Tradeable on the NSE, the Groww Nifty EV & New Age Automotive ETF is currently listed with the symbol “GROWEV” and will track the Nifty EV & New Age Automotive Index.
The Groww Nifty EV & New Age Automotive ETF was listed by Groww Mutual Fund on the National Stock Exchange (NSE) on Tuesday. The Groww Nifty EV & New Age Automotive ETF will track the Nifty EV & New Age Automotive Index, which is made up of leading manufacturers of hybrid and electric cars as well as related parts. The ETF is presently tradeable on the NSE and is identified by the symbol “GROWEV”.
Groww Nifty EV & New Age Automotive ETF’s NFO period ended on August 2, 2024, while Groww Nifty EV & New Age Automotive ETF FOF’s NFO period begins on July 24 and ends on August 7, 2024.
According to the NFO document, the scheme will invest 0-5% in money market instruments/debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds, and 95–100% in equities and equity-related securities of companies involved in or anticipated to benefit from electric vehicles and innovative automotive themes.
The Nifty Electric Vehicle (EV) & New Age Automotive Index is a painstakingly constructed index that tracks about thirty-three of the Nifty 500 firms. These businesses are engaged in the production of electric vehicles (EVs), including hybrid variants and hydrogen-fueled automobiles. Furthermore, the index include enterprises involved in the advancement of charging infrastructure, battery manufacturing, and additional crucial domains within the electric vehicle ecosystem. Interestingly, most of the companies in this index are from the EV car and EV auto components industries. Those who purchase this ETF will have access to a diverse portfolio of businesses that are influencing India’s transportation landscape going forward.
Declaring, “India’s EV ecosystem has seen significant growth, supported by strong government initiatives and increasing customer adoption,” Groww AMC CEO Varun Gupta emphasized the importance of the ETF listing. With new EV companies joining the market and older organizations investing in EV infrastructure, the sector is changing. Investors can benefit financially from Groww EV & New Age Automotive programs while also contributing to a more sustainable and environmentally friendly future for Indian transportation.”
