In times of stock market depression, dividend yield stocks are sure-shot bets to earn some returns. And if you still don't like to stay with direct equity, here is an alternative option.

IIFL Mutual Fund, a subsidiary of the diversified financial services provider India Infoline, has launched an open-ended fund called IIFL Dividend Opportunities Index Fund.

The objective of the scheme is to provide returns to investors by investing in 50 high-dividend yielding stocks, IIFL AMC chief executive Gopinath Natarajan said.

The minimum subscription amount for the scheme, which opens on Wednesday and closes on June 19, is Rs 5,000. The fund will also offer monthly and quarterly investment plans.

The fund house will be investing in the stocks across 25 diversified sectors, comprising large and mid-cap stocks, he said.

"The scheme is good for those who aim to reap benefits from high-dividend yields, cash-flow generating companies, which share their profits by way of dividends. The scheme is not only suited for investors looking at tactical allocation but also to those looking at potential long-term gains," Natarajan said.

The fund offers two options -- growth and dividend -- as well as a speciality facility of systematic investment plan. "There is no entry load, while an exit load of one per cent will be charged for exit before one year from the date of allotment. The units of the scheme are available in the demat mode also," he added.