The fund aims to provide investors with opportunities for long-term capital appreciation by investing in the equity of companies leading the charge in the dynamic and rapidly evolving automotive sector, as well as those involved in the entire value chain
 "Mirae launches India’s first ETF for people bullish on Indian EVs")
Mirae Asset Investment Managers (India) Pvt. Ltd. has announced the launch of India’s first Exchange Traded Fund (ETF) dedicated to the Electric Vehicles (EV) and New Age Automotive segment.
The new fund, named ‘Mirae Asset Nifty EV and New Age Automotive ETF,’ is an open-ended scheme that will replicate and track the Nifty EV and New Age Automotive Total Return Index.
The fund aims to provide investors with opportunities for long-term capital appreciation by investing in the equity of companies leading the charge in the dynamic and rapidly evolving automotive sector, as well as those involved in the entire value chain.
This innovative ETF is designed to capture the growth of companies participating in emerging segments such as Electric Vehicles, Hybrid Vehicles, and Battery Manufacturing, across various sectors and market cap segments. Furthermore, the index will also aim to include companies engaged in potential future disruptions such as Hydrogen-fuel cell technologies and Autonomous Vehicles.
The New Fund Offer (NFO) for the Mirae Asset Nifty EV and New Age Automotive ETF will be open for subscription from June 24, 2024, to July 05, 2024. The scheme will be managed by Ekta Gala and Akshay Udeshi. Investors can make a minimum initial investment of Rs 5,000 during the NFO period, with subsequent investments allowed in multiples of Re 1.