Religare Gold Etf
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ReligareGold Exchange Traded Fund.(an open ended Gold ETF)
NFO Opens: 28th Jan, 2010 Closes: 23rd Feb, 2010
Add a touch of gold to your portfolio.
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Religare Gold ETF Jump into gold!
Content
Gold Market Dynamics
Does it merit long term investment?
Religare Gold ETF
1
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2
Market Dynamics Factors affecting Gold Prices
New GoldDiscoveries
Central Bank
Reserves
Financial &Economic Crisis
Inflation
Political Risks
Dollar
Religious Festivals
Industrial Demand
Golden China
Indian WeddingSeason
Supply Side Other Factors Demand Side
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Gold Market Dynamics Demand by Sector
The strongest demand was for
jewellery accounting for 2185 tonnes
Total industrial demand, including
from dental industry was 435 tonnes
ETFs & other similar products
accounted for 320 tonnes
862 tonnes were converted into bars,
gold coins and other retail
investment products
3
Source: World Gold Council, Gold.org
Jewellery - 58%
Industrial & Dental - 11%
Bar & Gold Coin Retail
Investment - 23%
ETFs & Similar Products 8%
Total Global Demand (2008): Approx. 3800 tonnes
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Gold ETFs Adding to the demand
The inflows into ETFs have thus far continued unabated, buoyed by rally in gold prices
Safe haven buying is supporting the price of Gold
4
Source: Bloomberg, World Gold Council, Gold.org
3 42
175
383
643
896
1217
1780
2002 2003 2004 2005 2006 2007 2008 2009Q3
T
onnes
200
300
400
500
600
700
800
900
1000
1100
1200
U
S$/Oz
Global ETF Demand (Tonnes) - Cumulative
Gold Price (US$/ Oz)
2000
1800
1600
1400
1200
1000
800
600
400
200
0
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Gold Reserves Holdings of Central Banks and IMF
Gold ETFs holding globally is ranked 6th vis--vis other Central Banks and IMFs gold reserves
China has increased its gold reserves by 166% since 2000
5
Source: World Gold Council, Gold.org. IMF: International Monetary Fund
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000Portugal
Taiwan
ECB
India
Russia
Netherlands
Japan
Switzerland
China
Gold ETFs
France
Italy
IMF
Germany
United States
383
424
537
558 (includes 200 tonnes purchase from IMF)
591
612
765
1,040
1,054
2,435
2,452
3,217
3,408
8,133
Gold Reserves (Tonnes), Q3 2009
1,780
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Gold Market Dynamics Supply
De -hedging Since mine operators are subject to substantial capital expenditure for exp loration and production, they sell parts of their futuregold output forward . The cancellation of these forw ard positions is called De-Heg ding. i.e additiona l gold is taken off the market
6
Source: World Gold Council, Gold.org. Data as on Dec 2008
Supply Tonnes
Mine Production (net of hedging) 2064
Official Sector Sales 236
Old Gold Scrap 1209
Total Supply 3509
Old Gold Scrap,
1209 Tonnes
Official Sector
Sales, 236 Tonnes
Mine Production
(net of hedging),
2064 Tonnes
Total supply of gold, including
scrap gold sales is over 3500tonnes in 2008
Mine production in 2008 was
around 2064 tonnes
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Gold Market Dynamics SupplyDeclining Mine Production
7
Source: U.S Geological Survey, Bloomberg
Real value of Gold will increase in the long term as production declines
Gold Mine production has been on a decline peak production was in the year 2001
over 2,600 tonnes
New Gold Mine deposits are harder to find
Gold Mine Production (1990-2008)
2,000
2,100
2,200
2,300
2,400
2,500
2,600
2,700
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Tonn
es
200
300
400
500
600
700
800
900
US$/Oz
Price of Gold
Gold MineProduction
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Gold Market Dynamics SupplyFewer New Mine Discoveries
8
Source: Metals Economics Groups
Number of new discoveries and resources in new discoveries (million ounces)
100
90
80
70
60
50
40
30
20
10
0
16
14
12
10
8
6
4
2
0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Resources in Discoveries
3-year Avg. (LHS)
Number of new
discoveries (RHS)
Dearth of major
new mine
discoveries in thelast few years
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9
Source: World Gold Council, Gold.org
Gold Market Dynamics SupplyRecycled Gold Surges
Some of the gold deficit is met through recycled gold
