Axis Mutual Fund will open the Axis Nifty EV & New Age Automotive Index Fund as a new fund offer (NFO) on October 16, 2026. The offer closes on October 30, 2026. It is an open-ended, passive equity fund designed to track the Nifty EV & New Age Automotive Total Return Index (TRI), before expenses and subject to tracking error.
What the Axis EV index fund is
The scheme is intended to give investors a single-fund way to access companies involved in electric vehicles and newer automotive technologies. Instead of relying on a manager to select shares, it follows the rules of the Nifty EV & New Age Automotive Index. Axis states that the investment objective may not be achieved and that index performance can differ from the fund’s returns because of expenses and tracking error.
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During the NFO, units are allotted at ₹10 each. After allotment, the fund is intended to reopen for continuous purchases and redemptions at the applicable net asset value (NAV).
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Key subscription terms
| Item | Details |
|---|---|
| Minimum investment | ₹100 |
| SIP and lump-sum increments | Multiples of ₹1 |
| NFO allotment price | ₹10 per unit |
| Demat account | Not required, according to Axis’s FAQ |
| Exit load | 0.25% on redemption or switch-out within 15 days of allotment; nil thereafter |
| Fund managers | Nandik Malik and Rohit Gautam |
What the Nifty EV & New Age Automotive Index owns
NSE’s index methodology draws eligible companies from the Nifty 500. The universe can include businesses linked to electric and new-energy vehicles, batteries, components, raw materials and automotive technology. Fortune India describes six methodology segments:
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- Vehicle manufacturers
- Battery manufacturers
- Component manufacturers
- Raw-material suppliers
- Advanced automotive-technology providers
- Eligible companies covered by specified government schemes
Concentration controls and rebalancing
Vehicle manufacturers as a group are capped at 40% of the index. Each Group A vehicle manufacturer is capped at 8%, while every other stock is capped at 4%. NSE says the index is reconstituted twice a year and rebalanced every quarter. Those rules can limit single-company exposure, but they do not eliminate thematic or sector concentration.
Current portfolio snapshot
Axis’s September 30, 2026 snapshot listed the following among the ten largest constituents: 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. Together, these ten represented about 48% of the index at that date.
The index’s market-cap mix was 44% large-cap, 29% mid-cap and 27% small-cap. Both the constituent list and the market-cap distribution can change when the index is rebalanced or reconstituted, so the NFO portfolio should not be treated as a fixed list of holdings.
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Performance history and what it does not prove
Axis reported the following index figures as of September 30, 2026:
| Measure | Nifty EV & New Age Automotive TRI | Nifty 500 TRI |
|---|---|---|
| Five-year CAGR | 17.9% | 9.0% |
| Seven-year CAGR | 23.8% | 14.2% |
| Five-year annualised volatility | 17.3 | 14.4 |
These are historical index statistics, not a live performance record for the newly launched Axis fund. The higher volatility figure indicates that the thematic index experienced larger annualised fluctuations than the Nifty 500 over the stated five-year period. Past performance may not continue, and the fund will incur expenses and tracking differences that an index chart does not show.
How to invest in the NFO
- Complete KYC and use a regulated mutual-fund platform or distributor that offers the Axis NFO.
- Search for the Axis Nifty EV & New Age Automotive Index Fund and select the applicable plan and option shown in the application.
- Choose a lump-sum investment or set up a SIP. The minimum is ₹100, with additional investments in multiples of ₹1.
- Submit the application and payment during the October 16–30 NFO window.
- After allotment, monitor the NAV, portfolio disclosures and tracking difference before adding to the position.
Axis’s FAQ says a demat account is not necessary. Investors who prefer exchange trading, intraday pricing or a demat-held security would be considering an ETF structure instead, not this mutual-fund subscription process.
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Index fund versus an EV ETF or other equity funds
An EV index fund and an EV exchange-traded fund can provide similar thematic exposure, but the investor experience differs. An index fund is bought from the fund house or a mutual-fund platform at end-of-day NAV and supports SIP instructions without requiring a demat account. An ETF is bought and sold on an exchange during market hours, so investors need a trading and demat account and must consider market liquidity and the difference between the traded price and NAV.
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Before choosing this fund over a broad-market index fund, the Nifty Auto Index or an existing EV ETF, compare:
- How broadly the product covers the value chain, from vehicle makers to batteries, materials and software
- Vehicle-manufacturer concentration limits and the number of constituents
- Large-, mid- and small-cap exposure
- Total expense ratio and tracking error
- Whether purchases use end-of-day NAV or exchange prices
- Demat requirements and trading liquidity
- Exit-load rules and applicable tax treatment
- Historical volatility and your planned holding period
Risks specific to EV and new-age automotive exposure
Policy and subsidy changes
Changes to purchase incentives, emissions rules or government schemes can alter demand, margins and the eligibility of companies in the theme. Axis’s risk material specifically flags the possibility of subsidy reductions.
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Supply-chain and input-cost pressure
Battery-import restrictions, shortages of critical materials and swings in energy or other input costs can affect manufacturers and suppliers across the value chain.
Technology and competitive shifts
Battery chemistry, charging standards, software and manufacturing processes are evolving quickly. A company that benefits from one technology cycle may lose ground if a competing design becomes cheaper or more effective.
Thematic concentration and volatility
The index spans several industries, but all are tied to the automotive transition. Its five-year annualised volatility was 17.3 versus 14.4 for the Nifty 500 in Axis’s comparison. Investors should therefore treat the fund as a satellite allocation matched to their risk tolerance and time horizon, rather than as a guaranteed-return product or a complete replacement for diversified equity exposure.
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Information to verify before investing
Read the final Scheme Information Document and Key Information Memorandum for the plan name, option, expense ratio, risk-o-meter classification, dealing timelines and tax disclosures. The launch information available for this announcement does not state a confirmed total expense ratio or final risk-o-meter label, so those details should be checked in the documents before placing an order.
Why Axis is launching the fund 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.”
The fund offers a rules-based route to that ecosystem, but its outcome will depend on index composition, market valuations, policy conditions and the investor’s ability to tolerate equity-market losses.
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