Target Maturity Fund (TMF) is an offering within the debt universe but is passive in nature. Such a fund aims to help investors navigate the risks associated with debt funds by aligning their portfolios with the maturity date of the fund. Since they track the bond index, such funds tend to have portfolios similar to that of the underlying bond index, and thus have maturities in line with the fund's stated maturity. As a result, the return generated too will be similar to that of the underlying index.