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Inflation Hedge:

Gold remains a store of value and has served as an enduring hedge against inflation in the long run.

Source: World Gold Council, Bloomberg. Returns have been rounded off to the nearest decimal. Data as on June 30, 2025. CPI numbers used for calculating Inflation. Past Performance may or may not be sustained in the future and is not a guarantee of future returns. Returns do not take into account the load and taxes, if any

Hedge against Rupee Depreciation:

Gold has served as a hedge against rupee depreciation across multiple time periods.

The graph is for the educational purpose only and should not be construed as a promise on minimum returns and safeguard of capital. Baroda BNP Paribas Asset Management India Pvt Ltd /Baroda BNP Paribas Mutual Fund is not guaranteeing or promising or forecasting any returns Past performance may or may not be sustained in future and is not a guarantee of future returns. Returns do not take into account the load and taxes, if any

Crisis Diversification:

Gold being negatively correlated to equities has served as one of an excellent diversification instrument, especially during a crisis including the recent US Tariff war.

Source: WGC, Niftyindices, AMFI. Date for data is as follows: Global Financial Crisis: 31-12-07 to 31-12-08, US Debt Ceiling Crisis: 31-12-2010 to 31-08-11, European Debt Crisis: 31-12-09 to 31-12-12, Covid-19 Pandemic: 28-02-2020 to 30-06-20, US Tariff War: 05-11-24 to 30-06-2025, Data used for asset classes: Equity – Nifty 50 TRI, Gold – WGC Gold Rate INR, Debt – Crisil Short Term Bond Index for the period considered The above simulation is for illustrative purpose only and should not be construed as a promise on minimum returns and safeguard of capital. Baroda BNP Paribas Asset Management (India) Private Limited/Baroda BNP Paribas Mutual Fund is not guaranteeing or promising or forecasting any returns | Past performance may or may not be sustained in future and is not a guarantee of future returns. Returns do not take into account the load and taxes, if any

Outperformance

Gold has outperformed equity across most time periods with better return to risk ratio:

Data used for asset classes: Equity – Nifty 50 TRI, Gold – WGC Gold Rate INR The graph is for the educational purpose only and should not be construed as a promise on minimum returns and safeguard of capital. Baroda BNP Paribas Asset Management India Pvt Ltd /Baroda BNP Paribas Mutual Fund is not guaranteeing or promising or forecasting any returns. Returns do not take into account the load and taxes, if any. This information alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future and is not a guarantee of future returns.

Source: WGC, Niftyindices. Data as on June 30, 2025. Past performance may or may not be sustained in future and is not a guarantee of future returns.

  • Purity: Physical gold is held by the ETF in the form of 1 Kg bars with 99.5% purity.

  • Ease of Transaction: Units are issued in demat form (ETF) or held in pool account (FoF) and can be acquired or liquidated easily

  • Potentially Safe and Secure: Physical gold is stored in dedicated vaults and covered by insurance. Units are stored securely in depositories or with mutual funds.

  • Transparent & Fair Pricing: Gold ETFs are traded like shares and thus have transparent pricing linked to market forces as compared to inconsistent pricing experienced with physical gold.

  • Investment Facilities: FoFs allow investors to make incremental investments in gold using facilities like Systematic Investment Plan, Systematic Transfer Plan, etc.

The scheme invests in the Baroda BNP Paribas Gold ETF units. Investors can invest in the FoF without having a demat account as well as using investment facilities like SIP, STP etc.

Scheme Features:

NFO Dates : 04-08-2025 to 14-08-2025
Minimum Investment

During NFO - Rs. 1,000 and in multiples of Rs. 1 thereafter.

On Continuous basis:
Rs. 1,000 and in multiples of Re. 1 thereafter. The AMC reserves the right to change the minimum additional application amount from time to time.

