Axis Nifty EV & New Age Automotive Index Fund is the latest launch from Axis Asset Management Company Limited. The new fund offer (NFO), the window when units are first sold at ₹10 each, runs from 16-10-2026 to 30-10-2026.
The fund does not pick stocks. It copies the Nifty EV & New Age Automotive Index, which covers companies linked to electric vehicles, batteries, components and automotive technology. It aims to match the index’s returns before expenses.
Why look at it? One fund holds vehicle, battery and parts makers in a rules-based basket, and you can start with ₹100.
Axis Nifty EV & New Age Automotive Index Fund NFO details
Detail | Information |
Fund name | |
Fund type | Open-ended scheme tracking an index |
Category | Equity index fund (thematic) |
Nature of scheme | Passive |
Benchmark | Nifty EV & New Age Automotive TRI |
Fund managers | Nandik Mallik, Rohit Gautam |
NFO opens | 16-10-2026 |
NFO closes | 30-10-2026 |
Allotment / reopening date | Allotment: Not available. Reopens within five business days of allotment. |
Minimum investment | ₹100, then multiples of ₹1 |
Additional investment | ₹100, then multiples of ₹1 |
SIP amount | ₹100 minimum. First instalment 12-11-2026 (digital) or 26-11-2026 (physical) |
NAV | ₹10 per unit during the NFO |
Stamp duty | Not available |
Entry load | Not applicable |
Exit load | 0.25% if redeemed within 15 days of allotment; nil after |
Axis Asset Management Company details
Detail | Information |
AMC name | Axis Asset Management Company Limited (Axis Mutual Fund) |
Assets under management | ₹4 lakh crore and above (as of 31-08-2026) |
Website | |
Office address | One Lodha Place, Senapati Bapat Marg, Lower Parel, Mumbai 400013 |
Contact number | 022 6311 1001 |
Source: AMFI India new fund offer: Axis Nifty EV & New Age Automotive Index Fund
What has Axis Mutual Fund launched with this NFO?
This is a passive index fund. It does not try to beat the market. It buys the index shares in the same weights as the index.
The index is a basket of shares chosen by NSE using fixed rules. It covers Nifty 500 companies tied to electric and new-age vehicles: vehicle, parts and battery makers, raw material suppliers and automotive technology firms. About 38 companies, says Axis.
The goal is to match the index’s total return (price changes plus dividends) before expenses. Fees, spare cash and trading delays can open a small gap between fund and index. That gap is tracking error.
Managers Nandik Mallik and Rohit Gautam choose no stocks. They copy the index as closely as they can.
Choose a Regular plan (through a distributor) or a Direct plan (straight from Axis). Only the Growth option is offered, so no IDCW (dividend payout).
How does the Axis EV and new age automotive index fund work?
Think of it as copying with fixed rules.
Step | What happens? |
1 | NSE builds the index from Nifty 500 companies in the theme. |
2 | Caps stop one name dominating: 8% per vehicle maker, 4% for every other stock. |
3 | During the NFO, Axis collects money at ₹10 per unit. |
4 | After allotment, Axis buys index shares in index weights within 30 business days. |
5 | When NSE changes the index, the fund adjusts within 7 calendar days. Review frequency: Not available. |
6 | Tracking error is published daily and tracking difference monthly. |
A simple example of how the fund works
Say you put ₹10,000 into the NFO. At ₹10 a unit, that becomes 1,000 units once allotted.
Axis pools your money with other investors’ and buys index shares in index weights. If a share is 4% of the index, about 4% of the fund sits in it.
If NSE swaps a company out, Axis does too. Your 1,000 units stay put. The NAV, the price of one unit, is what moves with the index.
Portfolio allocation: what the Axis index fund holds
Instrument | Indicative allocation (% of total assets) |
Shares in the Nifty EV & New Age Automotive Index | 95 to 100 |
Money market instruments and units of debt and liquid mutual funds | 0 to 5 |
It may use equity derivatives (contracts tied to share prices) up to 15% of net assets, briefly, for tasks like rebalancing. It will not buy overseas securities or InvITs, or short sell.
Investment strategy: how the fund tracks its index
There is no stock selection. The only decisions are about staying close to the index.
Rebalancing means adjusting holdings to match the index. Axis does this within 7 calendar days of an index change.
Safeguards come from SEBI’s index rules: at least 10 stocks, none above 35% and the top three within 65% together. This index sets tighter caps of 8% and 4%.
Up to 5% can sit in money market instruments and debt or liquid fund units for liquidity. Redemption proceeds follow within three working days. Expense ratio: Not available.
Potential benefits of the Axis EV index fund
Potential benefit | Why does it matter? |
Rules-based approach | No dependence on one manager’s stock choices. |
One fund for a theme | Vehicle, battery, parts and technology firms in one place. |
Small starting amount | Lumpsum and SIP both start at ₹100. |
Regular disclosure | Tracking error is shown daily and the portfolio monthly. |
What to keep in mind before the NFO?
