UTI MF launches new ETF, eyes 5,000 retail investors

UTI Mutual Fund is targeting at least 5,000 new retail investors for its new open-ended equity oriented ETF Nifty Next 50 ETF launched today.

The new fund offer (NFO) opening today will close on July 28 and will be available for repurchase/redemption and trading in cash segment on the exchanges from August 8, a company statement said.

"We are targeting at 5,000 new retail investors through UTI Nifty Next 50 ETF during the NFO period itself," Suraj Kaeley, group president, sales and marketing at UTI AMC, told .


"Mid-cap companies can grow at a much faster rate, even though the market was a bit expensive today," he said, adding, "valuation was justified given the growth rate of the mid-cap companies."

UTI Nifty Next 50 ETF will invest in securities which are constituents of Nifty Next 50 Index and in cash/money market instrument including CBLO and units of liquid mutual fund in accordance with the asset allocation pattern.