This document provides information on the DSP Silver ETF fund. It discusses the key drivers of silver prices, including industrial demand which accounts for around 48% of total demand. Supply is largely from mine production as a byproduct of other metal mining. Demand is higher than supply. The document also notes that silver has low correlation to equity and debt markets, making it a diversification option. Silver is seen as benefiting from growth in technologies like solar panels, batteries for electric vehicles, and as a store of value during periods of economic uncertainty or low interest rates. Charts show that silver has historically outperformed gold during economic expansions. The fund managers and objectives of the DSP Silver ETF fund are also summarized.

1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
December 2020
DSP Silver ETF
#INVESTFORGOOD
| People | Processes | Performance |
An open ended exchange traded fund replicating/tracking domestic prices of silver

2. 2
Drivers of Silver – not just precious but useful!
Industrial
Demand
~48%
Store of Value
in low interest rate
periods &
Geopolitical
uncertainty
Diversification
Low correlation
with equity and
debt
Source: Silver Institute , Data as on 2022

3. 3
Supply Demand Dynamics
Supply
1005 million Oz
Mine
production
82%
Primary
silver
28%
Lead/Zinc
30%
Copper
26%
Gold &
others
16%
Recycling
18%
Industrial
48%
Physical
investment
25%
Jewellery &
silverware
27%
Demand
1242 million Oz
Electronics
67%
Photovoltaics
25%
Others
8%
Bulk of silver production comes as by-product of
mining other metals.
Source: Silver Institute , Data as on 2022
Demand for silver is higher than the supply and
mainly driven by industrial, investment and
jewellery
Silver supply is likely to be limited as it depends on mine production capacities however
there is a potential for demand to increase due to its application in new age technologies.

4. 4
Silver post Recession
Source: Bloomberg , Data as on June 2023
With terror around US recession easing, it’s likelihood has come down from 35% to 25%.
This builds a positive case for the surge in silver prices remaining relatively stable
0
5
10
15
20
25
30
35
40
Jun-81
Jun-83
Jun-85
Jun-87
Jun-89
Jun-91
Jun-93
Jun-95
Jun-97
Jun-99
Jun-01
Jun-03
Jun-05
Jun-07
Jun-09
Jun-11
Jun-13
Jun-15
Jun-17
Jun-19
Jun-21
Jun-23
US Recession Silver Price (USD)

5. 5
Silver outperforms when economy expands
In instances of rising growth driven by higher manufacturing activity, silver tends to outperform
gold. Clearly, the usage of silver as an industrial metal bolsters demand for silver.
In the last 8 years, precious metals' performance has been sideways, building the case for
betting on silver as a contra trade
35
40
45
50
55
60
0.01
0.012
0.014
0.016
0.018
0.02
0.022
0.024
Dec-91
Jun-93
Dec-94
Jun-96
Dec-97
Jun-99
Dec-00
Jun-02
Dec-03
Jun-05
Dec-06
Jun-08
Dec-09
Jun-11
Dec-12
Jun-14
Dec-15
Jun-17
Dec-18
Jun-20
Dec-21
Jun-23
Silver/Gold Ratio- 4QMA US PMI- 4QMA
Source: Bloomberg , Data as on June 2023

6. 6
Case for NOBLE METAL in GREEN revolution
Photovoltaics cells (Solar) account for ~22% of the
total Industrial demand of Silver today which has
the potential to increase significantly as world
turns to green energy
Silver is largely consumed in the main electrical
connector material in the battery packs and the
control modules
~25-50 g of Silver is used per vehicle
Source: BloombergNEF. Data as on 30th June 2023
SILVER HAS THE BEST THERMAL & ELECTRICAL CONDUCTIVITY OF ALL OTHER METALS
Forecast suggests demand to for EV sales and solar capacity and to increase by ~ 4 to 5 times by 2030!
0
10
20
30
40
50
60
70
80
Sales
Unit
in
Millions
EV Sales Forecast
0
1000
2000
3000
4000
5000
6000
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
PV Installations Forecast GW (cumulative)

