Does your grandchild own the utma mutal fund that is in your name as cust for her?

Yes, the UGMA (Uniform Gifts to Minors Act) mutual fund account is held in your name as custodian for your grandchild, meaning that while the account is managed by you, the assets belong to your grandchild. Once your grandchild reaches the age of majority, they will gain full control and ownership of the account. Until that time, you are responsible for managing the funds in their best interest.