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DSP GOLD ETF Fund of Fund
The asset that never goes out of style
An open ended fund of fund scheme investing in DSP Gold ETF
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 to tracking error. Buying units of DSP Gold ETF
means you are purchasing gold in an electronic form, through your Demat account.
**DSP Gold ETF Fund of Fund invests in gold via DSP Gold ETF, thereby eliminating the need for a Demat account.
What We Won’t Tell You?
GOLDEN OUTL K
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?
250
750
1250
1750
2250
83
88
93
98
103
108
113
118
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Real Effective Exchange Rates: CPI Based for United States (LHS) Gold Price USD/Oz (RHS)
Source :Bloombrg. Data as on 30th 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 an additional 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.
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
average reinforcing 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-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
US 10 Year Real Rate- LHS (Inverted) Gold Spot $/oz- RHS
0
10000
20000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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
From To Gold Equity
Mar-
00
Mar-
03
7% -13%
From To Gold Equity
1-Jan-
08
9-Mar-
09 37% -51%
From To Gold Equity
30-Dec-
10
31-Dec-
12
21% 0%
From To Gold Equity
31-Oct-
19
31-Mar-
20
10% -27%
From To Gold Equity
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
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
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Central Banks Demand (in Tonnes)
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.
Source: Internal, Bloomberg. Data as of 30 Apr 2024. Annual rebalancing considered for 80% Nifty 50 & 20% Gold portfolio. Past performance may or may not be sustained in
future and should not be used as a basis for comparison with other investments. These figures pertain to performance of the index and do not in any manner indicate the
returns/performance of the Scheme. It is not possible to invest directly in an index. There is no assurance of any returns/capital protection/capital guarantee to the investors in the
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 Rs 100 invested
0
500
1000
1500
2000
2500
3000
3500 Smoother Investment Journey
Nifty 50 TRI Gold 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 TRI 80% Nifty 50 TRI + 20% Gold
Source: RBI, AMFI * w.e.f. 01 Apr 2023
# Individuals, Trusts, HUFs, charitable institutions, and universities can 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
Required for 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 demat form
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.
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/STP Rs. 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.
Numbers in ( ) indicates number of years of experience.
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 forecast Cash Flows
Review market liquidity to
manage impact 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
Analyse Tracking 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
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: If the subscription amount is less than creation unit size, fund will buy ETF from exchange at a higher cost of acquisition, which may result in a different return profile compared to
gold returns profile.
DSP Gold ETF Fund of Fund
(An open ended fund of fund
scheme investing in DSP
Gold ETF)
This open ended Fund of Funds Scheme
is suitable for investors who are seeking*
•Long-term capital growth
•Investments in units of DSP Gold ETF
which in turn invest in Physical Gold
*Investors should consult their financial
advisers if in doubt about whether the
product is suitable for them
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.
*Investors should consult their financial
advisers if in doubt about whether the
product is suitable for them
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
Disclaimers: This presentation / note is for information purposes only. It should not be construed as investment advice to any party. In this material DSP
Asset Managers Pvt. Ltd. (the AMC) has used information that is publicly available, including information developed in-house. Information gathered and
used in this material is believed to be from reliable sources. While utmost care has been exercised while preparing this document, the AMC nor any
person connected does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use
of this information. The recipient(s) before acting on any information herein should make his/their own investigation and seek appropriate professional
advice. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on
prevailing market conditions / various other factors and involve known and unknown risks and uncertainties that could cause actual results, performance
or events to differ materially from those expressed or implied in such statements. Past performance may or may not be sustained in the future and
should not be used as a basis for comparison with other investments. Data provided is as on Apr 30, 2024 (unless otherwise specified) The figures
pertain to performance of the index and do not in any manner indicate the returns/performance of the Scheme. It is not possible to invest directly in an
index. All opinions, figures, charts/graphs and data included in this presentation are as on date and are subject to change without notice. For complete
details on investment objective, investment strategy, asset allocation, scheme specific risk factors and more details, please read the Scheme Information
Document, Statement of Additional Information and Key Information Memorandum of respective scheme available on ISC of AMC and also available on
www.dspim.com. There is no assurance of any returns/capital protection/capital guarantee to the investors in above mentioned Scheme. The presentation
indicates the strategy/investment approach currently followed by the above mentioned Scheme and the same may change in future depending on market
conditions and other factors. Investors should note that they will be bearing the recurring expenses of the scheme, in addition to the expenses of other
schemes in which the Fund of Funds Scheme makes investments.