Note: Allotment of units will be done after deduction of applicable stamp duty and transaction, if any

Load Structure Exit Load: 1% if units are redeemed / switched out within 15 days from date of allotment
-No Exit Load is payable if units are redeemed / switched-out after 15 days from the date of allotment.

For detailed load structure please refer Scheme Information Document. Investors may please note that they will be bearing the recurring expenses of the Scheme in addition to the expenses of the Underlying Schemes in which the Investments are made by the Scheme

Plans & Options Direct and Regular plan with Growth Option only
Benchmark Domestic Price of Physical Gold based on the the AM fixing price of gold by the LBMA
Fund Manager Gurvinder Singh Wasan (Total Experience: 21 years)
Madhav Vyas (Total Experience: 9 Years), Swapna Shelar (Total Experience: 14 Years)

Scheme Documents

KIM and Editable Application Form

Click Here

Product Presentation

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English one pager

Click Here

FAQs – Gold Fund of Fund

What is a Fund of Fund (FOF)?

A Fund of Fund (FOF) is a type of mutual fund scheme that invests in other mutual fund schemes hence the name Fund of Fund. A typical Fund of Funds scheme may invest in one or more than one fund depending on the strategy in question. FOF can have an active strategy i.e. a fund manager taking an active call on which funds to invest in or a passive strategy where the decision and weight of investments in fund is pre decided.

What are the benefits of a Fund of Fund?

A FoF allows for detailed investment strategy planning or for allowing access to funds which are not otherwise accessible to certain investors. Some of the benefits are as follows:

  • Diversification: A FOF may invest in a single fund or multiple funds managed by multiple different fund managers with their own different strategies thus allowing for higher diversification than investing in a single fund.
  • Access to certain schemes: FoFs allow access to certain investment instruments that might otherwise not be directly accessible to a certain segment of investors. For e.g. an Exchange Traded Fund (ETF) is traded on a stock exchange. To transact in an ETF requires a broking/demat account. Some investors might not have a broking/demat account. A FOF investing in the ETF allows such investors to invest in the ETF via this indirect route.
  • Multi Manager Expertise: A FOF may invest in multiple schemes managed by multiple fund managers. The strategies employed by the fund managers may be diverse and a FOF allows investors to access the skills of all those fund managers in a single scheme.
What does a Gold Fund of Fund do?

A Gold Fund of Fund invests in Gold ETFs. A gold FOF may invest in more than one gold ETF. Baroda BNP Paribas Gold ETF Fund of Fund will invest in Baroda BNP Paribas Gold ETF which in turn invests in physical gold and gold related instruments.

What is the difference between Baroda BNP Paribas Gold ETF Fund of Fund and Baroda BNP Paribas Gold ETF?

The Baroda BNP Paribas Gold ETF Fund of Fund invests in the Baroda BNP Paribas Gold ETF. Key distinctions and features are as follows:

Features Baroda BNP Paribas Gold ETF Baroda BNP Paribas Gold ETF Fund of Fund
Investment Philosophy Invests in physical gold and gold related instruments Invests in Baroda BNP Paribas Gold ETF
How to Invest? On the exchange like shares With the fund house like a normal fund
Intraday Trading Possible as units are traded at near real time NAV Not possible as units are allotted/ redeemed at closing NAV, subject to time of receipt of application
Liquidity Provider Market Makers appointed by the fund house Investors have to put in an application with the scheme provider
Investment Requirements Broking + Demat account compulsorily required Can be held in physical as well as demat form. Broking and demat account not compulsory
Cost of investing TER + transaction costs Fund TER (Direct / Regular Plan)#
Mutual Fund Special Facilities Not Available Facilities like SIP, STP and SWP are available

# Investors may please note that they will be bearing the recurring expenses of the Scheme in addition to the expenses of the Underlying Schemes in which the Investments are made by the Scheme

What are the things one must note when investing in a FoF?