Gold Supply - Old
gold scrap (tonnes)
Tonnes
Q1'07
Q2'07
Q3'07
Q4'07
Q1'08
Q2'08
Q3'08
Q4'08
Q1'09
Q2'09
Q3'09
0
100
200
300
400
500
600
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Gold Supply roughly is 2500 tonnes (mine production) per annum
Traditional demand exceeds the supply significantly some of this gap is filled by
recycled Gold (old gold scrap sales)
10
Source:World Gold Council, Gold.org
Gold Market DynamicsDemand vs. Supply (Gap widening)
Tonnes
0
500
1000
1500
2000
2500
3000
3500
4000
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Supply
Deficit
Demand
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11
Source: World Gold Council, Gold.org
Decline in Central Bank's Sales Have turned intonet buyers of Gold
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
Tonnes
0
100
200
300
400
500
600
500
400
300
200
100
0
-100
-200
-300
-400Jun-
02
Dec-
02
Jun-
03
Dec-
03
Jun-
04
Dec-
04
Jun-
05
Dec-
05
Jun-
06
Dec-
06
Jun-
07
Dec-
07
Jun-
08
Dec-
08
Jun-
09
Dec-
09
CBGA: Central Bank Gold Agreements
Signatory banks of CBGA II have sold less gold Central Banks around the world
(including CBGA signatories)
have turned into net buyers of Gold in 2009
CBGA I Limit
CBGA II Limit
-298
-81
-242-285
-169
-226
-349
-242
-174 -169-211
-235
-90
-34
433
260
Tonn
es
Global Currency Debasement - US dollar weakness leading to Central Bank's replacing dollar reserves with Gold.
Increased Money supply by US and other nations - Can create very Gold Friendly environment.
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12
No major threat of increased supply
Declining production and increasing demand
make Gold very attractive
Central banks selling less declining trend Strong demand for Gold in emerging markets,
particularly India and China
Strong investment demand investments in Gold
ETFs already rank 6th
Conclusions
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13
Jump into Gold!
Does it merit long term investment?
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Gold is renowned as a hedge against inflation as inflation goes up, price of Gold also
tends to go up Gold preserves the purchasing power and infact even increases it gradually
Inflation adjusted gold prices have generated a positive rate of return in the last 7 years
3780
14
Source: Bloomberg. Data as on 31st Dec, 2009.
Gold as an Inflation Hedge?
2475
1527
900
1400
1900
2400
2900
3400
3900
4400
Jan-
02
Jun-
02
Nov-
02
Apr-
03
Sep-
03
Feb-
04
Jul-
04
Dec-
04
May-
05
Oct-
05
Mar-
06
Aug-
06
Jan-
07
Jun-
07
Nov-
07
Apr-
08
Sep-
08
Feb-
09
Jul-
09
Dec-
09
Past Performance may or may not be sustained in future
Prices Rebased to 1000
Gold Prices
WPI Inflation (India)
Gold Prices-adjusted for Inflation
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15
Gold A shining performance
Gold versus other asset classes
CashShort-Term Debt
Long-Term Debt
GOLDCNX S&P Nifty
MSCI World Index
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
2.20 0.99 15.93 19.19 1.44 9.09 17.15 11.35 19.95 8.90 14.71 10.53 2.06 13.00 16.28 22.25 13.94 6.87 3.79 7.86 9.73 42.04 18.48 5.65
1.04 0.32 5.07 11.59 1.35 1.81 9.48 9.04 11.96 1.71 4.05 8.02 1.94 5.82 11.75 11.02 1.71 1.77 2.15 4.97 2.09 19.73 16.90 3.68
0.99 0.14 0.91 1.08 1.12 1.48 6.57 2.73 6.15 1.60 1.86 1.74 1.77 2.65 2.58 2.57 1.66 0.98 1.64 2.55 2.06 2.41 7.00 2.30
0.92 -1.09 0.65 0.87 -1.55 1.26 1.40 1.09 1.35 1.03 1.71 1.43 0.91 2.51 2.25 1.99 1. 04 -1.14 1.22 2.01 1.90 2. 33 0.90 1.48
-2.82 -1.52 -0.30 0.59 -1.83 1.16 1.21 0.54 0.70 -1.13 1.42 1.10 -0.16 1.84 1.95 1.67 -9.53 -2.45 -2.95 -22.18 -0.54 1.39 0.67 1.30
-5.74 -15.03 -1.38 -0.55 -2.16 -0.21 1.17 0.43 0.04 -8.06 -2.57 1.09 -3.65 -7.18 1.46 -2.74 -22.87 -14.66 -15.67 -24.53 -12.50 -3.72 0.14 0.67
Past Performance may or may not be sustained in future
Source: Bloomberg. Quarterly performance of different asset classes. Data from Mar 2004 to Dec 2009. Cash represented by Crisil Liquid Fund Index,Short Term debt represented by Crisil Short Term Bond Fund Index and Long term debt represented by Crisil Composite Bond Fund Index
Best
Worst
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Gold has historically exhibited an inverse relationship to the US dollar, which has grownstronger in the recent years
Gold is bought and sold in US dollars, so any decline in the value of the dollar causes the
price of gold to rise
16
Source: Bloomberg. Data as on 31st Dec 2009.
