Less than four days after NSE launched Nifty EV and New Age Automotive Index, Mirae Asset Mutual Fund has filed papers with SEBI for launching first-ever Exchange Traded Fund focused on the domestic Electric Vehicles and New Age Automotive segment.
It provides an opportunity for investing in equity of companies that are at the forefront of the dynamic and rapidly evolving automotive sector thereby focusing towards sustainable development.
The fund will track the newly launched Nifty EV & New Age Automotive Index, providing investors with a benchmark that reflects India’s electric vehicle and new age automotive industry. The scheme will be managed by Ekta Gala and Vishal Singh
Swarup Anand Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers (India) said the scheme will invest in companies which are part of disruptive themes like EVs that hold significant potential for growth especially if they have the first mover advantage in less penetrated markets like India.
Long-term potential
The long-term potential and opportunity size for EV and several other disruptions in the auto space is huge, he said.
This will be a valuable addition to Mirae’s portfolio of exclusive products centered on both global and domestic themes. With this new offering, Mirae will be able to provide two specialised products dedicated to the Electric Vehicle sector — one targeting global companies involved in EVs and New Age Automotive, and the other focusing solely on domestic companies within the same industry, said the fund house.
Siddharth Srivastava, Head-ETF Products, Mirae Asset Investment Managers said this product will provide exposure to the current and upcoming ecosystem of EV and other new age automotive segments in India by capturing companies which currently have or are developing products and services in this space.
This product will be a good addition to our existing lineup of exclusive products on global and domestic themes, he said.