ICICI Pru Nifty 500 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Nifty 500 Index Fund Direct Growth Plan is an index fund with a NAV of ₹10.165 as of 15 Sep 2026 and scheme AUM of ₹104 Cr. Its 1-year, 3-year and 5-year returns are -2.85%, 0% and 0%, and it sits in the High Risk category.
Our view is that the fund is still early in its journey, so the short return record and benchmark-aligned structure matter more than any long record. The portfolio is led by large, established names, which supports market-linked participation, but the recent return profile also shows that this is not a low-volatility choice.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.165 as of 15 Sep 2026 |
| AUM | ₹104 Cr |
| Expense Ratio | 0.3% |
| Launch Date | 20 Dec 2024 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Nishit Patel, Ashwini Shinde, Venus Ahuja |
The fund is managed by Nishit Patel, Ashwini Shinde and Venus Ahuja.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.59% | -4.81% |
| 3M | -1.93% | -3.63% |
| 1Y | -2.85% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent pattern has been uneven, but it has not been as weak as the benchmark in the same windows. Over 1 month, the fund and benchmark were both under pressure, with the fund slipping slightly less. Over 3 months, the fund again held up better than the benchmark, which points to some relative resilience even though returns remained negative.
The 1-year picture is also better than the benchmark, though still negative. That matters because the fund has only a short operating history, so the most useful read is the combination of a soft short-term track record and a benchmark that has been even weaker over the same period. For a passive product, that usually points to close market linkage rather than a strong independent return engine.
We do not yet have a meaningful 3-year or 5-year history for this scheme, so the long-term compounding story is not established. Our view is that the chart pattern fits a fund that moved broadly with the market and recovered in stretches, but without enough history to make a stable long-horizon judgement.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty 500 Index?
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 ICICI Pru Nifty 500 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty 500 Index Fund Direct Growth Plan | -2.85% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 32.61% | 29.92% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 25.91% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.71% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.15% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 18.11% | 18.92% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is far below the strongest peer figures in this set, while its own number remains negative. That makes the short-term comparison look weak on an absolute basis, even though it has held up better than the benchmark over the same period. The difference between the fund and the benchmark is also relevant: the fund has been less negative than the benchmark, so the relative picture is better than the headline number suggests.
On longer windows, the comparison is less informative because the current fund has no 3-year or 5-year history, while several peers also have missing longer-duration figures. Where longer data exists, the peer returns shown here are materially stronger than the current fund’s 1-year figure. So the short-term story and the longer-term comparison point in different directions: the fund has been steadier than the benchmark recently, but it does not yet have a developed multi-year record to match the peer data that is available.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 5.41% |
| ICICI Bank Ltd. | Bank | 5.19% |
| Reliance Industries Ltd. | Crude Oil | 4.3% |
| Bharti Airtel Ltd. | Telecom | 2.74% |
| Larsen & Toubro Ltd. | Infrastructure | 2.36% |
| State Bank of India | Bank | 2.18% |
| Infosys Ltd. | IT | 1.99% |
| Axis Bank Ltd. | Bank | 1.86% |
| Kotak Mahindra Bank Ltd. | Bank | 1.54% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 1.46% |
The top 10 holdings account for approximately 29.03% of the portfolio.
To see all holdings, visit the ICICI Pru Nifty 500 Index Fund Direct Growth Plan page
The largest holding, HDFC Bank Ltd., is 5.41%, which is meaningful but not dominant. The gap from the first holding to the tenth holding is not extreme, because the list still includes positions above 1.4% at the bottom of the table. That suggests the visible core is fairly broad rather than highly concentrated in one or two names.
Even so, the top 10 together account for just under a third of the portfolio, while the disclosed holding count is 39. That combination suggests a long tail beyond the largest positions, so no single name is likely to control outcomes on its own. In our view, this kind of spread may help reduce dependence on any one stock, while still leaving the fund sensitive to broad moves in the larger index constituents.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk and are comfortable with equity-style market swings. The recent return pattern has been negative, and the fund has not yet built a long multi-year history, so it fits best as a core passive equity allocation rather than a short-term parking place.
It is more suitable for an investment horizon that gives time for market cycles to play out. The main trade-off is straightforward: low-cost index exposure and broad market participation, but with periods where returns can remain under pressure and may move closely with the market.
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: No exit load.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty 500 Index Fund Direct Growth Plan?
The current NAV is ₹10.165 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -2.85%, while the 3-year and 5-year returns are 0% in the available record because the scheme is still young.
How has the fund compared with its benchmark recently?
It has been less weak than the benchmark over 1 month, 3 months and 1 year, even though both have been negative.
How does it compare with the peer funds listed here?
The current fund’s 1-year return is much lower than the strongest peer figures shown here, although several peers also have missing longer-duration figures.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Nishit Patel, Ashwini Shinde and Venus Ahuja. There is no exit load.
Bottom line
This fund’s recent performance is negative, but it has held up better than the benchmark in the same periods, which softens the read on the short-term result. The peer set also shows stronger 1-year figures in several cases, while the fund itself still lacks a meaningful multi-year record. With a High Risk profile and a portfolio led by large financial and market leaders, it is best viewed as a broad market exposure fund for investors who can stay invested through weaker phases.
Published on 16 September 2026 at 9:29 AM 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.