Mirae Asset launches India's first EV fund. Can it be a profit generator?

Electric vehicles (EVs) are no longer a concept of the future. They are rapidly revolutionising the automotive industry today. To capitalise on this theme, Mirae Asset Investment Managers is launching a fund that will invest in companies involved in electric vehicles and other new-age automotive developments like hybrid vehicles. The fund will track the Nifty EV and New Age Automotive Total Return Index (TRI) and remain open for subscription until July 5, 2024. Here is the fund in a snapshot: NFO snapshot Fund name Mirae Asset Nifty EV and New Age Automotive ETF NFO period June 24 to July 5, 2024 Benchmark Nifty EV and New Age Automotive Total Return Index (TRI) Fund managers Ekta Gala and Akshay Udeshi Exit load Nil Tax treatment If units are sold after one year: Gains exceeding Rs 1 lakh are taxed at 10 per cent.If units are sold within one year: 15 per cent tax is applicable. About the index Since Mirae Asset Nifty EV and New Age Automotive ETF will be holding company stocks present in the Nifty EV and New Age Automotive Total Return Index to generate returns, let us learn more about it. Launched just a month back on May 30, 2024, the Nifty EV and New Age Automotive Index is home to 33 companies