A Fund of Fund as the name suggests invests in other mutual funds. Some things investors must look out for are as follows:

  • Combined Expense: A FOF charges fees for managing the scheme which is charged in the form of expense ratio. The underlying funds also charge fees for managing the underlying funds. An investor in a FOF incurs the expense ratio of the FOF as well as the underlying scheme and this may add up to be a larger number.
  • Performance Drag: All mutual funds hold varying levels of cash to meet their redemptions and other liabilities. As a result, the FOF and its underlying funds may not be fully invested at all points of time resulting in a drag on the performance. The FOF structure means the drag in the underlying funds is also compounded by the cash held by the FOF.
  • Over Diversification: Diversification is an advantageous trait of FOF but too much of a good thing can be equally bad. The quest for diversification may result in smaller allocation to good performing funds resulting in a limited upside potential.
  • Tax Complexity: An equity fund is taxed different from a debt fund with shorter time frame for long term capital gain and lower taxation for short term capital gains. A FOF may be taxed like a debt fund depending on the defined nature of FOF despite holding equity funds in its underlying resulting in unfavourable taxation for the investor.

FAQs – Gold ETF

What is an ETF?

An Exchange Traded Fund (ETF) is a type of mutual fund scheme that tracks / replicates the performance of a specified commodity or benchmark equity or debt index. The units are listed on stock exchanges and can be traded freely like shares.

An ETF tracks / replicates the specified commodity or benchmark index by buying securities comprising the index in the same weightage as that in the index. For e.g. a Gold ETF scheme will hold physical gold whereas a Nifty Bank ETF scheme will hold banking stocks comprising the Nifty Bank Index in the same proportion (weightage) as the index.

What are other types of passive investment options?

Passive investment options are broadly categorized in two segments: Index Funds and Exchange Traded Funds (ETFs). The underlying principle remains the same for i.e., both track / replicate the specified benchmark index by investing in securities comprising the index.

The difference between the two options is in the way they are administered. Index Funds are like traditional mutual fund schemes in their administration. Investors can subscribe / redeem units with the AMC at Day end NAV.

ETFs as their name suggest are listed on stock exchanges and are traded like shares. Investors can buy and sell units on the exchange without coming to the AMC directly. AMCs will also appoint dedicated market makers for the ETF who will provide liquidity for the units on the exchange.

How does an ETF work?

A commodity ETF like gold ETF will buy physical gold and gold related instruments like Exchange Traded Commodity Derivatives (ETCD). An ETF will endeavour to remain as fully invested as possible in the underlying commodity subject to minimum lot size available for purchase (For e.g. lot size for gold ETF is 1 kg bar of 99.5% purity as mentioned under the asset allocation of the Scheme Information Document).

An equity or debt ETF tracks / replicates the specified index by investing in securities comprising the index and in the same weight as the weight of the security in the index. For e.g. if XYZ Bank has a weight of 33% in the Nifty Bank Index, then a Nifty Bank ETF will seek to hold 33% of its AUM in XYZ Bank stock.

The index provider calculates the daily weight of the security in the index and releases the file to the AMCs who then use the file to rebalance their portfolio and align it with the index.

Any addition / deletion of securities from the index are also intimated to the AMC by the index provider which then takes the necessary steps to buy or sell the respective securities.

What are benefits of ETF?

Easy: Easy to understand investment strategy. Tracking or replicating a pre-specified benchmark/index as closely as possible or simply holding a commodity.

Rule Based Investing: An index is a rule-based portfolio with stock/company selection based on pre-defined rules and free from any individual biases.

Efficient: Portfolio reflecting the collective wisdom of the market with market performance subject to tracking error and expenses.

Economical: Generally lower expense ratio than a traditional mutual fund scheme due to no fund manager involvement in investment decision.

No Style Drift: A style drift is when a fund manager makes investment that is outside the fund’s defined investment style. For example, a mid-cap fund investing its residual portion in small caps instead of mid-caps only. Style drifts change the risk structure of the fund which the investor may not have signed up for but is exposed to, nonetheless. ETFs are by regulation required to strictly replicate the index with no active decision in security selection by the fund manager.

