Mutual Fund News : UTI Mutual Fund files offer document for UTI Bank Exchange Traded Fund

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UTI Bank Mutual Fund has filed offer document with SEBI to launch an open ended scheme named 'UTI Bank Exchange traded Fund'.

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.

The performance of the scheme will be benchmarked against Nifty Bank Index.

The New Fund Offer price is Rs 10 per unit and the minimum application amount for initial purchase is Rs 5000 and in multiples of Re 1 thereafter.

The scheme does not offer any options and seeks to collect a Minimum Target Amount of Rs 10 crore.