Mirae Asset Investment Managers (India) plans to introduce an exchange-traded fund (ETF) that is centered on the electric vehicle (EV) and new-age automotive vehicle ecosystem, following the National Stock Exchange (NSE) in a few days with the introduction of a new index that highlights companies within these ecosystems.
The Securities and Exchange Board of India (SEBI) has received documentation from the asset manager regarding the “Mirae Asset Nifty EV and New Age Automotive ETF.
ETFs are financial instruments that mimic a single stock’s trading on an exchange, offering exposure to an index, a basket of securities, or physical gold. Mirae Asset said that the latest new fund offering (NFO), once approved by the SEBI, will be its sixth NFO this year so far. The asset manager also said that the EV-focussed ETF will be a “valuable” addition to its portfolio of products.
This product will provide exposure to India’s current and emerging automotive ecosystem by acquiring businesses that either currently offer or are developing EVs and other new-age automotive segments. Siddharth Srivastava, head of ETF products at Mirae Assets India, commented, “This product will be a good addition to our existing lineup of exclusive products on global and domestic topics.
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