New Age Automotive Index and 0-5% in money market instruments including tri-party repo/ debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.