Mirae Asset Nifty Total Market Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Nifty Total Market Index Fund Direct Growth Plan has a NAV of ₹10.1858 as of 17 Sep 2026 and an AUM of ₹51 Cr. Its 1-year, 3-year and 5-year returns are -2.58%, 0% and 0%, and it sits in the High Risk category. Our view is that this is best seen as a broad-market index fund with a relatively short live history, so the recent return pattern matters more than any long-term track record.
The fund has a low expense ratio of 0.23% and tracks a broad equity benchmark, but its own recent return profile has been soft versus the benchmark. That makes it more suitable for investors who want index-led exposure and can tolerate near-term fluctuations, rather than those seeking strong short-term consistency.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.1858 as of 17 Sep 2026 |
| AUM | ₹51 Cr |
| Expense Ratio | 0.23% |
| Launch Date | 28 Oct 2024 |
| Min SIP | ₹99 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Ekta Gala, Ritesh Patel |
The fund is managed by Ekta Gala and Ritesh Patel.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.37% | -3.66% |
| 3M | -1.75% | -3.71% |
| 1Y | -2.58% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The fund’s recent return pattern has been uneven, with a weak 1-month figure and a slightly better 3-month showing. Even so, the 1-year return remains negative, which tells us the fund has not yet built a stable short-term compounding path.
Against the benchmark, the fund has held up better in the latest 3-month and 1-year windows. The gap is meaningful: the benchmark’s 1-year return is more negative, so this fund has lost less ground over that period. That does not make the recent trend strong in absolute terms, but it does show relative resilience versus the benchmark.
Because the scheme was launched only in late 2024, the 3-year and 5-year figures are not available. That limits the depth of long-horizon analysis. For now, we rely on the short history we do have, and that history suggests the fund has tracked market weakness with slightly less drag than the benchmark in the latest windows, while still showing negative absolute returns.
The time pattern also points to some recovery after earlier weakness, rather than a smooth upward run. For an index fund, that is not unusual, but it does mean investors should judge it on broad-market participation and cost efficiency rather than on a strong return record.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Mirae Asset Nifty Total Market 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 Mirae Asset Nifty Total Market Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Nifty Total Market Index Fund Direct Growth Plan | -2.58% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | 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 clearly weaker than the peer funds listed here, while the shortest history among peers with longer records also shows much stronger 3-year results in two cases. That makes the fund’s recent return profile look subdued relative to this peer set.
At the same time, the comparison is not fully symmetrical because several peers do not have 3-year or 5-year figures available. On the available longer-period numbers, this fund still trails the peers that do show those figures, so the short-term and longer-term snapshots both lean in the same direction.
That said, the fund is an index strategy with a broad-market mandate, so the more useful question is whether it behaves like its benchmark at a reasonable cost. On that front, the recent returns have been less negative than the benchmark, even though they remain below zero.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 5.17% |
| ICICI Bank Ltd. | Bank | 4.96% |
| Reliance Industries Ltd. | Crude Oil | 4.11% |
| Bharti Airtel Ltd. | Telecom | 2.62% |
| Larsen & Toubro Ltd. | Infrastructure | 2.25% |
| State Bank of India | Bank | 2.09% |
| Infosys Ltd. | IT | 1.89% |
| Axis Bank Ltd. | Bank | 1.78% |
| Kotak Mahindra Bank Ltd. | Bank | 1.47% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 1.39% |
The top 10 holdings account for approximately 27.73% of the portfolio.
To see all holdings, visit the Mirae Asset Nifty Total Market Index Fund Direct Growth Plan page
The largest holding, HDFC Bank Ltd., stands at 5.17%, which is a meaningful but not dominant weight for a broad index fund. The next few holdings remain close behind, with ICICI Bank Ltd. at 4.96% and Reliance Industries Ltd. at 4.11%, so the portfolio starts with a fairly familiar large-cap core.
The drop from the largest position to the tenth position is gradual rather than sharp, moving from 5.17% to 1.39%. That suggests the disclosed holdings are spread across several major names instead of being dominated by one or two positions.
Even so, the top 10 together account for 27.73% of the portfolio, while 37 holdings are disclosed in total. That combination implies a reasonably wide tail beyond the largest names, which may help reduce reliance on only a handful of stocks, although the leading positions are still likely to have greater influence on near-term movement.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through periods of negative short-term returns. The return pattern shows weakness over 1 year, and the benchmark comparison shows that this scheme has still fallen less than the benchmark in the latest windows, which may appeal to investors seeking broad-market exposure without expecting defensive behavior.
A longer horizon is important here because the scheme is young and its longer-period performance record is not yet available. Investors who want low-cost, index-linked participation in Indian equities and can tolerate interim volatility may find the structure sensible. The main trade-off is that a broad index fund can track the market closely, so the upside is tied to market recovery rather than manager-led outperformance.
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 17 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Nifty Total Market Index Fund Direct Growth Plan?
The current NAV is ₹10.1858 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is -2.58%, while the 3-year and 5-year returns are Data not available.
How has it done against the benchmark?
Its recent returns have been better than the benchmark in the 1-month, 3-month and 1-year periods shown here. The benchmark’s 1-year return is -7.13%, versus -2.58% for the fund.
How does it compare with the peer funds listed here?
Its 1-year return is weaker than the peer funds shown, while some peers also have much stronger 3-year figures where available. The short-term comparison and the available longer-term numbers both point to a softer return profile for this scheme.
What is the minimum SIP amount?
The minimum SIP amount is ₹99.
Who manages the fund and what is the exit load?
The fund is managed by Ekta Gala and Ritesh Patel. There is no exit load.
Bottom line
This fund has a short track record and a weak 1-year return, but it has still held up better than its benchmark in the recent windows shown. Compared with the listed peers, its available return figures look softer, especially where peers have longer records. The portfolio is not overly dominated by a single holding, and the top 10 names make up 27.73% of assets across 37 disclosed holdings. For investors seeking low-cost, broad-market index exposure and able to accept High Risk equity volatility, it is a watchlist name rather than a short-term momentum story.
Published on 18 September 2026 at 3:32 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.