Convenient execution: ETFs allows investors the flexibility to quickly enter and exit, especially intraday whereas traditional mutual fund schemes can be bought or sold only at the end of day.

Diversification: Equity and Debt ETFs hold a basket of securities allowing for easy diversification in a single instrument.

Small Ticket Size: ETF units are priced at a fraction of the index or commodity that they hold. For e.g. Gold is priced at ₹ 1,00,000 per 10g, the ETF will be priced at ₹ 100 or ₹ 1000 per unit with the unit reflecting the appropriate quantity of gold. This allows investors exposure to a basket of securities at a fraction of the cost.

Used for margining purpose: ETFs are traded and treated like shares and can be used for margining purposes with brokers and exchanges.

Why do ETFs have low expense ratio?

There is no active stock selection or investment decision requirement to be made by the fund manager in an ETF. This eliminates cost of fund manager and research analysts. Additionally, ETFs tend to have less portfolio churn as compared to active funds resulting in saving on transaction costs. These costs which forms major portion of a fund’s expense ratio are eliminated resulting in ETFs having a low expense ratio. Additionally, regulators have capped the Total Expense Ratio (TER) that can be charged by ETFs to 1% of AUM.

How do ETFs offer diversification?

An index is a rule-based investment portfolio constructed by defining various security selection parameters and then applying necessary filters for final security selection. In the case of broad market indices, security selection takes place from a large pool of stocks from various industries, sectors and geographical locations and having different sizes, business models and operational efficiencies.

Rules are also defined for the size of a security in the portfolio. The resulting broad market index by its nature is not only diversified across sectors and industries but also protected against concentration in a single security.

However, this diversification is only applicable for broad market indices and will not apply to sector focused or other specific custom indices due to the nature of such indices.

Does performance of ETF get affected by fund manager’s views?

An ETF manager does not take any active stock selection or view based investment decision. An ETF will not filter out securities from its specified index or take a defensive position in case of a market crash. An ETF has to stay completely invested at all time except for cash held for subscription and redemption on that specific day. Any surplus cash held by an ETF must be deployed in the index immediately to ensure efficient replication of the index and to minimize tracking difference and tracking error.

How do ETFs help in timely portfolio rebalancing?

An index is a rule-based investment portfolio with defined rules and criteria for inclusion and exclusion of securities as well as their weight in the portfolio. The indices are periodically reviewed by a committee that determines whether the requisite criteria are met and to take appropriate action in case of a company’s inability to meet the criteria.

The decision-making process eliminates any no emotions or biases and any addition, exclusion and rebalance takes place in a timely manner.

Who should invest in ETFs?

ETFs are an easy, efficient, and economical investment instrument catering to all types of investors. New investors will benefit from the easy-to-understand structure along with low costs and diversification benefits that an ETFs offers. Experienced investors will benefit from using ETFs in a core satellite portfolio construction approach with the bulk of their portfolio (core) in broad market ETFs and the remainder portion (satellite) in riskier investments.

ETFs are also a preferred instrument for equity exposure by institutions where direct equity exposure may be restricted and for short term trading calls.

Do ETFs beat the market?

The objective of ETFs is to generate returns commensurate with the specified index/commodity that the fund is tracking / replicating subject to tracking error and expenses. By its nature, it will mostly underperform the index/commodity due to the tracking error and expenses. An ETFs endeavours to generate benchmark return which is market return and will not beat the market.

Do ETFs generate high returns?

ETFs generate returns commensurate with the specified index/commodity that the fund is tracking / replicating subject to tracking error and expenses. It will not endeavour to beat the market but to replicate the underlying index in its entirety.

What is tracking difference?

The tracking difference i.e. the annualized difference of daily returns between the index/commodity and the NAV of the Scheme. For example, if gold has generated a return of say 10% in a year and the ETF holding physical gold has generated a return of 9.5% in the same period, the tracking difference of the fund is 0.5%.

