The ETF is designed to replicate the Nifty Metal Index – Total Return Index (TRI) by investing in its constituent stocks in similar proportions, subject to tracking error.
The index comprises companies engaged in mining, processing, and manufacturing metals such as steel, aluminium, copper, zinc and iron ore, which are central to India’s industrial and infrastructure activity.
According to NSE data as of December 2, 2025, the index’s top constituents by weight include Tata Steel (18.82%), Hindalco Industries (15.85%), JSW Steel (14.76%), Vedanta (12.39%) and Adani Enterprises (7.91%). The basket reflects India’s position as a major global metals producer, supported by domestic demand from construction, transport and manufacturing.
Historical data shows the Nifty Metal TRI has outperformed the broader Nifty 50 TRI over several timeframes. As of November 18, 2025, the index delivered 16.46% returns over one year and 22.20% over ten years, compared with 11.85% and 14.24% respectively for the Nifty 50 TRI. Past performance does not indicate future results.
The sector continues to see policy support through initiatives such as the Production-Linked Incentive (PLI) scheme for specialty steel, reforms in offshore mineral exploration, and measures aimed at securing critical minerals required for clean-energy projects. The government also permits 100% FDI in mining and metallurgy under the automatic route.
Key details of the scheme include a minimum investment of ₹500, no exit load, and benchmarking to the Nifty Metal TRI. The fund will be jointly managed by Nikhil Satam, Aakash Chauhan and Shashi Kumar.