Groww Mutual Fund launched the exchange traded fund and funds of funds based on the Nifty EV & Automotive index in the backdrop of growing push for electric mobility from the Union government.
The two new schemes that have been floated are Groww Nifty EV & New Age Automotive ETF and Groww Nifty EV & New Age Automotive ETF FOF, the asset manager said in a media statement.
The new fund offer for Groww Nifty EV & New Age Automotive ETF will open on Aug 2, and the same for Groww Nifty EV & New Age Automotive ETF FOF will open from July 24 to Aug 7.
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Both of the funds' underlying benchmark index is Nifty EV & New Age Automotive index-TRI, which is tracking the performance of companies involved in electric vehicle manufacturing or development of new-age automotive vehicles, the statement said.
The Groww Nifty EV & New Age Automotive ETF will allocate 95% of its total assets to the securities included in the Nifty EV and New Age Automotive Index, and rest into money market instruments.
The Groww Nifty EV & New Age Automotive ETF FOF will allocate 95% of its total assets to the units of Groww Nifty EV & New Age Automotive ETF, and 5% into money market operations. Both the schemes are open-ended schemes.
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