Mutual Fund investments are subject to market risks, read all scheme related documents
carefully.
Disclaimer & Product Labelling
#INVESTFORGOOD

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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 ended fund 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 to tracking error. Buying units of DSP Gold ETF means you are purchasing gold in an electronic form, through your Demat account. **DSP Gold ETF Fund of Fund invests in gold via DSP Gold ETF, thereby eliminating the need for a Demat account.
  • 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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Real Effective Exchange Rates: CPI Based for United States (LHS) Gold Price USD/Oz (RHS) Source :Bloombrg. Data as on 30th 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 an additional 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 average reinforcing 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-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 US 10 Year Real Rate- LHS (Inverted) Gold Spot $/oz- RHS
  • 7. 0 10000 20000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 From To Gold Equity Mar- 00 Mar- 03 7% -13% From To Gold Equity 1-Jan- 08 9-Mar- 09 37% -51% From To Gold Equity 30-Dec- 10 31-Dec- 12 21% 0% From To Gold Equity 31-Oct- 19 31-Mar- 20 10% -27% From To Gold Equity 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. These figures pertain to performance of the index and do not in any manner indicate the returns/performance of the Scheme. It is not possible to invest directly in an index. There is no assurance of any returns/capital protection/capital guarantee to the investors in the 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 Rs 100 invested 0 500 1000 1500 2000 2500 3000 3500 Smoother Investment Journey Nifty 50 TRI Gold 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 TRI 80% Nifty 50 TRI + 20% Gold
  • 11. Source: RBI, AMFI * w.e.f. 01 Apr 2023 # Individuals, Trusts, HUFs, charitable institutions, and universities can 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 Required for 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 demat form 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/STP Rs. 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. Numbers in ( ) indicates number of years of experience. 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 forecast Cash Flows Review market liquidity to manage impact 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 Analyse Tracking 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: If the subscription amount is less than creation unit size, fund will buy ETF from exchange at a higher cost of acquisition, which may result in a different return profile compared to gold returns profile.
  • 15. DSP Gold ETF Fund of Fund (An open ended fund of fund scheme investing in DSP Gold ETF) This open ended Fund of Funds Scheme is suitable for investors who are seeking* •Long-term capital growth •Investments in units of DSP Gold ETF which in turn invest in Physical Gold *Investors should consult their financial advisers if in doubt about whether the product is suitable for them 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. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them 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: This presentation / note is for information purposes only. It should not be construed as investment advice to any party. In this material DSP Asset Managers Pvt. Ltd. (the AMC) has used information that is publicly available, including information developed in-house. Information gathered and used in this material is believed to be from reliable sources. While utmost care has been exercised while preparing this document, the AMC nor any person connected does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The recipient(s) before acting on any information herein should make his/their own investigation and seek appropriate professional advice. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on prevailing market conditions / various other factors and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Past performance may or may not be sustained in the future and should not be used as a basis for comparison with other investments. Data provided is as on Apr 30, 2024 (unless otherwise specified) The figures pertain to performance of the index and do not in any manner indicate the returns/performance of the Scheme. It is not possible to invest directly in an index. All opinions, figures, charts/graphs and data included in this presentation are as on date and are subject to change without notice. For complete details on investment objective, investment strategy, asset allocation, scheme specific risk factors and more details, please read the Scheme Information Document, Statement of Additional Information and Key Information Memorandum of respective scheme available on ISC of AMC and also available on www.dspim.com. There is no assurance of any returns/capital protection/capital guarantee to the investors in above mentioned Scheme. The presentation indicates the strategy/investment approach currently followed by the above mentioned Scheme and the same may change in future depending on market conditions and other factors. Investors should note that they will be bearing the recurring expenses of the scheme, in addition to the expenses of other schemes in which the Fund of Funds Scheme makes investments. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Disclaimer & Product Labelling