Gold as Dollar Hedge
0
200
400
600
800
1000
1200
1400
1975
1976
1978
1980
1982
1984
1986
1988
1990
1991
1993
1995
1997
1999
2000
2002
2004
2006
2008
2009
70
80
90
100
110
120
130
140
150
160
170
Gold Price (USD/Oz) - LHS
Dollar Index - RHS
Gold - Dollar Correlation
-0.30 -0.46 -0.48
Since 1975 Last 10 Years Last 3 Years
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
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Currently, the ratio is 9.5, the historical median is 7.8. Gold still looks attractively valued incomparison with US shares
Although it is significantly below its peak in 1999, it is still 9 times higher than in the 1930s and
1970s bear market bottom
17
Dow / Gold Ratio
9.5
7.8
0
5
10
15
20
25
30
35
40
45
Median : 7.8
Source: Bloomberg. Data as on 31st Dec, 2009. Dow/Gold ratio shows the ratio of price of gold with the price of the Dow Jones.
In another words, it represents the number of ounces of gold it takes to buy one basket of the Dow Jones index
1920 1929 1938 1947 1956 1965 1974 1983 1992 2001 2009
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18
Gold Low Correlation with other Asset classesAn Effective Portfolio Diversifier
1.00
-0.04 -0.01 -0.03
0.29
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
Gold Cash Long Term
Debt
Short Term
Debt
Crude Oil
1.00
-0.04
0.04
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
GOLD S&P NIFTY India MSCI World Index
A portfolio comprising of un-correlated assets generally has low volatility
If one asset class underperforms, it is compensated by the out performance of other
asset classes, thereby stabilizing overall returns
Source : CRISIL, Bloomberg, Religare Mutual Fund. Short Term debt represented by Crisil Short Term Bond Fund Index and
Long term debt represented by Crisil Composite Bond Fund Index. Cash is represented by Crisil Liquid Fund Index.Correlation is a statistical measure of how two securities move in relation to each other.
Period: Jan 2002 Dec 2009 Period: Jan 2000 Dec 2009
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19
Source: Bloomberg. Data as on 31st Dec, 2009
Gold Low on volatility
Nifty and Gold - Monthly Volatility (July 1990 Dec 2009)
Nifty
Gold
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
1990
1991
1992
1993
1994
1995
1996
1997
1998
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Jan-2009
Dec-2009
(%)
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20
Past Performance may or may not be sustained in future
Gold Safe Haven during Financial Crisis
Event
Dotcom Bubble
Unexpected Election result leads to sharp
fall in India and Trading Suspension, World
markets uneasy ahead of First Fed rate hike
in 4 years
Heavy selling by FIIs, retail investors and
global weakness.
