SBI Silver ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Silver ETF FOF Direct Growth Plan has a NAV of ₹24.9539 as of 10 Sep 2026 and an AUM of ₹3,923 Cr. Its 1-year, 3-year and 5-year returns are 88.17%, 0% and 0%, and the scheme is tagged High Risk. Our view is that this is a concentrated silver-linked fund of fund whose recent momentum is strong, but whose longer horizon history is still too short to build a full track record.
The fund may suit investors who are comfortable with sharp swings and want silver exposure inside a mutual-fund wrapper rather than a diversified equity-style return path. The main trade-off is that the portfolio is effectively tied to a single underlying silver ETF holding, so short-term moves can be decisive and the experience may differ materially from broad-market benchmark behaviour.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹24.9539 as of 10 Sep 2026 |
| AUM | ₹3,923 Cr |
| Expense Ratio | 0.3% |
| Launch Date | 11 Jul 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 1% on or before 15D, Nil after 15D |
| Fund Managers | Viral Chhadva |
The fund is managed by Viral Chhadva.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.53% | -4.06% |
| 3M | 0.96% | 1.37% |
| 1Y | 88.17% | -7.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The near-term pattern is mixed but constructive. Over one month, the fund edged higher while the benchmark was weak, which suggests the silver exposure was steadier than the broad equity reference during that slice. Over three months, both were positive, but the fund’s gain was modestly lower than the benchmark’s.
The one-year number is the standout. The fund has risen sharply over the period, while the benchmark has declined, so the gap is not just about outperformance but about a very different return driver. That matters because the fund is not trying to behave like a diversified equity fund; its path is shaped by silver exposure and that can diverge substantially from the benchmark.
The shorter time periods in the return pattern also show that the path was not linear. There were phases of weakness and recovery, which is typical for a commodity-linked strategy. In our view, that makes the one-year outcome meaningful, but it also means investors should read the recent strength as cycle-sensitive rather than a smooth compounding story.
The absence of 3-year and 5-year figures reflects the fund’s young history. As a result, the current assessment rests heavily on the fund’s short operating record and on whether investors are comfortable with that level of concentration and benchmark divergence.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD SBI Silver ETF FOF?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding SBI Silver ETF FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Silver ETF FOF Direct Growth Plan | 88.17% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 86.54% | 46.64% | Data not available |
| Axis Silver FoF Direct Growth Plan | 85.6% | 46.72% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 85.48% | Data not available | Data not available |
| Aditya Birla SL Silver ETF FOF Direct Growth Plan | 84.59% | 46.31% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year figures, the fund is slightly ahead of the closest peer values, but the gap is small and the cluster is tight. That tells us recent performance across this silver-focussed group has been broadly similar, with only modest separation.
The more important difference is in the longer-period columns. Where data is available, the peer set shows mid-40% three-year returns, while this fund does not yet have a 3-year or 5-year record because of its short life. So the short-term comparison looks strong, but the longer-term comparison is not yet complete for this scheme.
For investors, that means the peer table tells two different stories: close short-term grouping, but incomplete longer-term evidence for this fund itself. We would treat the current lead on the 1-year measure as informative, not decisive, because the history is still limited.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| SBI Silver ETF | Domestic Mutual Funds Units – Silver | 100.04% |
The portfolio is fully concentrated in one disclosed holding, SBI Silver ETF, which carries a weight of 100.04%. That is an unusually direct structure for a fund of fund and means the underlying silver ETF is likely to have the main influence on day-to-day movement.
Because only one holding is disclosed, there is no falling-away pattern across multiple positions to assess. The fund is therefore not built like a diversified basket; it is closer to a single-exposure vehicle inside mutual-fund packaging. That can make the return path more dependent on the movement of one underlying asset.
With one disclosed holding out of one disclosed holding, concentration is the defining feature rather than diversification. Investors who are comfortable with a focused commodity-linked exposure may see that as efficient, while others may prefer a broader mix. The disclosed portfolio does not suggest a long tail of smaller positions to soften the impact of the main holding.
Source data date: as of 10 Sep 2026
Who should invest
This fund fits investors who can tolerate High Risk and are comfortable with a silver-linked return path that may move very differently from the Nifty 50. The one-year number is strong, but the short record and the benchmark gap mean the experience is best viewed as cycle-driven rather than steady equity-style compounding.
We think it is more suitable for an investor with a medium-to-long horizon who is specifically looking for commodity exposure inside a mutual fund. The key trade-off is clear: the fund may offer sharp upside when silver trends favourably, but the concentrated structure also leaves little room for diversification within the scheme itself.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 1% on or before 15 days; nil after 15 days.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of SBI Silver ETF FOF Direct Growth Plan?
Its NAV is ₹24.9539 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 88.17%. The 3-year and 5-year returns are Data not available.
How does it compare with the Nifty 50 benchmark?
Over 1 year, the fund has gained 88.17% while the benchmark has declined 7.31%. Over 1 month and 3 months, the comparison is closer, but the one-year gap is substantial.
How does it compare with peer silver FoF schemes on 1-year returns?
Its 1-year return of 88.17% is slightly ahead of the other peer figures listed, which range from 84.59% to 86.54%. The difference is modest, not dramatic.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What are the risk profile, portfolio concentration and exit load?
The fund is tagged High Risk and its portfolio is concentrated in one disclosed holding, SBI Silver ETF. The exit load is 1% on or before 15 days and nil after 15 days.
Bottom line
SBI Silver ETF FOF Direct Growth Plan has shown strong recent momentum, especially over 1 year, but the fund’s short history means its longer-term record is still incomplete. On the available peer data, its recent return is a touch ahead of other silver FoF schemes, yet the broader story is still one of a concentrated silver exposure rather than a diversified fund. That makes it a fit mainly for investors who accept High Risk and want a focused commodity-linked allocation.
Published on 11 September 2026 at 3:38 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.