Shriram Mutual Fund has introduced the Shriram NIFTY 1D Rate Liquid ETF (Growth), an open-ended exchange-traded fund that tracks the NIFTY 1D Rate Index. Available for subscription from July 1 to July 3, 2024, with a minimum application amount of Rs 1,000, the fund offers no entry or exit load and no lock-in period. Managed by Deepak Ramaraju and Gargi Bhattacharyya Banerjee, it invests exclusively in the overnight money market, emphasizing minimal risk with government-backed securities. Investors seeking higher returns on surplus cash, a hedge against equity market volatility.