Nippon Life India Asset Management Limited (NAM India) has launched Nippon India Nifty Auto ETF. The Auto ETF is an open-ended scheme replicating/ tracking the Nifty Auto Index.
The NFO opens on January 5, 2022, and closes on January 14, 2022. The minimum investment amount required during New Fund Offer (NFO) is Rs 1,000.
Nippon India Nifty Auto ETF will predominantly invest in stocks comprising of the Nifty Auto Index in the same proportion as the Index. It will provide exposure to Top 15 (as per Nifty Auto Index methodology) companies representing auto-related sectors like automobiles four-wheelers, automobiles two & three-wheelers, auto ancillaries, and tyres.
The ETF is fully designed to reflect the behaviour and performance of the automobiles sector. It will be benchmarked against Nifty Auto TRI.
Nippon has 23 ETFs across equities, debt and commodity. With over 65 lakh folios in ETFs as of November 30, 2021, NIMF has a market share of 60%.
