DSP Gold ETF Fund of Fund PPT - April'2024

1. DSP GOLD ETF Fund of Fund
The asset that never goes out of style
An open endedfund of fund scheme investing in DSP Gold ETF

2. What We Won’t Tell You?What is DSP GOLD ETF Fund of Fund?
**DSP Gold ETF
Fund of Fund
•Can be invested in like normal
mutual fund scheme
*DSP Gold ETF
Physical Gold
*DSP Gold ETF seeks to generate returns that are in line with the performance of physical gold in domestic prices, subject totracking error. Buying units of DSP Gold ETF
means you are purchasing gold in an electronic form, through your Demataccount.
**DSP Gold ETF Fund of Fund invests in gold via DSP Gold ETF, thereby eliminating the need for a Demataccount.

3. What We Won’t Tell You?
GOLDEN OUTL K

4. What We Won’t Tell You?
•Gold Is Evergreen
•Gold is an Inflation Hedge
•Gold is an All-Weather Asset Class
•Gold is less Volatile
•Gold is Store of Value
•Gold is GOLDEN
You Already Know it!
What We Won’t Tell You?

5. 250
750
1250
1750
2250
83
88
93
98
103
108
113
118
19992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
Real Effective Exchange Rates: CPI Based for United States (LHS)Gold Price USD/Oz (RHS)
Source :Bloombrg. Data as on 30
th
April 2024.
When the dollar fails, the gold standard prevails.
REER, or Real Effective Exchange Rate, gauges a currency's worth by considering not just nominal exchange rates but also adjusting for price level i.e.
inflation differences with trading partners, offering a broader view of its value. Gold, having crossed all it's previous lifetime highs, has entered a bull
market. Historically, there has been an inverse correlation between US Dollar and Gold. A weakening US Dollar could act as anadditional catalyst for
the upward trajectory of gold, which is already on the rise. With anticipated rate cuts and an overvaluation of the US Dollar, the environment remains
quite conducive for such weakness.

6. Source :Bloomberg, Fred Data as on 30 April 2024.
US 10 Year Real Rate: US 10 Year Yield – 12 Month Rolling Average of US PCE Core Inflation
The Road Not Taken
For the better part of the two decades considered, the two vectors have exhibited a decent negative correlation. In a normal scenario,
when real yields rise, bonds become more competitive with gold as they offer a return that keeps pace with inflation.
However, in the current scenario, there is an aberration, though not too extreme, where the yellow metal witnessed an upward trend,
despite rising real yields, but such an aberration only seems to be short-lived, where real yields might converge to their long-term
averagereinforcing the gold bull market.
500
700
900
1100
1300
1500
1700
1900
2100
2300
2500-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Apr-06Apr-07Apr-08Apr-09Apr-10Apr-11Apr-12Apr-13Apr-14Apr-15Apr-16Apr-17Apr-18Apr-19Apr-20Apr-21Apr-22Apr-23Apr-24
US 10 Year Real Rate- LHS (Inverted)Gold Spot $/oz- RHS

7. 0
10000
20000
2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
Gold Equity
Source :Bloomberg, Data as on 30 April 2024. Past performance may or may not be sustained in future and should not be used as a
basis for comparison with other investments. Equity is represented by Nifty 50 TRI
Gold to the Rescue
FromToGoldEquity
Mar-
00
Mar-
03
7%-13%
FromToGoldEquity
1-Jan-
08
9-Mar-
0937%-51%
FromToGoldEquity
30-Dec-
10
31-Dec-
12
21%0%
From ToGoldEquity
31-Oct-
19
31-Mar-
20
10%-27%
FromToGoldEquity
18-Oct-
21
31-Mar-
23
15%-4%
Tech Bubble Crisis
Financial Crisis
2 Years of No
Equity Returns
Covid Crisis
Russia Ukraine War
Gold’s negative/low correlation with
equity further validates gold’s potential
to diversify away from equity

8. 1000
1200
1400
1600
1800
2000
2200
2400
2600
40
50
60
70
80
90
100
110
120
May-17 May-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
Gold ETF Holding (Mil ounces)LHS Gold (USD per Ounce)RHS
What We Won’t Tell You?Central Banks reserve picking up while the ETF holdings fall
Source –Bloomberg data as on 30 Apr 2024, World Gold Council data as on 31 Dec 2023.
“But we used to go everywhere together…” Central banks buying continues
What do central banks
know that retail investors don’t?
79
481
569
629
601
580
395
379
656
605
255
450
1082
1037
20102011201220132014201520162017201820192020202120222023
Central Banks Demand (in Tonnes)

9. 4000
4100
4200
4300
4400
4500
4600
4700
4800
4900
5000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Supply (in Tonnes)
What We Won’t Tell You?Supply -Gold mined has been stagnant for last 6 years
Source –World Gold Council. Data as on 31 Dec 2023.

