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ICICI Prudential Mutual Fund has launched ICICI Prudential Nifty EV & New Age Automotive ETF, an open-ended ETF tracking Nifty EV & New Age Automotive Index. Based on this ETF, the fund house is also introducing the ICICI Prudential Nifty EV & New Age Automotive ETF FOF, such that investors without a Demat account can participate in this scheme.
This underlying index comprises 10 companies across electric two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, battery manufacturers, components, raw materials suppliers and automotive technology providers.
In a press release, Abhijit Shah, Chief Marketing & Digital Business Officer, ICICI Prudential AMC, stated, “Driven by increasing adoption and supportive government policies, this industry is projected to grow at an accelerated pace. By investing in the Nifty EV & New Age Automotive Index, investors can gain a diversified exposure to India’s rapidly evolving EV sector and can capitalize on the global shift towards sustainable mobility.”
The minimum application size is Rs.1000.
