Nippon Life India Asset Management Limited, the asset manager of Nippon India Mutual Fund (NIMF), launched Nifty Auto ETF, the country’s first auto sector Exchange Traded Fund (ETF). The New Fund Offer (NFO) will open on 5 January 2022 and close on 14 January 2022, and the minimum investment required is Rs 1,000.

The AMC said the ETF would invest in stocks including the Nifty Auto Index and expose the top 15 companies representing auto-related sectors like four-wheelers, 2 and 3 wheelers, auto ancillaries, and tyres. The investment purpose of the scheme is to give investment returns to the securities as represented by the Nifty Auto Index.

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“Nippon India Nifty Auto ETF is another addition to our ETF offerings, helping investors to participate in India’s Auto sector growth through investing in a group of 15 stocks representing the Nifty Auto Index. Nippon India Nifty Auto ETF and will provide a simple and low-cost portfolio building block to participate in the auto sector,” Hemen Bhatia, head ETF of NIMF, said.