UTI Mutual Fund's Exchange Traded Fund (UTI SUNDER) has declared tax-free dividend at the rate of 2.50 per cent (Rs 2.50 per unit on face value of Rs 100). This is the maiden dividend declared by the scheme since its inception in July 2003. The record date for the dividend is October 21, 2004.
SUNDER is a passively managed open-ended exchange traded fund, with the objective to provide returns that, before expenses, closely track the performance and yield of the basket of securities underlying the S&P CNX NIFTY Index.
SUNDER is the largest exchange traded fund in the Indian Mutual Fund Industry with a corpus size of Rs 227.17 crore as on September 30, 2004. Expense ratio under SUNDER has been capped at 0.40 per cent per annum.