An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration^ of the portfolio is between 3 months and 6 months. A moderate interest rate risk and moderate credit risk.

This fund offers a high degree of liquidity and lower interest rate risk to investors having an investment horizon of 2-6 months. It helps investors to park short term surpluses or to use it as a channel to transfer funds systematically to other schemes.

^Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero coupon securities where they are the same.