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UTI Mutual Fund has launched a new open-ended equity-oriented exchange traded fund ‘UTI Nifty Next 50 ETF’. The new fund offer will be open for investment between July 18 and 28. It will be available for further purchase, redemption and trading in the cash market segment of the NSE and the BSE from August 8.
The minimum investment is ₹5,000 and for further subscription in multiples of ₹1 thereof. UTI Nifty Next 50 ETF will invest in securities which are constituents of Nifty Next 50 Index and in cash/money market instruments including CBLO and units of liquid mutual fund in accordance with the asset allocation pattern.
The Nifty Next 50 Index represents 50 companies from the Nifty 100 index after excluding the Nifty 50 companies.
Kaushik Basu, Fund Manager of UTI Nifty Next 50 ETF, said the scheme will track Nifty Next 50 Index and will use a passive or indexing approach to endeavour to achieve the scheme’s investment objective.
Suraj Kaeley, Group President (Sales and Marketing), UTI AMC, said the scheme has a number of benefits such as diversification, low cost and transparency. Investors can invest in a diversified portfolio representing the broader economy and create a long-term ‘Core’ holding in their portfolio, he added.
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