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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. 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.
Investors can apply with ₹100 in either a lump sum or SIP, in multiples of ₹1, and do not need a demat account. NFO units will be allotted at ₹10. After allotment, the scheme is intended to accept purchases and redemptions continuously at its net asset value (NAV).
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What the Axis EV index fund is
The scheme is a rules-based index fund rather than a portfolio built through discretionary stock selection. Its objective is to deliver returns corresponding to the Nifty EV & New Age Automotive TRI, less expenses and subject to the fund’s tracking error. Axis states that achievement of the objective is not assured.
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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driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteNandik Malik and Rohit Gautam are the named fund managers. The exit load is 0.25% if units are redeemed or switched out within 15 days of allotment and nil thereafter.
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The final total expense ratio and confirmed risk-o-meter classification were not stated in the publicly available materials reviewed. Investors should check the final Scheme Information Document (SID) and Key Information Memorandum (KIM) before subscribing.
NFO dates, price and minimum investment
| Item | Details |
|---|---|
| NFO opens | October 16, 2026 |
| NFO closes | October 30, 2026 |
| NFO allotment price | ₹10 per unit |
| Minimum investment | ₹100 |
| Additional investment and SIP multiples | Multiples of ₹1 |
| After the NFO | Intended continuous purchase and redemption at NAV |
| Demat account | Not required, according to the official FAQ |
| Exit load | 0.25% within 15 days of allotment; nil after 15 days |
What the Nifty EV & New Age Automotive Index owns
The underlying NSE index selects eligible companies from the Nifty 500 that participate in electric vehicles, new-age vehicles or related technology. Its coverage extends beyond vehicle manufacturers to the wider supply chain.
Six parts of the EV ecosystem
- Vehicle manufacturers
- Battery makers
- Component manufacturers
- Raw-material suppliers
- Advanced automotive-technology providers
- Eligible companies covered by specified government schemes
Concentration limits and maintenance
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. Constituents can therefore change, and the fund may not continue to hold the same companies shown at launch.
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Illustrative September 2026 composition
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 among the 10 largest holdings. Together, those holdings represented about 48% of the index at that date.
| Market-cap segment | Index share on September 30, 2026 |
|---|---|
| Large cap | 44% |
| Mid cap | 29% |
| Small cap | 27% |
This mix means the product is not a large-cap-only vehicle-sector fund; it also carries meaningful mid- and small-cap exposure.
Performance figures: index history, not a fund track record
As of September 30, 2026, Axis reported the following historical figures for the Nifty EV & New Age Automotive TRI against the Nifty 500 TRI:
| Period and 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 index statistics calculated through September 30, 2026. They are not a live performance record for the newly launched mutual fund, and Axis warns that past performance may not continue. The fund’s return will also differ from the index because of expenses, cash balances, transaction costs and tracking error.
How to invest in the NFO
- Complete KYC. Ensure your identity and address verification is valid for mutual-fund investing.
- Choose lump sum or SIP. The stated minimum is ₹100, with subsequent investments and SIP instalments in multiples of ₹1.
- Apply during October 16–30, 2026. Select the Axis Nifty EV & New Age Automotive Index Fund NFO through a regulated mutual-fund channel or distributor.
- Review the SID and KIM. Confirm the expense ratio, risk-o-meter, cut-off rules, allotment process and other terms before payment.
- Pay and retain the confirmation. Units are offered at ₹10 during the NFO; after allotment, purchases and redemptions are intended to occur at NAV.
Because the scheme is an index mutual fund, investors do not need a demat account. A demat account may still be relevant for other products such as exchange-traded funds.
How it compares with other ways to invest in EVs
The right comparison is not simply “which product has the highest past return.” Check what part of the automotive transition each product owns and how it is traded.
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| Comparison point | Axis Nifty EV & New Age Automotive Index Fund | Broad-market index fund | Nifty Auto index fund | EV ETF |
|---|---|---|---|---|
| Exposure | EV and new-age automotive value chain, including batteries, components, materials and technology | Wider market across sectors | Automotive-sector exposure; exact methodology varies | Depends on the ETF’s underlying index |
| Trading method | Mutual-fund purchase and redemption at end-of-day NAV | Usually end-of-day NAV | Usually end-of-day NAV if structured as a mutual fund | Trades on an exchange during market hours |
| Demat account | Not required | Usually not required | Usually not required for a mutual fund | Check the specific ETF; exchange trading generally involves a demat account |
| Vehicle-maker cap | 40% group cap; 8% for each Group A vehicle maker; 4% for other stocks | Not applicable to this thematic index | Methodology-specific | Methodology-specific |
| Costs to compare | Expense ratio, tracking error and 0.25% exit load within 15 days | Expense ratio and tracking error | Expense ratio and tracking error | Expense ratio, bid-ask spread, brokerage and tracking difference |
An index fund may suit an investor who wants automatic SIPs and NAV-based dealing without managing exchange orders. An ETF may suit someone comfortable with exchange trading and intraday prices, but its liquidity, spreads and demat requirements must be checked for the particular product. Neither structure removes thematic or equity-market risk.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Key risks before investing
Thematic concentration
The fund is concentrated in one industrial theme instead of spreading exposure across the entire economy. Weakness in automotive demand, financing conditions or a particular technology can affect many holdings at once.
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Policy and import dependence
Axis’s risk disclosures specifically flag reductions in subsidies and incentives, restrictions affecting battery imports and changes in government policy. A policy change can alter EV economics or supply chains quickly.
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Input costs and technology shifts
Raw-material prices, component costs and battery technology can change margins. A company that benefits from one technology may lose its advantage if another standard is adopted.
Higher observed volatility
The reported five-year annualised volatility of the index was 17.3 versus 14.4 for the Nifty 500 TRI as of September 30, 2026. That historical difference is not a forecast, but it illustrates why a thematic allocation can experience larger swings than a broad-market holding.
Tracking and fund risks
Returns can lag the index because of the expense ratio, transaction costs, cash holdings and tracking error. The index itself is rebalanced quarterly and reconstituted semi-annually, so its holdings and sector exposures can change.
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Who should consider it
This product is best evaluated as a satellite allocation for an investor who can tolerate equity volatility and wants targeted exposure to India’s EV and automotive-technology ecosystem. It should not be treated as a guaranteed-return product or as a substitute for a diversified core portfolio. Match the allocation and time horizon to your own risk capacity; consult a qualified adviser if the consequences of a loss would affect essential financial goals.
Axis’s managing director and chief executive officer, B Gopkumar, 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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