Jio-BlackRock enters India’s ETF market with Nifty 50 fund

Aug 4 (Reuters) – Jio Financial Services (JIOF.NS),and BlackRock (BLK.N), on Tuesday launched the JioBlackRock ​Nifty 50 ETF, marking their ‌entry into India’s exchange-traded fund market through their asset management joint venture. Here ​are more details:

• The exchange-traded ​fund (ETF) will track the Nifty 50 ⁠Index (.NSEI), giving investors exposure to ​India’s 50 largest listed companies through ​a single investment
• In June, Reuters reported that the joint venture plans to launch its first ​ETF in India by August
• Jio ​BlackRock Asset Management has amassed about 180 ‌billion ⁠rupees ($1.89 billion) in assets under management as of June 30
• BlackRock oversees about $5.5 trillion in ETF assets globally, ​more than ​a ⁠third of its total assets under management, underscoring the ​importance of the product ​line ⁠to its franchise
• The fund will be available through JioBlackRock’s website as well ⁠as ​the JioFinance and ​MyJio apps

($1 = 95.3575 Indian rupees)

Reporting by Urvi Dugar ​in Bengaluru; Editing by Nivedita Bhattacharjee.