UTI Mutual Fund in 2026: ETFs, index funds and the rest

The short version

UTI Mutual Fund managed an average of ₹4,02,337 crore in July–September 2026, 4.61% of the industry's ₹87,21,848 crore, which makes it the seventh-largest of 55 fund houses. These are AMFI's quarterly averages, which leave out domestic fund-of-funds so money is not counted twice.

UTI descends from the Unit Trust of India, which ran almost the whole industry from 1963 until private fund houses were allowed in. Today two ETFs and an index fund hold close to 40% of its money, while its actively managed equity funds mostly trail their peers.

Assets: seventh, and losing share

UTI was sixth until early 2019, slipped to eighth from April–June 2020, and has been seventh again since it passed Axis in July–September 2023. Its assets grew 3.2 times in ten years, against 5.4 times for the industry.

The last year was slow. Assets rose 6.3%, against 12.9% for houses that reported in both quarters; of the 15 largest houses only Aditya Birla Sun Life grew more slowly. In the latest quarter UTI grew 2.5%, the industry 4.9%. Axis, eighth, is ₹19,371 crore behind. The full order is in our league table of fund houses.

What it runs

Counting each open-ended scheme still publishing a NAV this October once, by its Direct-plan Growth option, UTI has 67 open schemes, plus 14 ETFs.

Nine of the 67 started in the last two years, six of them index funds.

Where the money sits

These are scheme totals across all plans; the eight hold ₹2,51,983 crore, 63% of the house. The two ETFs alone hold ₹1,29,050 crore, 32% of UTI's assets. UTI Nifty 50 ETF is the third-largest equity ETF in India, behind SBI's Nifty 50 and Sensex ETFs, and UTI Nifty 50 Index is the largest index fund of any house.

Adding up every scheme-level figure we can match to UTI, ETFs account for 36% and index funds 12%, so close to half of the house is passive. The guide to index funds and ETFs covers how the two differ. Costs there are low: the Nifty 50 ETF charges 0.06% and the Nifty 50 index fund 0.25% on its Direct plan, which our ranking of Nifty 50 index funds puts in context.

The active equity funds against their categories

Each fund's three-year CAGR (Direct plan, Growth, to 9 October 2026) is set against the median of every Direct Growth fund in its category with three years of history.

Two of nine are above the median, and over one year none is. The typical UTI fund trails its category's middle by 2.68 points a year over three years, close to the 2.60 in our scorecard of fund houses measured to 1 October, where UTI ranked last of 29 houses on that gap.

The shortfall is largest where the money is. UTI Flexi Cap, its biggest active equity fund, is 35th of 36 flexi-cap funds, about four points a year behind the median. UTI Large Cap is last of 30 large-cap funds, and UTI Mid Cap trails by 5.13 points. The two funds ahead are smaller: UTI Large & Mid Cap averaged ₹6,413 crore and UTI Dividend Yield ₹3,760 crore.

What it charges

On AMFI's TER file dated 8 October 2026, counting schemes at least a year old, the median Direct-plan expense ratio of UTI's 18 equity funds is 1.22%, above the 1.07% for all 528 such equity funds. Its biggest active funds charge 1.17% (Flexi Cap), 1.19% (Large Cap) and 1.27% (Mid Cap). The dearest are UTI Infrastructure at 2.00% and UTI India Consumer at 1.72%; the cheapest equity fund is UTI Transportation and Logistics at 0.98%. Its liquid fund charges 0.15%.

What its active funds own

The ETFs and index funds hold their indices. Across UTI's 18 actively managed equity funds, on portfolios dated 30 September 2026, the largest holdings by approximate value (each fund's weight times its July–September average assets) are HDFC Bank at ₹4,518 crore and ICICI Bank at ₹4,391 crore, each in 11 funds, then Eternal, Bharti Airtel and Kotak Mahindra Bank. Further down, Info Edge is in ten funds and Ajanta Pharma in nine.

The managers

The scheme documents name Sharwan Kumar Goyal on UTI Nifty 50 ETF, UTI BSE Sensex ETF and UTI Nifty 50 Index since July 2018; UTI's 2024 Statement of Additional Information calls him head of passive, arbitrage and quant strategies. That puts its three largest passive schemes, ₹1,58,335 crore between them, under the same first-named manager.

On the active side, Ajay Tyagi, head of equity in the same document, has run UTI Flexi Cap since January 2016. V Srivatsa has run UTI Large & Mid Cap, the fund furthest ahead in the table, since May 2017. UTI Mid Cap changed hands in June 2025, to Vishal Chopda, and UTI ELSS Tax Saver the same month, so most of their three-year records predate the current managers.

What this does not tell you

A low share of active outperformance says nothing about the passive funds, which aim to match an index, not beat it. Three years is one market phase, and every fund counts once in the comparison whatever its size. AUM is a quarter's daily average.

None of this is a recommendation of UTI or any of its schemes. The screener has current figures for every fund.