Point | What does it mean? |
Tracking error | The fund may not match the index exactly. |
One theme only | All holdings sit in EV and automotive. The top 10 stocks are about 48% of the index (30-09-2026). |
Market ups and downs | Unit value follows share prices and can fall as well as rise. About 27% of the index is small caps, which can be harder to trade. |
No track record | New scheme, so no past performance to study. |
Who may consider this Axis index fund?
Investor type | Why it may fit |
Long-term investor | A salaried professional in Pune with a ten-year horizon, adding a theme to existing funds. |
Rules over opinions | Prefers an index method to a manager’s judgement. |
Small SIP starter | A first-time investor starting with ₹100 a month. |
Core-and-satellite investor | Has broad core funds, wants a small satellite slice (our interpretation). |
Who may not find it suitable?
Investor type | Why it may not fit |
Money needed soon | A goal three years away leaves little time for one theme to play out. Exit within 15 days costs 0.25%. |
Only one fund wanted | One theme is not a broad portfolio. |
Expecting to beat the index | A passive fund aims to match its index, not outdo it. |
Regular payouts wanted | Only Growth is offered. No IDCW will be declared. |
How does it compare with traditional investment options?
Option | Return potential | Volatility | Liquidity | Horizon | Suitable investor |
Fixed deposit | Fixed rate | Very low | Penalty on early exit | Months to years | Steady income seeker |
Debt mutual fund | Moderate | Low to moderate | Open-ended | 1 to 3 years | Stability seeker |
Hybrid fund | Moderate to high | Moderate | Open-ended | 3 to 5 years | Balanced investor |
Equity mutual fund | High, not assured | High | Open-ended | 5 years or more | Growth seeker |
This new fund | Follows one theme index | High, theme driven | Open-ended; exit load within 15 days | Long term | Investor adding a theme |
Similar NFOs: Zenith’s own coverage
- Axis Nifty Energy Index Fund NFO: another Axis thematic index fund, on energy.
- Invesco India Nifty India Defence Index Fund NFO: a thematic index fund on defence companies.
- Kotak Nifty Capital Markets Index Fund NFO: a thematic index fund on capital markets.
Axis Nifty EV & New Age Automotive Index Fund review by Zenith Finserve
This fund does one narrow job: it adds an EV and new-age automotive theme to a portfolio. About 38 stocks, with each vehicle maker capped at 8%, spread money across the theme, not the whole market.
A passive structure removes the guesswork of picking a manager. It does not smooth out the ups and downs of a theme still taking shape. A goal ten years away, with no interim withdrawals, fits better than one due in three years. In our reading, it belongs as a small satellite slice beside broad core funds, not as the core.
Zenith Finserve suggests checking fit with your goals and cash needs before the NFO closes on 30-10-2026. With no performance history, study the index method and your own horizon. Also read: A Comprehensive Guide to Mutual Funds in India.
How Zenith Finserve can help
At Zenith Finserve, we follow a process driven investment framework. We assess your goals, cash flows, risk profile, time horizon, existing investments, loans and tax situation before suggesting investments. We align our investment suggestions with your financial objectives and review them periodically to keep them suitable as your circumstances change.
Explore our mutual funds advisory and investment planning services, or contact us.
Similar NFOs on Zenith
Related reading: the Axis energy, Invesco defence and Kotak capital markets index fund NFOs. New to a term? Try our finance glossary.
Frequently Asked Questions
1. Is Axis Nifty EV & New Age Automotive Index Fund NFO good to invest in?
That depends on your goal and horizon. It follows one theme and has no track record, so check suitability first.
2. When does the NFO open and close?
It opens on 16-10-2026 and closes on 30-10-2026.
3. What does the Axis Nifty EV & New Age Automotive Index Fund invest in?
95% to 100% in index shares. Up to 5% in money market instruments and debt or liquid fund units.
4. What is the minimum amount to invest?
₹100 and multiples of ₹1, for lumpsum, additional purchase and SIP.
5. What is the NAV during the NFO?
Units cost ₹10 each. The first NAV comes within five business days of allotment.
6. Axis Nifty EV & New Age Automotive Index Fund review: how is it different from an active fund?
No stock picking. It copies the index, so results follow the index, less costs.
7. Is there an exit load?
Yes, 0.25% if you redeem or switch out within 15 days of allotment. After that, nil.
8. What does TRI in the benchmark mean?
Total return index. It counts dividends as well as price changes in the index shares.
9. When do SIP instalments start?
The first instalment is 12-11-2026 (digital) or 26-11-2026 (physical).
10. Will the fund pay dividends?
No. Only the Growth option is available.
