Groww Mutual Fund lists Nifty EV & New Age Automotive ETF on NSE

Groww Mutual Fund’s (MF’s) Nifty EV & New Age Automotive exchange traded fund (ETF) has listed on the National Stock Exchange (NSE) under the ticker GROWEV. The new fund offer of the ETF and fund of fund (FoF) schemes had raised Rs 130 crore from 170,000 investors, the company said.

Last month, the same ETF offered by Mirae MF (ticker: EVINDIA) also got listed on the NSE.

Introduced in May, the Nifty EV & New Age Automotive is a 33-stock index that tracks the performance of companies which form a part of the electric vehicle (EV) ecosystem or are involved in the development of new age automotive vehicles or related technology. Tata Motors, Maruti Suzuki, Bajaj Auto and Mahindra & Mahindra are the top four components of the index.

 

“India’s EV ecosystem has experienced significant growth in recent years, driven by strong government initiatives and rapid customer adoption. The industry is also undergoing a transformation, with new EV companies pursuing investment opportunities and established ones making substantial investments in EV infrastructure. Through Groww EV & New Age Automotive schemes, investors have opportunities for financial growth, while contributing to a greener and more sustainable future of mobility in India,” said Varun Gupta, CEO, Groww AMC.

The base date for the Nifty EV & New Age Automotive index is April 02, 2018, and the base value is 1,000. The index was up 37 per cent during the first seven months of calendar 2024.

This is Groww Mutual Fund’s first live ETF, which is available for trading with most brokers and investment platforms.

As of July, the overall assets under management (AUM) for equity ETFs stood at Rs 8.12 trillion, up 40 per cent in the past one year. The AUM of passive funds is now 16 per cent of total MF industry AUM.