UTI Mutual Fund has filed offer document with SEBI to launch an open ended Exchange Traded Fund scheme as “UTI-Nifty Next 50 Exchange Traded Fund (UTI-Nifty Next 50 ETF)”. The New Fund Offer price is Rs 10 per unit. Entry load and Exit Load will be Nil for the scheme. The scheme doesn’t offer any option and seeks to collect a Minimum Target Amount of Rs 10 Crores..
The scheme will be benchmarked against Nifty Next 50 Index. The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter.
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.