Tracking difference is an unavoidable part of ETF due to the fees and expenses charged by the scheme and cash held by the scheme. Tracking difference also occurs due to certain corporate actions like dividends or due to unavailability of securities/lot size for transaction.

What is tracking error?

Tracking error is a measure of deviation of fund returns from the benchmark returns. Unlike tracking difference which computes point to point returns and highlights difference of returns between fund and index, tracking error calculates standard deviation of daily difference in performance between the fund and index/commodity and highlights the annualized number which is known as tracking error.

Tracking error is the mark of efficiency and consistency of an ETF with it indicating how closely the fund manages to track / replicate the index/stay invested in the commodity. A lower tracking error indicates the fund is consistent in replicating its portfolio with that of the index whereas a higher tracking error points to inconsistencies in benchmark tracking / replication.

Like tracking difference, tracking error is also unavoidable due to fees and expenses, cash held by the scheme, corporate actions like dividends and availability of securities required to replicate the index portfolio.

What are the main sources of tracking error and tracking difference?

The main sources of tracking error and tracking difference are as follows:

  • Fees and expenditure incurred by the scheme.
  • Cash held by the scheme.
  • Corporate Actions.
  • Unavailability of securities in the underlying index due to circuit filters, lack of liquidity.
  • Halting of trading in underlying securities by the exchange.
  • Delay in replicating the portfolio during times of high volatility and reconstitution / rebalancing of the index.
  • Rounding off securities for buying or selling as compared to the underlying index.
What is expense ratio?

Expense ratio is a fee charged by the mutual fund to cover their management, administrative, and other expenses. It is usually charged as a % of Assets Under Management (AUM). ETFs tend to have lower expense ratio as compared to active funds as there is no fund manager involvement in security selection in an ETF.

How should one select an ETF?

Investors need to consider the following parameters when selecting an ETF:

  • The index/commodity that the fund is seeking to track / replicate.
  • Expense ratio of the fund. It is often advisable to select the fund with a low expense ratio, however lowest expense ratio should not be the only criteria for ETF selection.
  • Tracking Difference and Tracking Error: Should be lower than peers.
  • AUM of the scheme: Schemes with a large AUM tend to be preferred as size allows for improved efficiency in management of the fund.

Investors can take a call on the weightage they wish to assign to tracking difference, tracking error, AUM, and expense ratio. For example, one approach is to shortlist funds with the lowest tracking error and then invest in funds having the lowest expense ratio amongst the schemes shortlisted. Investors may also wish to add an AUM filter in the above scenario say, minimum AUM of the scheme must be 50 crores.

How to invest in an ETF ?

ETFs are listed on the exchanges and can be traded freely like shares. Investors can buy or sell ETFs on the exchange for a minimum of 1 unit and above. Large investors can approach the AMC directly for creation and redemption of units with a minimum ticket size of ₹ 25 crore and in multiples of creation unit size.

Can one invest in ETFs without a broking/demat account?

Broking and demat accounts are mandatory for investing in ETFs. Unlike normal mutual funds, one cannot invest in ETFs without a demat account as ETF units are stored in the demat account. A broking account is required to transact in the ETF units on the exchange.

Who provides liquidity for the ETFs on the exchange?

AMCs appoint Authorized Participants / Market Makers who provide liquidity for the ETFs on the exchange. They provide buy and sell quotes and execute the orders at the price quoted by them. For large ticket size trades, the relationship manager can connect the investor and market maker who will execute the trades on the exchange at an agreed upon price. Alternatively, investors can approach the AMC directly for creation or redemption of units for a minimum ticket size of ₹ 25 crore in multiples of creation unit size.

What is Creation Unit?

