Shriram Asset Management Company (Shriram AMC) announced the launch of an open-ended Exchange Traded Fund called Shriram Nifty 1D Rate Liquid ETF (Growth) for subscriptions from July 1 to 3 with a minimum subscription of ₹1,000 or in multiples thereof.
The New Fund Offer will track the Nifty 1D Rate Index. It will provide investors with easy cash management with high liquidity, low interest rate risk and low credit risk, said the company in a statement.
The fund has lower interest rate volatility as it invests only in the overnight money market, with lower risk due to just a one day exposure to liquid instruments backed by government securities.
“This ETF is ideal for investors wishing to increase their returns on idle capital while reducing risk by investing in stable and secure overnight products,” Kartik Jain, MD & CEO of Shriram AMC, said.
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