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

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)