Tata Mutual Fund has launched Tata Nifty India Tourism Index Fund, the nations first tourism index fund comprising a collection of companies forming part of Nifty 500.

The new fund offer or NFO of the scheme is open for subscription and will close on July 19. The scheme will reopen for continuous sale and repurchase on or before July 29.

The investment objective of the scheme is to provide returns, before expenses, that commensurate with the performance of Nifty India Tourism Index (TRI), subject to tracking error.

The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index (TRI, i.e., total returns index). The scheme will be managed by Kapil Menon.