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Shriram Asset Management Company (Shriram AMC), part of the Shriram Group, has listed its new fund, Shriram NIFTY 1D Rate Liquid ETF (Growth) on exchanges, under the ticker symbol “LIQUIDSHRI”.

The firm writes that this open-ended ETF which tracks the Nifty 1D Rate Index, represents a strategic step in Shriram AMC’s “SAMC 2.0” mission to be a relevant player in the mutual fund industry.

The NFO was open from July 1 to July 3, 2024, and received a positive response from investors. The fund aims to provide a stable, liquid and easy cash management solution with relatively low interest rate risk and low credit risk. Investors can earn higher returns by investing their idle cash in this ETF seamlessly through their demat account, instead of leaving it in their savings accounts. The fund’s Growth plan delivers compounded returns without the need to track daily fractional dividends, with capital gains tax being applicable only on redemption.

SAMC 2.0 is driven by three key pillars, namely Product, Performance and Placement. The firm writes that LIQUIDSHRI helps strengthen the AMC’s product suite with a unique solution offering relatively lower credit risk for customers looking for a safe and easy option to park their surplus cash.

The fund will invest in the overnight money market where the repo contracts are backed by government securities giving a relatively higher degree of safety. Performance for a debt fund like this is aligned to the repo rate providing relatively stable returns to customers who also want less volatility, while at the same time offering returns that are potentially higher than those from traditional savings accounts. Placement, or distribution, is a key area of focus where LIQUIDSHRI has been made available in both the exchanges while creating awareness amongst brokers, distributors and end customers about the benefits of this product and ease of access through their demat accounts.

Speaking at the listing ceremony about the new fund launch and company’s future growth plans, Kartik Jain, MD & CEO of Shriram AMC said: “The launch of the Shriram NIFTY 1D Rate Liquid ETF (Growth) with the ticker symbol LIQUIDSHRI is another element of the strong foundation we are building for sustainable growth under SAMC 2.0 – our transformation program to refresh and rejuvenate Shriram AMC. We are committed to leveraging the strong presence and trust of the Shriram brand to grow our asset management business, while delivering relevant solutions that meet customer needs.”

Jain added:  “We will continue to focus on differentiated solutions that meet client needs in a meaningful way, along with safety and stability of returns. Our Quantamental investment approach as a fund house is helping us deliver sustainable alpha in our equity funds. By expanding our distribution network, we aim to make our products more accessible across customer segments.”

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