UTI Mutual Fund launches Nifty Midcap 150 Quality 50 Index Fund

UTI Mutual Fund has launched an open-ended scheme replicating Nifty Midcap 150 Quality 50 Total Return Index (TRI) - UTI Nifty Midcap 150 Quality 50 Index Fund. The New Fund Offer is open and will close for subscription on April 5. The scheme will re-open for subscription and redemption on an ongoing basis from April 15.

According to the press release, 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.

Sharwan Kumar Goyal, Head - Passive, Arbitrage & Quant Strategies, UTI AMC, will manage the scheme.


“NIFTY Midcap 150 Quality 50 Index offers a diversified exposure at stock level & maximum weight assigned to each stock is lower of – 5% or 5 times the weight of stock in NIFTY Midcap 150 Index,” said Sharwan Kumar Goyal.

“UTI Nifty Midcap 150 Quality 50 Index Fund is a low-cost smart beta index Fund which tracks the NIFTY Midcap 150 Quality 50 Index passively. Our newly launched scheme will endeavors to achieve return equivalent to returns of the underlying index while minimizing tracking error.” he added.

Minimum initial investment is Rs 5,000/- and in multiples of Re 1 thereafter. Subsequent minimum investment under a folio is Rs 1,000 and in multiples of Re 1 thereafter with no upper limit. There is no entry or exit load in the scheme.