Credit Crisis
MSCI World Index
-13.78%
-0.80%
-5.96%
-48.99%
Source: Bloomberg. Religare Mutual Fund. Returns are absolute in nature. Returns shown for Jan00-May02
and Dec07-Mar09 are CAGR, whereas absolute for Apr04-Jun04 and Mar06-Jun06 period
-17.45%-21.95%
-18.91%
-49.92%
11.78%
5.52% 7.2%
41.99%
-13.78%
-0.80%-5.96%
-48.99%
-65
-45
-25
-5
15
35
55 Nifty Returns (%)
Jan 00 May 02 April 04 Jun 04 Mar 06 Jun 06 Dec 07 Mar 09
(%)
Nifty Returns
-17.45%
-21.95%
-18.91%
-49.92%
Gold Returns (INR)
11.78%
5.52%
7.2%
41.99%
Date Range
Jan 00 - May 02
Apr 04 - Jun 04
Mar 06 - Jun 06
Dec 07 - Mar 09
Gold Returns (INR) (%)
MSCI World Index (%)
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21
Source: Bloomberg. Data as on 18th Jan, 2010
Investor Allocation to Gold is Low
Market Capitalisation (bn)Largest Gold ETF (US) 40
United States 13,900
The largest gold ETF in the world
represents only about 0.29% ofthe total market cap of US stocks.
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Presenting
Religare Gold ETF Jump into Gold!
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Simply put it is a gold exchange traded mutual fund
scheme that invests in physical gold It is a convenient and inexpensive alternative to
owning physical gold
The Fund is designed to seek returns that closely
correspond to the returns provided by investment in
physical gold
23
Religare Gold ETF
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The Fund invests only in physical gold of 99.5 purity or higher
No issuer risk
One Unit of Religare Gold ETF will represent 1 gram of G old
The Fund intends to remain fully invested at all times
Gold Exposure, through derivatives is not allowed
Lending and borrowing not allowed
Currency Hedging versus US dollar
The gold is physically segregated and stored exclusively in high- security vaults
24
Religare Gold ETF All that glitters is Gold
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Gold is regarded as a symbol of wealth in Indian households
Gold Purchases in India be it Dhanteras, Akshaya tritiya or any other auspicious occasion .Gold has ritual, religious and sentimental value attached
Weddings are incomplete without Gold - accumulation starts with the new born child
Gold for centuries has been regarded as safe haven in India Symbolizes Security
In India, Gold has been accumulated and passed from generation to generation
25
Indians and GOLDIndia is the worlds largest consumer of Gold
Gold ETF is the new way to accumulate Gold.
"the desire of gold is not for gold.
It is for the means of freedom and benefit"
- Ralph Waldo Emerson
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Easily Accessible
During NFO Retail Investors can directly buy from the Fund House Post NFO Units will be listed on National Stock Exchange and the Bombay Stock
Exchange. Investors can buy, sell units through their normal brokerage accounts
Cost Effective
Much lower than cost of buying, storing and insuring physical gold
Liquid
Not limited to Secondary Market Trading at NSE / BSE Investors can create and redeem units in minimum lot size of 1000 units directly with the
Fund House
Physical Gold and Purity
The underlying gold is held in the form of 1 kg bars. Gold held by the Fund shall be of fineness
(or purity) of 995 parts per 1000 (99.5%) or higher; sourced from LBMA (London Bullion
Market Association) approved refiners Transparent
NAV will be declared on a daily basis and portfolio on a monthly basis
26
Benefits of Religare Gold ETF
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27
Religare Gold ETF Tax Treatment
From a Tax standpoint, the treatment will be similar to that of a debt mutual fund
scheme, and it will not attract wealth tax, which is the case with physical gold Redemption of units of Gold ETF by Authorised Participant / Large Investors with mutual
fund or Sale of Units by the investor on the Stock Exchange may attract short or longterm capital gain tax depending upon the holding period of the Units
Converting Units of Religare Gold Exchange Traded Fund to Gold may also attract
Wealth Tax
Please consult your professional tax advisor.
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28
Reasons to Invest in Gold
Gold as an inflation hedge keeps purchasing power intact
Gold is an Effective Diversifier - Helps to contain Portfolio Risk. Low / NegativeCo-relation with major asset classes
Gold as Safe Haven in financial crisis Solid Asset
Global Currency Debasement US dollar weakness to continue. Other countries are
reluctant to see their currencies appreciate. This could lead to increase in price of Gold
Investment demand on a rise globally hedge funds, Gold ETFs and mutual funds are
driving up investment demand for gold for its safe haven qualities
Gold Exposure is warranted based on macroeconomic considerations
Central Banks have changed their attitude towards gold increasing Gold reserves
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29
Who should invest?