Subscription and redemption in ETFs take place in a minimum basket size of units which is known as creation unit. It is a fixed number of ETF units that can be created and redeemed directly with the AMC and the process is known as creation and redemption. Direct creation or redemption with the AMC can be done only in creation unit or multiples of creation unit. Direct creation or redemption cannot be done in odd quantities and investors must trade on the exchange for odd quantities.

Authorized participants / market makers can approach AMC for a minimum of 1 creation unit. Large investors can approach the AMC directly for a minimum ticket size of ₹ 25 crore and in multiples of creation unit above ₹ 25 crore.

Details of the creation unit basket are updated on the AMC website daily. Creation unit size for Baroda BNP Paribas Gold ETF is 1,00,000 units which is equivalent to 1 kg of gold.

Are the prices at which ETFs trade fair?

AMCs publish live net asset value of the ETFs on the exchanges and AMC website. It is known as indicative NAV or INAV. Prices of the ETFs tend to trade around INAV. Any meaningful deviation of ETF price from the INAV is corrected by arbitrageurs and market makers ensuring that ETF prices are generally fair.

What are risks associated with ETFs?

The major risks associated with ETFs remain the same as with any traditional mutual funds investing in the same asset class. All equity funds including equity ETFs will be subject to the same risk and it applies for debt ETFs as well who are exposed to risks associated with debt. Additional risks involved with ETFs include high tracking error and tracking difference.

How are ETFs taxed?

ETFs are taxed basis the asset class that they invest in. Equity ETFs will be taxed as equity oriented Mutual Funds. Gold ETF will be taxed as other mutual funds (i.e. those that are not specified mutual fund schemes and not equity oriented)

Is Securities Transaction Tax (STT) levied on Exchange Traded Funds (ETFs)

Securities Transaction Tax (STT) does not apply to Gold ETFs, Liquid and Gilt ETFs. For equity ETFs, STT is applicable only on sell transactions. No STT is charged for buy transactions. Details are as below:

Particulars Buy Transactions Sell Transactions
Equity ETFs – Delivery NIL 0.001%
Equity ETFs – Intraday NIL 0.025%
Which is the best ETF?

The nature of ETFs remains the same across the board. They aim to track / replicate the specified index/commodity by investing in securities that comprise the index in the same weight as the presence of the securities in the index.

The funds that achieve this replication in the most efficient manner and with low expenses are the ideal ETFs to invest in.

Investors may please note that they will be bearing the expenses of the relevant fund of fund scheme in addition to the expenses of the underlying schemes in which the fund of fund scheme makes investment in. The Scheme will invest predominantly in Baroda BNP Paribas Gold Exchange Traded Fund of Baroda BNP Paribas Mutual Fund. Hence the Scheme’s performance will depend upon the performance of the underlying mutual fund scheme. Any change in the investment policies or the fundamental attributes of the underlying scheme could affect the performance of the Scheme. Investments by Baroda BNP Paribas Gold ETF are subject to availability of gold. If favorable investment opportunities do not exist or opportunities have noticeably diminished, Baroda BNP Paribas Gold ETF may suspend accepting fresh subscriptions. This may also affect acceptance of subscription by the Fund of Fund Scheme. The investors of the Scheme will bear dual recurring expenses and possibly dual loads, viz, those of the Scheme and those of the underlying Schemes. Hence the investor under the Scheme may receive lower pre-tax returns than what they could have received if they had invested directly in the underlying Schemes in the same proportions. The Portfolio disclosure of the Scheme will be limited to providing the particulars of the underlying schemes where the Scheme has invested and will not include the investments made by the underlying Schemes. However, as the scheme proposes to invest only in Baroda BNP Paribas Gold ETF, the underlying assets will by and large be physical gold. The changes in asset allocation may result in higher transaction costs. The value (price) of gold may fluctuate for several reasons and all such fluctuations will result in changes in the NAV of units under the scheme. The factors that may effect the price of gold, among other things, include demand and supply for gold in India and in the global market, Indian and Foreign exchange rates, Interest rates, Inflation trends, trading in gold as commodity, legal restrictions on the movement/ trade of gold that may be imposed by RBI, Government of India or countries that supply or purchase gold to/from India, trends and restrictions on import/export of golden jewellery in and out of India, etc. The Scheme assets are predominantly invested in Baroda BNP Paribas Gold ETF and valued at the market price of the said units on the principal exchange. The same may be at a variance to the underlying NAV of the fund, due to market expectations, demand supply of the units, etc. To that extent the performance of scheme shall be at variance with that of the underlying scheme/s.

