UTI MF launches ‘UTI 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 scheme aims to provide returns that closely correspond to the total returns of the securities as represented by the underlying index, subject to tracking error.

In a press release, Sharwan Kumar Goyal, Head - Passive, Arbitrage & Quant Strategies, UTI MF said, “The index offers a diversified exposure at stock level and maximum weight assigned to each stock is lower of – 5% or 5 times the weight of stock in NIFTY Midcap 150 Index. The scheme is a low-cost smart beta index fund which tracks the NIFTY Midcap 150 Quality 50 Index passively.”