Investors looking to diversify specific asset class risk, by
combining Gold in their overall portfolio Investors who are bullish on long term prospects of
Gold as a commodity
Investors looking for a hassle free way of owning Gold
Families accumulating Gold for future events e.g.
Marriage etc. can look towards investing in Gold making small and regular purchases possible
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30
Religare Gold ETF vs. Buying Physical Gold
Parameters
Mode
Safety/ Storage
Purity of Gold
Pricing
Liquidity
Denomination
Religare Gold ETF
Demat
No risk of theft
99.5 % or higher
Transparent. Low on cost.
On business days on the exchange
1 unit (1 gram of Gold)
Jeweller
Jewellery / Bar/ Coins
High Risk
Cant Say
Cant Say
Relatively at High Cost
Pre-defined
Banks
Bar / Coins
High Risk
High on Purity
High Mark up
Low on Liquidity
Pre-defined
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31
Physical Gold vs. Gold Mining Shares
The difference is Risk. Gold Mining Shares will come with higher risk compared to
investments in physical gold Gold mining share is not gold. Its a company stock first and then secondly can be
construed as Gold
A Gold Mining Share is NOT a substitute for physical Gold. It represents a benefit in the
future from potential Gold deposits in the ground and not the actual Gold itself
Physical Gold ownership has protected investors during periods of economicdepression, wars and political unrest. Mining stocks could be negatively affected in such
times as stock markets may be closed or adversely affected for a period of time
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32
Source: Bloomberg. Data as on 31st Dec 2009.
Commodity vs. Gold / Oil Companies
50
10 0
15 0
20 0
25 0
Jan-07
M
ar-07
M
ay-07
Jul-07
Sep-07
Nov-07
Jan-08
M
ar-08
M
ay-08
Jul-08
Sep-08
Nov-08
Jan-09
M
ar-09
M
ay-09
Jul-09
Sep-09
Nov-09
CL1 Comdty
XOI Index
50
10 0
15 0
20 0
25 0
30 0
Jan-05
M
ar-05
M
ay-05
Jul-05
Sep-05
Nov-05
Jan-06
M
ar-06
M
ay-06
Jul-06
Sep-06
Nov-06
Jan-07
M
ar-07
M
ay-07
Jul-07
Sep-07
Nov-07
Jan-08
M
ar-08
M
ay-08
Jul-08
Sep-08
Nov-08
Jan-09
M
ar-09
M
ay-09
Jul-09
Sep-09
Nov-09
GOLDS Comdty
HUI Index
USD
USD
Prices rebased to 100 Prices rebased to 100
Owning the stocks of commodity companies is not the same as owning the underlying
commodity The movement of the commodity price is not always reflected in the movement of
stock prices as a stock trades based on long term average prices rather than current prices
Gold versus HUI Gold mine index Crude Oil versus NYSE Arca Oil
Past performance may or may not be sustained in future
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Type
Investment Objective
Asset Allocation
Minimum Application Amount
Unit
Loads
Fund Manager
Listing
Benchmark
An open-ended Gold Exchange Traded Fund
To generate returns that closely correspond to the returns provided by investment in physical gold in the domestic market, subject totracking error
1 unit = approx. price of1 gram of Gold
Rs. 5,000 per application and in multiples of Re.1/-
Entry Load:
Nil
Exit Load:
Nil
Gautam Kaul
National Stock Exchange (NSE) & Bombay Stock Exchange (BSE)
Price of Gold
* Investments in securitized debt can be made by the scheme up to 10% of the net assets
Key Facts
Indicative Allocation (% of total assets) Risk Profile
90-100% Medium
0-10% Low to medium
Type of Instruments
Physical Gold
Debt and Money Market instruments
33
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Disclaimer: This information alone is not sufficient and shouldnt be used for the development or implementation of an investment strategy. It should not be construed asinvestment advice to any party. The readers should exercise due caution and/or seek independent professional advice before making any investment decision or entering into anyfinancial obligation based on information, statement or opinion which is expressed herein. All opinions, figures, charts/graphs, estimates and data included in this presentation are
