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TMI BlogNorms for Silver Exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs).X X X X Extracts X X X X X X X X Extracts X X X X ..... 1996 (hereinafter called as MF Regulations ) have been notified vide Gazette notification no. SEBI/LAD-NRO/GN/2021/56 dated November 9, 2021 . These amendments to MF Regulations shall come into force on 30th day from the date of their publication in the Official Gazette. B . With respect to Silver ETFs, the following operating norms have been specified: 1. Investment Objective: To generate returns that are in line with the performance of physical silver in domestic prices, subject to tracking error. 2. Investments: 2.1. A Silver ETF Scheme shall invest at least 95% of the net assets of the scheme in: 2.1.1 . Silver and 2.1.2. Silver related instruments. Exchange Traded Commodity Derivatives (ETCDs) having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's investments + Current Assets - Current Liabilities and Provision Number of units outstanding under the Scheme on the Valuation Date 5. Total Expense Ratio (TER): The TER applicable for Silver ETF schemes shall be same as the TER applicable for ETFs in terms of Regulation 52 of MF Regulations. 6. Disclosure of NAV: The NAV of Silver ETFs shall be disclosed on daily basis on the website of the AMC. Further, the indicative NAVs of Silver ETFs shall be disclosed on Stock Exchange platforms, where the units of these ETFs are listed, on continuous basis during the trading hours. 7. Benchmark for Silver ETF Scheme: Silver ETF Scheme(s) shall be benchmarked against the price of silver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lver and the Silver ETF, on the website of the AMC on monthly basis for tenures 1 year, 3 year, 5 year, 10 year and since the date of allotment of units. 10. Disclosures: To enable the investors to take an informed decision, the SID of Silver ETFs shall, inter-alia, disclose the following: 10.1 . Tracking error and tracking difference, 10.2. Market risk due to volatility in silver prices, 10.3. Liquidity risks in physical or derivative markets impairing the ability of the fund to buy and sell silver, 10.4 . Risks associated with handling, storing and safekeeping of physical silver; 10.5. Applicable tax provisions. 11. Dedicated Fund Manager: For commodity based funds such as Gold ETFs, Silver ETFs and ot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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