A middling first year for silver ETFs; AUM at around Rs 1,500 cr by Nov end

Brokerages have an upside bias for silver in 2023 as they see strong demand for the metal amid the global green energy push and rising industrial demand

Silver exchange-traded funds (ETFs) have gained modest traction in their first year, with assets under management (AUM) of around Rs 1,500 crore at the end of November. According to investment advisors, such products have a place in asset allocation and flows will pick up once they register a good showing on the returns chart.

ICICI Prudential, Aditya Birla Sun Life, and Nippon India were among the first fund houses to launch silver ETFs in January-February 2021. There are now seven such offerings with Axis MF, HDFC MF, Kotak Mahindra AMC, and DSP Investment Managers also entering the space. The number