as on date and are subject to change without notice. The statements contained herein may include statements of future expectations and other forward looking statements thatare based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differmaterially from those expressed or implied in such statements. The data used in this material is obtained by Religare AMC from the sources which it considers reliable. Whileutmost care has been exercised while preparing this document, Religare AMC does not warrant the completeness or accuracy of the information and disclaims all liabilities, lossesand damages arising out of the use of this information. The recipient of this material should rely on their investigations and take their own professional advice.Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the objective of Scheme will beachieved. Investment in mutual fund units involve investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of capital. Aswith any investment in securities, the NAV of the units issued under Scheme may go up or down depending upon the factors and forces affecting thesecurities markets. As the Scheme will invest primarily in physical gold, the NAV of the Scheme will react to the price of gold. The prices of gold may be affected by severalfactors such as demand and supply of gold in India and in the global market, change in political, economical environment and government policy, inflation trends, currencyexchange rates, interest rates, perceived trends in bullion prices, restrictions on the movement/trade of gold by RBI, GOI, etc. Past performance of the Sponsor and its affiliates /AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. There is no assurance or guarantee to unit holders as to the rate
of dividend distribution nor that dividend will be paid regularly. Investors in the Scheme are not being offered any guaranteed / assured returns. Religare Gold Exchange TradedFund, an open-ended Gold Exchange Traded Fund is only the name of the Scheme and does not in any manner indicate either the quality of the Scheme or itsfuture prospects and returns. Please read the Statement of Additional Information (SAI) / Scheme Information Document (SID) before investing. SID, SAI andKey Information Memorandum cum Application Form are available at the ISC/Distributors. Terms of Issue: Offer for Units having face value of Rs. 100 each and will be issued ata premium equivalent to difference between the allotment price and face value during the New Fund Offer. After the closure of NFO, the Units of the Scheme will be listed on StockExchange(s) and the same can be purchased / sold in round lots of 1 Unit during the trading hours of the Stock Exchange(s) like any other publicly traded stock. In addition topurchase and sale of Units on Stock Exchange(s), Authorized Participants and Large Investors can directly subscribe to or redeem the Units of the Scheme with the Mutual Fundin Creation Units size at NAV based prices on all Business Days during an ongoing offer period. The NAV of the Scheme will be disclosed on all Business Days. Statutory Details:Religare Mutual Fund has been set up as a trust sponsored by Religare Securities Ltd. (liability restricted to Rs. 1,50,000) with Religare Trustee Company Ltd. as the Trustee (Trusteeunder the Indian Trusts Act, 1882) and with Religare Asset Management Company Ltd. as the Investment Manager.Disclaimer of NSE/BSE: It is to be distinctly understood that the permission given by National Stock Exchange of India Ltd. (NSE) / Bombay Stock Exchange Ltd. (BSE) shouldnot in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE/ BSE nor does it certify the correctness or completeness ofany 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 Disclaimer Clause of
NSE/ BSE.Religare Enterprises Limited (REL) proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its equity shares toits existing shareholders and has filed a letter of offer (LOF) with the Bombay Stock Exchange Limited (BSE), the National Stock Exchange of India Limited (NSE, togetherwith BSE, the Stock Exchanges) and the Securities and Exchange Board of India (SEBI). The LOF is available on the websites of the Stock Exchanges and SEBI atwww.bseindia.com, www.nseindia.com and www.sebi.gov.in, respectively, as well as on the website of the lead manager at www.enam.com. Investors should note that investmentin equity shares involves a high degree of risk and for details relating to the same, please refer to the section titled Risk Factors of the LOF.
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Compliance Information
MKTG/RPSU
NFO/C000182
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For a more in-depth look at the Religare Gold Exchange Traded Fund, visit
www.religaremf.com or call 1800 - 209 - 0007 for more information.
Corporate Office:
Religare Asset Management Company Limited
3rd Floor, GYS Infinity, Paranjpe B Scheme, Subhash Road,
Vile Parle (East), Mumbai - 400 057
T +91 22 67310000 F +91 22 28371565