Groww Mutual Fund on Tuesday listed its Groww Nifty EV & New Age Automotive ETF on the National Stock Exchange (NSE). The Groww Nifty EV & New Age Automotive ETF will follow the Nifty EV & New Age Automotive Index, which includes top companies involved in electric vehicles, hybrid vehicles, and related components. The ETF is now listed under the symbol “GROWEV” and is available for trading on the NSE.
The NFO period of Groww Nifty EV & New Age Automotive ETF was till August 2, 2024 and the NFO period for Groww Nifty EV & New Age Automotive ETF FOF will be from July 24 till August 7, 2024.
As per the NFO document, the scheme will invest 95-100% in equities and equity – related securities of companies engaged in or expected to benefit from Electric Vehicles and New Age Automotive Themes, and 0-5% in money market instruments/debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.
The Nifty Electric Vehicle (EV) & New Age Automotive Index is meticulously crafted to track approximately 33 companies that are part of the Nifty 500 index. These companies are actively involved in the manufacturing of electric vehicles (EVs), encompassing hybrid models and vehicles powered by hydrogen fuel. In addition, the index also includes companies engaged in developing charging infrastructure, battery production, and other vital sectors of the EV ecosystem. Notably, this index predominantly consists of companies hailing from the EV automobile and EV auto components industry. By investing in this ETF, investors can gain exposure to a diversified portfolio of companies shaping the future of mobility in India.
Varun Gupta, CEO of Groww AMC, highlighted the significance of the ETF listing, stating, “India’s EV ecosystem has seen significant growth, supported by strong government initiatives and increasing customer adoption. The industry is transforming, with new EV companies entering the market and established firms investing in EV infrastructure. Through Groww EV & New Age Automotive schemes, investors have opportunities for financial growth while supporting a greener and more sustainable future for mobility in India.”