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Axis Mutual Fund will open the Axis Nifty EV & New Age Automotive Index Fund’s new fund offer (NFO) on October 16, 2026. Subscriptions close on October 30. The open-ended passive fund will seek to track the Nifty EV & New Age Automotive Total Return Index (TRI), before expenses and subject to tracking error. Units during the NFO cost ₹10, and the minimum investment is ₹100.
Key dates and terms
| Item | Details |
|---|---|
| NFO opens | October 16, 2026 |
| NFO closes | October 30, 2026 |
| NFO unit price | ₹10 per unit |
| Minimum investment | ₹100; additional SIP or lump-sum investments in multiples of ₹1 |
| Fund structure | Open-ended index fund |
| Investment objective | Returns corresponding to the Nifty EV & New Age Automotive TRI, before expenses and subject to tracking error |
| After allotment | Intended to reopen for continuous purchase and redemption at the applicable NAV |
The objective is not guaranteed. The fund’s return can differ from the index because of expenses, cash holdings, transaction costs and tracking error.
What the Nifty EV & New Age Automotive Index owns
The index is designed to represent India’s electric-vehicle ecosystem and related new-age automotive businesses, rather than only companies that manufacture finished vehicles. Eligible companies come from the Nifty 500 universe.
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Six parts of the value chain
- Vehicle manufacturers
- Battery manufacturers
- Automotive-component manufacturers
- Raw-material suppliers
- Advanced automotive-technology providers
- Companies eligible under specified government schemes
The methodology limits concentration. The vehicle-maker group is capped at 40% of the index. Each Group A vehicle maker is capped at 8%, while every other stock is capped at 4%. NSE says the index is reconstituted twice a year and rebalanced quarterly, so the portfolio can change even when an investor does nothing.
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Constituents and market-cap mix
Axis’s September 30, 2026 snapshot listed Maruti Suzuki India, Mahindra & Mahindra, Sona BLW Precision Forgings, Samvardhana Motherson International, Bosch, Sansera Engineering, Reliance Industries, CG Power & Industrial Solutions, UNO Minda and KEI Industries as the ten largest constituents. Together, they represented about 48% of the index at that date; individual weights were not stated in the snapshot.
| Company-size category | Index share on September 30, 2026 |
|---|---|
| Large cap | 44% |
| Mid cap | 29% |
| Small cap | 27% |
These holdings are a dated snapshot, not a permanent portfolio. Semi-annual reconstitution and quarterly rebalancing can alter both the names and their weights.
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How the index has performed
Axis reported the following index statistics as of September 30, 2026:
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minute| Period or measure | Nifty EV & New Age Automotive TRI | Nifty 500 TRI |
|---|---|---|
| Five-year compounded annual growth rate | 17.9% | 9.0% |
| Seven-year compounded annual growth rate | 23.8% | 14.2% |
| Five-year annualised volatility | 17.3 | 14.4 |
These are historical index figures, not a performance record for the newly launched mutual fund. They also show the trade-off: the thematic index had higher reported growth over those periods but greater volatility than the Nifty 500. Past performance may not continue.
How to invest in the NFO
The fund’s FAQ says investors can subscribe through a regulated mutual-fund platform, distributor or Axis Mutual Fund channel without a demat account. Complete mutual-fund KYC before placing the order.
- Complete or update your KYC and confirm that your bank and investor details are valid.
- During October 16–30, 2026, select the Axis Nifty EV & New Age Automotive Index Fund NFO.
- Choose a lump-sum investment or set up an SIP. The minimum is ₹100, and subsequent amounts must be in multiples of ₹1.
- Review the scheme information document (SID), key information memorandum (KIM), exit-load wording, expense ratio and risk-o-meter before confirming.
- After allotment, use the open-ended facility for further purchases or redemptions at the applicable end-of-day NAV, subject to the scheme’s dealing rules.
An NFO subscription is not the same as buying an ETF on a stock exchange. You do not need a demat account for this index fund, and you transact with the mutual-fund scheme rather than placing intraday exchange orders.
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Managers, exit load and documents to check
Axis names Nandik Malik and Rohit Gautam as the fund managers. Redemptions or switch-outs within 15 days of allotment carry an exit load of 0.25%; the stated exit load is nil after 15 days.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Main risks of an EV-themed index fund
- Thematic concentration: The portfolio focuses on one industrial transition instead of spreading exposure across the whole market. A setback in automotive demand or a prolonged valuation correction can affect many holdings at once.
- Policy dependence: Lower subsidies, changed incentives or new regulation can alter the economics of electric vehicles and related manufacturing.
- Battery and supply-chain exposure: Import restrictions, raw-material prices and component shortages can change margins quickly.
- Technology shifts: A battery chemistry, drivetrain or software platform that loses industry relevance could hurt companies tied to it.
- Mid- and small-cap volatility: The September snapshot had 56% in mid- and small-cap stocks, which can make prices and liquidity more sensitive during market stress.
- Tracking error: The fund may underperform the index because of fees, portfolio adjustments, cash balances and trading costs.
Axis’s reported five-year annualised volatility was 17.3 for the thematic index versus 14.4 for the Nifty 500 TRI. Match any allocation to your time horizon and ability to tolerate losses; a qualified adviser can help with suitability.
Index fund, EV ETF or broad-market fund?
| Factor | Axis Nifty EV & New Age Automotive Index Fund | EV ETF | Broad-market index fund |
|---|---|---|---|
| Exposure | Rules-based exposure across vehicle makers, batteries, components, materials and technology | Depends on the ETF’s underlying index; exact breadth not stated here | Generally diversified across sectors; exact product depends on the chosen index |
| How you trade | Mutual-fund purchase and redemption at NAV; no demat account required according to the FAQ | Exchange trading and a demat account are normally required; product-specific terms apply | Mutual-fund or ETF dealing, depending on the product |
| Price during the day | Applicable end-of-day NAV | Exchange price can move during market hours | Depends on whether it is an index fund or ETF |
| Concentration controls | Vehicle-maker group capped at 40%; Group A vehicle makers at 8%; other stocks at 4% | Not stated; check the ETF’s index methodology | Not stated; check the selected index |
| Costs and tracking | Final expense ratio not stated; tracking error is a risk | Compare expense ratio, bid–ask spread, brokerage and tracking difference | Compare expense ratio and tracking difference |
| Exit conditions | 0.25% within 15 days of allotment, nil thereafter | Market liquidity and brokerage determine execution; product-specific exit terms apply | Product-specific |
This fund may suit an investor who specifically wants passive exposure to the EV and new-age automotive supply chain and accepts thematic volatility. Someone seeking a core holding with broader diversification may prefer a broad-market index fund, while an investor who values intraday exchange trading and already uses a demat account may prefer an ETF after checking its liquidity and costs.
Why Axis is launching it now
B Gopkumar, managing director and chief executive officer of Axis Asset Management Company, said: “Improving EV economics, technological advancements, and supportive policy measures are further driving adoption. We believe these developments are reshaping the automotive industry and creating long-term opportunities across its supporting ecosystem.”
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The launch gives investors a rules-based way to access that ecosystem, but it does not remove company, sector, market or policy risk. Read the final scheme documents and verify the applicable charges before subscribing.
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