UTI Mutual Fund launches UTI Sensex Index Fund

UTI Mutual Fund has launched an open-ended scheme tracking the S&P BSE Sensex Total Return Index (TRI) - ‘UTI Sensex Index Fund’.

The New Fund Offer opens on January 19 and closes for subscription on January 24. The scheme will re-open for subscription and redemption on an ongoing basis from February 01.

The investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the underlying index, subject to tracking error. Sharwan Kumar Goyal will manage the scheme.

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

UTI Sensex Index fund will offer exposure to a 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 a simple yet cost effective way of investing in ‘top 30’ companies on the listed universe of BSE.