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UTI Mutual Fund has launched a new open-ended index fund replicating the Nifty200 Momentum 30 Index. The new fund offer of UTI Nifty200 Momentum 30 Index Fund opened for subscription on Thursday and closes on March 4. The scheme will re-open for subscription and redemption on ongoing basis from March 12.
The investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the underlying index, subject to tracking error.
Sharwan Kumar Goyal, Fund Manager of the schemes, said the smart-beta or factor-based strategy has performed well over the long term and the investment style is fast gaining momentum
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