Publish Date:
UTI Mutual Fund has launched – UTI S&P BSE Housing Index Fund
It is an open-ended scheme replicating / tracking S&P BSE Housing Total Return Index
Accordingly, the investment objective of the scheme is to provide returns that, before expenses, corresponds to the total return of the securities as represented by the underlying index, subject to tracking error. However, there is no guarantee or assurance that the investment objective of the scheme will be achieved.
Under normal circumstances, UTI S&P BSE Housing Index Fund will hold an allocation of 95% to 100% of its assets in Securities covered by S&P BSE Housing Index and 0% to 5% in Debt/ Money Market instruments including Triparty Repo on Government Securities or treasury bill and units of Liquid Mutual Fund.
As per the Scheme Information Document, UTI S&P BSE Housing Index Fund is a low-cost index Fund which tracks the S&P BSE Housing Index passively. The scheme endeavours to achieve return equivalent to underlying index while minimizing tracking error.
The index measures the performance of common stocks within the S&P BSE 250 Large Midcap Index classified as part of the eligible common India Industry Classification. Constituents are weighted by float-adjusted market capitalization, subject to a single constituent weight cap of 5%. The net assets of the scheme will be invested in stocks constituting the underlying index. This would be done by investing in the stocks comprising the index. The scheme shall endeavour to maintain the same weightage they represent in the index or investing in derivatives on the said index.
UTI S&P BSE Housing Index Fund’s performance will be benchmarked against S&P BSE Housing TRI
The scheme will be managed by Mr Sharwan Kumar Goyal and Mr Ayush Jain.
The NFO opens for subscription on May 22, 2023 and closes on June 05, 2023. The schemes will reopen for continuous sale and repurchase within five Business Days from the date of allotment.
The fund’s NAV is priced at Rs 10/- per unit during the NFO period. The minimum subscription amount is Rs 5,000/- and in multiples of any amount thereafter.
The scheme offers Regular Plan and Direct Plan each plan offers Growth and Income Distribution cum capital withdrawal option (IDCW) option.