10. Source: Internal, Bloomberg. Data as of 30 Apr 2024. Annual rebalancing considered for 80% Nifty 50 & 20% Gold portfolio. Pastperformancemayormaynotbesustainedin
futureandshouldnotbeusedasabasisforcomparisonwithotherinvestments.Thesefigurespertaintoperformanceoftheindexanddonotinanymannerindicatethe
returns/performanceoftheScheme.Itisnotpossibletoinvestdirectlyinanindex.Thereisnoassuranceofanyreturns/capitalprotection/capitalguaranteetotheinvestorsinthe
Scheme.
Low correlation = Diversification + Better risk adjusted returns
Nifty 50 TRI Gold
80% Nifty 50 TRI +
20% Gold
Returns 16.1% 12.5% 16.3%
Standard Deviation 21.4% 17.1% 16.8%
Risk adjusted returns 0.75 0.73 0.97
Nifty 50 TRI
80% Nifty 50 TRI +
20% Gold
Tech Bubble crisis -21.3% -16.0%
Financial Crisis -59.5% -46.2%
Covid crisis -38.3% -29.0%
Value of Rs100 invested
0
500
1000
1500
2000
2500
3000
3500 Smoother Investment Journey
Nifty 50 TRIGold 80% Nifty 50 TRI + 20% Gold
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Lower Drawdown
Nifty 50 TRI80% Nifty 50 TRI + 20% Gold

11. Source: RBI, AMFI * w.e.f. 01 Apr 2023
# Individuals, Trusts,HUFs, charitable institutions, and universitiescan invest in SGBs. Further, indexation benefit will be available in case of long term gains.
Gold Product Options
Gold Fund of Fund Gold ETF Physical Gold Sovereign Gold Bond
Purity High High Can not be guaranteed High
Safety No risk No risk High safety risk No risk
Interest rate -- -- -- 2.5% per annum
Pricing Transparent Transparent Can not be guaranteed Transparent
Tenor None None None
8 years. Can be redeemed after 5
years subject to Capital Gains Tax
Demat Account Not Required Required Not Required
Requiredfor purchase/sale in
secondary market
Liquidity High High
Liquidity is High but there will be
cost of liquidating
Low on exchange-can be traded on
exchange if held in dematform
Denomination In units
In units (1 unit=0.01 gm of
gold)
Pre-defined 1 gram of gold
Taxation
Short Term Capital Gains
taxed based on investor’s
income slab* (Specified
Mutual Fund u/s 50AA)
Short Term Capital Gains
taxed based on investor
income slab* (Specified
Mutual Fund u/s 50AA)
Capital gain taxation
#Sale / Redemption before maturity –
Taxable as capital gains
Redemption at maturity –Capital
gains not taxable for Individuals
Interest taxable as Other Income at
applicable slab rates.

12. Scheme Features
Name of scheme DSP Gold ETF Fund of Fund
Type of scheme An open ended fund of fund scheme investing in DSP Gold ETF
Plans
-Regular
-Direct
Options
-Growth option
-Income Distribution cum capital withdrawal (IDCW) –Payout & Reinvestment option
Minimum Application Amount Rs. 100/–and any amount thereafter
Exit Load Nil
Fund Manager Anil Ghelani and Diipesh Shah
Benchmark
Domestic Price of Physical Gold (based on London Bullion Market Association (LBMA) gold daily spot
fixing price)
SIP/STP/SWP Available
Minimum instalment for SIP/SWP/STPRs. 100/–and any amount thereafter
Taxation Maximum Marginal Rate of tax
*In addition to the expense of DSP Gold ETF FoF, investors will also bear expense of DSP Gold ETF (underlying fund). Expense
ratio of Fund of Fund is subject to change based on factors like change in expense ratio of the underlying fund.

