NFO Update: ICICI Pru MF launches Nifty EV and New Age Automotive ETF and FoF – Key details inside
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ICICI Prudential Mutual Fund launched the ICICI Prudential Nifty EV & New Age Automotive ETF on Wednesday. The fund tracks the Nifty EV & New Age Automotive TRI and employs a passive investment approach.
“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,” said Abhijit Shah, Chief Marketing & Digital Business Officer, ICICI Prudential AMC in a statement.
To enable investors without a Demat account to invest, the AMC has introduced the ICICI Prudential Nifty EV & New Age Automotive ETF Fund of Funds (FOF). Investors can subscribe to the ETF during the NFO with a minimum investment of ₹1,000, followed by additional investments in multiples of ₹1.
The New Fund Offer (NFO) for the ETF will be open for subscription from March 21, 2025, to April 2, 2025, while the FOF will be available from March 28, 2025, to April 10, 2025.
The two schemes are designed to offer investors access to India’s growing electric vehicle (EV) industry and the evolving automotive sector. They encompass a diverse range of segments, including electric two-wheelers, three-wheelers, passenger and commercial vehicles, battery producers, component manufacturers, raw material suppliers, and companies specialising in automotive technology.
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The Fund of Funds (FOF) maintains the same minimum investment requirements, enabling investors to participate both during the NFO and in the continuous offer period.
ICICI Prudential Mutual Fund emphasised the rapid growth of India's EV sector, fuelled by government initiatives such as the FAME scheme, production-linked incentive (PLI) programs, and battery-swapping policies.
Both investment options will be accessible through major mutual fund platforms, according to the fund house.