The endeavour would always be to get cash on redemptions from the underlying Scheme. However, in case the underlying fund is unable to sell for any reason, and delivers physical gold, there could be delay in payment of redemptions proceeds pending such realization. The Scheme will subscribe according to the value equivalent to unit creation size as applicable for each of the underlying scheme. When subscriptions received are not adequate enough to invest in creation unit size, the subscriptions may be deployed in debt and money market instruments which will have a different return profile compared to gold returns profile. The liquidity of the Scheme’s investments may be inherently restricted by trading volumes, settlement periods and transfer procedures. In the event of an inordinately large number of redemption requests, or of a re-structuring of the Scheme’s investment portfolio, these periods may become significant. Although, the objective of the Scheme is to generate optimal returns, the objective may or may not be achieved. The NAV of the scheme to the extent invested in Money market securities are likely to be affected by changes in the prevailing rates of interest and are likely to affect the value of the Scheme’s holdings and thus the value of the Scheme’s Units. While securities that are listed on the stock exchange carry lower liquidity risk, the ability to sell these investments is limited by the overall trading volume on the stock exchanges. Money market securities, while liquid, lack a well-developed secondary market, which may restrict the selling ability of the Scheme and may lead to the Scheme incurring losses till the security is finally sold. Investment decisions made by the AMC may not always be profitable, even though it is intended to generate capital appreciation and maximize the returns. The tax benefits available under the Scheme are as available under the present taxation laws and are available only to certain specified categories of investors and that is subject to fulfilment of the relevant conditions. The information given is included for general purposes only and is based on advice that the AMC has received regarding the law and the practice that is currently in force in India and the investors and the Unitholders should be aware that the relevant fiscal rules and their interpretation may change. As is the case with any investment, there can be no guarantee that the tax position or the proposed tax position prevailing at the time of investment in the Scheme will endure indefinitely. In view of the individual nature of tax consequences, each Investor/Unitholder is advised to consult his/her own professional tax advisor

All risks associated with the underlying scheme, including performance of underlying physical gold, asset class risk, passive investment risk, indirect taxation risk etc. will be applicable to this scheme. Investors who intent to invest in this scheme are required to and deemed to have understood the risk factors of the underlying scheme.

Disclaimers: The material contained herein has been obtained from publicly available information, internally developed data and other sources believed to be reliable, but Baroda BNP Paribas Asset Management India Private Limited (AMC) makes no representation that it is accurate or complete. The AMC has no obligation to tell the recipient when opinions or information given herein change. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. This information is meant for general reading purpose only and is not meant to serve as a professional guide for the readers. Except for the historical information contained herein, statements in this publication, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. The AMC undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. The words like believe/belief are independent perception of the Fund Manager and do not construe as opinion or advise. This information is not intended to be an offer to sell or a solicitation for the purchase or sale of any financial product or instrument. The information should not be construed as an investment advice and investors are requested to consult their investment advisor and arrive at an informed investment decision before making any investments. The sector(s) mentioned in this document do not constitute any recommendation of the same and Baroda BNP Paribas Mutual Fund may or may not have any future position in these sector(s). The Trustee, AMC, Mutual Fund, their directors, officers or their employees shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages arising out of the information contained in this document. Past performance may or may not be sustained in future and is not guarantee of any future returns.

Baroda BNP Paribas Gold ETF Fund of Fund