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UTI Mutual Fund launches ‘UTI Sensex Index Fund’ UTI Mutual Fund
Image credit: UNI

UTI Mutual Fund launches ‘UTI Sensex Index Fund’

India Blooms News Service | @indiablooms | 18 Jan 2022, 09:52 pm

New Delhi: UTI Mutual Fund (UTI) launches an open-ended scheme replicating/tracking the S&P BSE Sensex Total Return Index (TRI) - ‘UTI Sensex Index Fund’. The New Fund Offer opens on Jan 19, 2022 and closes on Jan 24, 2022.

The scheme will re-open for subscription and redemption on an ongoing basis from Feb 1, 2022.

The investment objective of the scheme is to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by the underlying index, subject to tracking error. However, there is no guarantee or assurance that the investment objective of the scheme will be achieved.

Sharwan Kumar Goyal is the Fund Manager for the scheme.

On the occasion, Sharwan Kumar Goyal, Head - Passive, Arbitrage & Quant Strategies, said, “UTI Sensex Index Fund is a low-cost index fund which will track the S&P BSE Sensex Index passively. The scheme endeavors to achieve return equivalent to underlying index while minimizing tracking error. The scheme will aim to offer an opportunity to capitalize on growth of basket of blue-chip companies in a disciplined manner.”

UTI Sensex Index fund will offer exposure to diversified portfolio of 30 largest, most liquid and financially sound companies across key sectors of the Indian economy. It is suitable for investors looking for simple yet cost effective way of investing in ‘Top30’ companies on the listed universe of BSE.

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