Jio BlackRock Asset Management plans to launch its first exchange-traded funds in India by August, seeking to replicate BlackRock's global success in passive investing in a market where ETFs are still nascent. The joint venture between Mukesh Ambani's Jio Financial Services and the world's largest asset manager has amassed about 180 billion rupees ($1.9 billion) in assets under management in roughly a year since its launch by building a base in cash, debt-index and active equity funds. It plans to start with equity-focused ETF strategies. BlackRock oversees about $5.1 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. Jio BlackRock currently ranks as India's 29th-largest asset manager. "ETFs are a long-term play. While it is a predominantly institutional heavy market (in India), retail are starting to get more involved in ETFs. And we can see from global trends how well ETFs have been adopted as a choice for investing," Sid Swaminathan, managing director and chief executive officer of Jio BlackRock Asset Management, told Reuters.