13. Numbersin()indicatesnumberofyearsofexperience.
Portfolio Management / Dealing / Analysis
Neha Rathi (5)
Manager
Diipesh
Shah
(19 yrs)
Vice President
Anil Ghelani, CFA
(20 yrs)
Head of Passive
Investments & Products
Passive Investments Process
Review Opening Portfolios
and forecastCash Flows
Review market liquidity to
manageimpact costs
Pre -Trade Evaluation Investment Decision Post -Trade Analysis
Track mandatory and elective
Corporate Actions
Strategy for stock level
timing and pace of execution
Identify price movements and
evaluate stock lending
opportunities
Evaluate trade execution
AnalyseTracking Error
Ensure real time portfolio
weights align with underlying
index
Track Scheduled and Adhoc
rebalances
Monitor
real time market movement
Investment team & Process
In line with global best
practices -dedicated
passive investment
desk to increase focus

14. Risk in investing in Gold ETF Fund of Fund
Price Risk
It’s not easy to find
intrinsic value of gold
Liquidity Risk
Liquidity may vary
from time to time
Gold can be a cyclical
asset class; entering at
wrong time can impact
returns over short term
Note: Ifthesubscriptionamountislessthancreationunitsize,fundwillbuyETFfromexchangeatahighercostofacquisition,whichmayresultinadifferentreturnprofilecomparedto
goldreturnsprofile.

15. DSPGold ETF Fund of Fund
(Anopenendedfundoffund
schemeinvestinginDSP
GoldETF)
ThisopenendedFundofFundsScheme
issuitableforinvestorswhoareseeking*
•Long-termcapitalgrowth
•InvestmentsinunitsofDSPGoldETF
whichinturninvestinPhysicalGold
*Investorsshouldconsulttheirfinancial
advisersifindoubtaboutwhetherthe
productissuitableforthem
DSP Gold ETF
(An open ended exchange
traded fund
replicating/tracking domestic
prices of Gold)
This product is suitable for investors who
are seeking*
•Capital appreciation over long term.
•Investment in gold in order to generate
returns similar to the performance of
gold, subject to tracking error.
*Investorsshouldconsulttheirfinancial
advisersifindoubtaboutwhetherthe
productissuitableforthem
BENCHMARK^ RISKOMETER
Product Labelling
^ Benchmark -Domestic Price of Physical Gold (based on London Bullion Market Association (LBMA) gold daily spot fixing price)
SCHEME RISKOMETER
SCHEME RISKOMETER
BENCHMARK^ RISKOMETER

16. Disclaimers:Thispresentation/noteisforinformationpurposesonly.Itshouldnotbeconstruedasinvestmentadvicetoanyparty.InthismaterialDSP
AssetManagersPvt.Ltd.(theAMC)hasusedinformationthatispubliclyavailable,includinginformationdevelopedin-house.Informationgatheredand
usedinthismaterialisbelievedtobefromreliablesources.Whileutmostcarehasbeenexercisedwhilepreparingthisdocument,theAMCnorany
personconnecteddoesnotwarrantthecompletenessoraccuracyoftheinformationanddisclaimsallliabilities,lossesanddamagesarisingoutoftheuse
ofthisinformation.Therecipient(s)beforeactingonanyinformationhereinshouldmakehis/theirowninvestigationandseekappropriateprofessional
advice.Thestatementscontainedhereinmayincludestatementsoffutureexpectationsandotherforward-lookingstatementsthatarebasedon
prevailingmarketconditions/variousotherfactorsandinvolveknownandunknownrisksanduncertaintiesthatcouldcauseactualresults,performance
oreventstodiffermateriallyfromthoseexpressedorimpliedinsuchstatements.Pastperformancemayormaynotbesustainedinthefutureand
shouldnotbeusedasabasisforcomparisonwithotherinvestments.DataprovidedisasonApr30,2024(unlessotherwisespecified)Thefigures
pertaintoperformanceoftheindexanddonotinanymannerindicatethereturns/performanceoftheScheme.Itisnotpossibletoinvestdirectlyinan
index.Allopinions,figures,charts/graphsanddataincludedinthispresentationareasondateandaresubjecttochangewithoutnotice.Forcomplete
detailsoninvestmentobjective,investmentstrategy,assetallocation,schemespecificriskfactorsandmoredetails,pleasereadtheSchemeInformation
Document,StatementofAdditionalInformationandKeyInformationMemorandumofrespectiveschemeavailableonISCofAMCandalsoavailableon
www.dspim.com.Thereisnoassuranceofanyreturns/capitalprotection/capitalguaranteetotheinvestorsinabovementionedScheme.Thepresentation
indicatesthestrategy/investmentapproachcurrentlyfollowedbytheabovementionedSchemeandthesamemaychangeinfuturedependingonmarket
conditionsandotherfactors.Investorsshouldnotethattheywillbebearingtherecurringexpensesofthescheme,inadditiontotheexpensesofother
schemesinwhichtheFundofFundsSchememakesinvestments.
MutualFundinvestmentsaresubjecttomarketrisks,readallschemerelateddocuments
carefully.
Disclaimer & Product Labelling

17. #INVESTFORGOOD