Published 27th June 2024
Mirae Asset launched its latest NFO, the Mirae Asset Nifty EV and New Age Automotive ETF. India's first EV fund will be open for subscription until July 5, 2024.
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) 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.
The fund will track the Nifty EV and New Age Automotive Index, comprising 33 Nifty 500 companies in electric/new-age vehicles, batteries, components, raw materials, and technology.
Automobiles and auto components’ stocks make 71 per cent of the index, followed by IT at 11.52 per cent and chemicals at 8.24 per cent.
Ekta Gala and Akshay Udeshi will manage the fund.
We looked at its short and long-term performance and compared it with the broader market. We also advise whether you should invest in the EV fund. Click below to read the full story.