HDFC Ultra Short Term Fund (Direct-G) , launched on September 25, 2018 , is an Ultra-Short Duration debt scheme managed by Anil Bamboli , Dhruv Muchhal , and Praveen Jain . It manages an AUM of ₹16,700 crore (as of Sep 2025) with a Direct Plan expense ratio of 0.37% . The fund has delivered 7.57% in 1 year , 7.52% in 3 years , and 6.14% in 5 years , outperforming category averages of 6.85% and 5.59% respectively. It maintains a high-quality AAA/A1+ rated portfolio with modest duration risk and an average maturity of 0.7 years , offering steady short-term income potential. Mutual fund investments are subject to market risk. Read all scheme-related documents carefully.