This entity is a passively managed exchange-traded fund (ETF) that aims to provide investors with exposure to the performance of a specific overnight money market rate, typically a reference rate used for interbank lending. It seeks to track this rate as closely as possible, offering a return that fluctuates with short-term interest rate movements. Rather than directly investing in the underlying money market instruments, it achieves its objective by utilizing a synthetic replication strategy, most commonly through total return swaps with financial counterparties. This means the fund's return is not derived directly from holding money market assets but from contractual agreements with these institutions to receive the returns of a portfolio mirroring the target index. It is designed to provide investors with a cash-like investment experience, offering high liquidity and low volatility, making it suitable for short-term cash management or as a parking place for capital. The daily rate fluctuations are usually minimal, reflecting the very short maturity of the underlying benchmark, and returns are expected to be modest given the low-risk nature of the target rate. As an ETF, it provides a transparent and readily accessible way for both institutional and retail investors to gain exposure to overnight money markets, often with very low expense ratios. It is denominated in a specific currency, typically the currency of the reference rate, and it will usually distribute or reinvest all proceeds received from its swap agreements. While the fund carries counterparty risk associated with the financial institutions involved in the swap agreements, this risk is typically considered to be low due to rigorous oversight and regulatory framework for such counterparties. This product is designed to be a highly efficient tool for investors who require immediate access to capital whilst earning the minimal risk overnight rate, often seen as an alternative to traditional bank deposits, providing a very low volatility investment proposition and a way to earn a small return on excess cash balances.