Evaluating Pricing and Tracking Efficiency of an ESG ETF: Insights from Mirae Asset Nifty 100 ESG Sector Leaders ETF

Author(s)	Ms. Leeza Makwana, Dr. Hemant Valand
Country	India
Abstract	The increased popularity of social and communal investing has led to an increase in the demand for ESG based financial products, like ETFs. The purpose of this research is to evaluate the viability of these types of ESG investments through ETFs within the context of the Indian Equity market by examining the risk-return profile of the Mirae Asset Nifty 100 ESG Sector Leaders ETF. The results show that ESG ETF have consistent returns relative to the benchmark and a slight decrease in volatility as compared to the underlying index, thus displaying good risk management. The regression results indicate lower sensitivity to the market, with the analysis of tracking error presenting evidence of good tracking efficiency both for the ETF trading prices and the NAV returns. The persistence analyzes further establishes that tracking error fluctuations are mean-reverting and highly transitory, thus confirming market efficiency.
Keywords	Exchange Traded Fund, Net Asset Value, Pricing efficiency, Sustainability, Tracking efficiency
Field	Sociology > Banking / Finance
Published In	Volume 8, Issue 1, January-February 2026
Published On	2026-01-05
DOI	https://doi.org/10.36948/ijfmr.2026.v08i01.79948

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