7. 7
Play it through Silver
Source – Bloomberg ; Data for Silver prices in INR is available since Jan 2000 in Bloomberg. As on June 23.
Past performance may or may not be sustained in the future and should not be used as a basis for comparison with other investments.
Periods of precious metals rally
Gold and Silver prices tend to move in tandem
however during precious metals rally, Silver tends
to outperform significantly compared to Gold
Currently, ratio
suggests that Silver
is undervalued
This ratio tracks the prices of these metals relative
to each other and can indicate when one is
potentially cheaper or more expensive than usual.
84.28
30
40
50
60
70
80
90
100
110
120
Jun-99
Jun-00
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Jun-23
148%
74%
103%
16%
263%
328%
125%
20%
Apr 03 to Mar 08 Dec 08 to Apr 11 Dec 15 to Aug 20 Oct 22 to Jun 23
Gold Silver

8. 8
Performance details
Silver Gold Equity Debt
Std Deviation 28.6% 16.9% 21.9% 1.1%
Correlation 1.00 0.74 0.07 0.00
Source – Bloomberg ; Data as on 30th June 2023. Data for Silver prices in INR is available since Jan 2000 in Bloomberg. Nifty 50 TRI and CRISIL Year Tbill
Index considered as proxy for Equity & Debt respectively. All returns are CAGR
Past performance may or may not be sustained in the future and should not be used as a basis for comparison with other investments.
• Silver has very low correlation with Equity and negative correlation with Debt makes it an alternate
precious metal with diversification benefits
• However silver has relatively higher volatility which may help informed investors an opportunity to gain
higher return with high risk
Median Rolling Returns Periodic Returns
1 Year 2 Year 3 Year 5 Year 10 Year
Since
2000
Silver 14.0% -2.0% 10.3% 10.9% 4.7% 9.0%
Gold 10.0% 9.5% 5.3% 12.8% 7.9% 11.2%
Equity 22.9% 11.8% 24.5% 13.7% 14.0% 12.5%
Debt 6.5% 4.7% 4.3% 5.7% 6.3% 6.2%
10.6%
13.1%
12.3%
11.7%
5.0%
12.1% 12.1%
8.3%
13.1% 13.2% 13.3%
6.1% 6.3%
5.8%
6.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
1 Year 3 Year 5 Year 10 Year
Gold Silver Equity Debt

9. 9
Passive Investment Team
Ravi Gehani
Fund Manager - Commodities
Over 7 years of experience in Commodity Trading, Price risk-Bullions, Product Development &
Operations
In the last role with Muthoot Exim Pvt Ltd; He was responsible to manage the price risk of the
bullion business, liaison with the bullion refiners and dealers for purchase and sale of gold and
silver for the Jewelry and coins business. He also was responsible in streamlining the branch
process of the scrap gold business. He worked with the product team in successfully launching
the Digital gold business. He was also tasked with the responsibility of creating and
implementing a hedging strategy that will help reduce the cost. Prior to that he has also worked
as a trader at Latin Manharlal Commodities responsible for analyzing the intraday price
movements and trading in Commodities basis the technical tools.
Portfolio Management / Dealing / Analysis
Aanchal Almal, CFA
(8)
Manager
Diipesh Shah
(19)
Vice President
Anil Ghelani, CFA
(20)
Head of Passive
Investments &
Products
Years in brackets () are years of investment or investment-related experience.

10. 10
Disclaimers
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 June 30, 2023 (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 Schemes. The presentation indicates the strategy/investment
approach currently followed by the above mentioned Schemes and the same may change in future depending on market conditions and other factors. The
portfolio of the above schemes is subject to changes within the provisions of the Scheme Information document of the scheme. For index disclaimer click here. An
investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred to in
Clauses above and will be bound by it.
NSE Disclaimer: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information
Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme Information
Document. The investors are advised to refer to the Scheme Information Document for the full text of the ‘Disclaimer Clause of NSE’.
BSE Disclaimer: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the SID has been
cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID
for the full text of the Disclaimer clause of the BSE Limited
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

11. 11
DSP Silver ETF
(An open ended exchange
traded fund
replicating/tracking domestic
prices of silver)
This product is suitable
for investors who are
seeking*
•Portfolio diversification
through asset allocation.
•Silver exposure
through investment in
physical silver
Scheme
Benchmark
Domestic Price of Physical Silver (based on
London Bullion Market association (LBMA)
Silver daily spot fixing price.)
RISKOMETER
* Investors should consult their financial advisers if in doubt about whether the Scheme is suitable for them.
Product Labelling & Suitability

12. For Professional Investor use only
#INVESTFORGOOD