DSP Gold ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP Gold ETF FoF Direct Growth Plan has a NAV of ₹23.7101 as of 17 September 2026 and an AUM of ₹556 Cr. Its 1-year, 3-year and 5-year returns are 35.17%, 0% and 0%, and the scheme is tagged High Risk. Our view is that this is a focused gold-linked fund-of-fund with a short live track record and a portfolio that is almost fully concentrated in one underlying holding, so the investment case depends more on gold allocation than on diversification across multiple securities.
The fund has been open since 17 November 2023, which means the available performance record is still limited. It may suit investors who want a simple gold exposure through a fund structure and can handle sharp moves in line with the metal, but it is not a fit for investors looking for broad equity-like compounding or a diversified multi-asset approach.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹23.7101 as of 17 Sep 2026 |
| AUM | ₹556 Cr |
| Expense Ratio | 0.66% |
| Launch Date | 17 Nov 2023 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Others |
| Exit Load | No exit load |
| Fund Managers | Anil Ghelani, Diipesh Shah, Neha Rathi |
The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.55% | -3.66% |
| 3M | 1.95% | -3.71% |
| 1Y | 35.17% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent return pattern is mixed at the shorter end, but the 1-year figure stands out clearly. Over one month, the fund was slightly weak, yet it still fell less than the benchmark. Over three months, it turned positive while the benchmark stayed negative, which points to a stronger short-term recovery in the fund than in the index.
The 1-year return is the most useful guide because the scheme has not been around long enough to offer a live 3-year or 5-year history. On that basis, the fund has done much better than the benchmark, which was negative over the same period. That gap suggests the underlying gold exposure has behaved very differently from the Nifty 50 and has offered a useful diversification effect over this stretch.
The provided path through the year also looks uneven rather than smooth. There were periods of weakness and recovery, which is typical of a metal-linked allocation. For investors, that means the fund may work better as a tactical or satellite holding than as a core equity substitute. The recent short-term stability is helpful, but it does not change the fact that the longer record is still too short for a full cycle view.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD DSP Gold 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 DSP Gold ETF FoF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP Gold ETF FoF Direct Growth Plan | 35.17% | Data not available | Data not available |
| DSP Silver ETF FoF Direct Growth Plan | 74.79% | Data not available | Data not available |
| UTI Silver ETF FoF Direct Growth Plan | 73.31% | 45.21% | Data not available |
| ICICI Pru Silver ETF FOF Direct Growth Plan | 72.38% | 45.03% | Data not available |
| Tata Silver ETF FoF Direct Growth Plan | 69.73% | Data not available | Data not available |
| UTI Gold ETF FoF Direct Growth Plan | 35.4% | 35.95% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is close to UTI Gold ETF FoF Direct Growth Plan and well below the silver-focused funds in this set, which have delivered much stronger one-year numbers. That makes the short-term comparison more about exposure choice than about the fund lagging within the same metal theme.
The longer horizon story is different because only UTI Gold ETF FoF Direct Growth Plan has a usable 3-year figure, and that figure is strong at 35.95% while this fund has no 3-year history yet. The 5-year field is unavailable for all the peers shown here, so the table does not support any long-run comparison beyond the available 1-year and partial 3-year data. In short, the recent snapshot is weaker than the silver peers but comparable to the other gold fund.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| DSP Gold ETF | Domestic Mutual Funds Units – Gold | 99.94% |
The portfolio is highly concentrated because a single underlying holding accounts for 99.94% of assets. That means the fund’s behaviour is likely to be driven almost entirely by the movement in DSP Gold ETF rather than by any broad spread across different securities.
Because the disclosed portfolio has only one holding, there is no meaningful weight drop from a largest position to a tenth position. The structure is therefore simple rather than layered, and that simplicity may appeal to investors who want a direct gold-linked exposure through a fund wrapper.
Since the disclosed holdings list contains just one row and the combined weight of that holding is 99.94%, the visible portfolio is essentially all in one position. That concentration could make the fund easier to understand, but it also means the portfolio offers very little internal diversification.
Source data date: as of 17 Sep 2026
Who should invest
This fund may suit investors with a high tolerance for price swings who want gold exposure as part of a broader portfolio. The short record and the uneven path of returns suggest that it is better viewed as a supplementary allocation than as a core growth engine.
Its strongest case is for an investment horizon long enough to absorb volatility, especially because the fund is tied almost entirely to one underlying gold ETF. Investors comparing it with the benchmark should note that its behaviour has been very different from the Nifty 50 and can therefore help diversify an equity-heavy portfolio.
The main trade-off is simple: you gain a focused gold allocation, but you give up broad diversification and long performance history. That makes it more suitable for investors who already understand why gold belongs in their asset mix and who can accept sharp moves in a High Risk scheme.
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 DSP Gold ETF FoF Direct Growth Plan?
The current NAV is ₹23.7101 as of 17 September 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 35.17%, while the 3-year and 5-year returns are Data not available in this live history.
How does the fund compare with the benchmark?
It has outperformed the benchmark over 1 year, 3 months and 1 month. The benchmark, Nifty 50, was negative across those same periods.
How does it compare with the peer funds shown here?
Its 1-year return is below the silver-focused peers shown here and close to UTI Gold ETF FoF Direct Growth Plan. Only UTI Gold ETF FoF Direct Growth Plan has a usable 3-year figure among the comparable peers.
Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.
What are the portfolio and exit-load features?
The portfolio is almost fully concentrated in DSP Gold ETF at 99.94%, and the scheme has no exit load. That makes the structure simple, but also heavily dependent on the gold exposure underneath.
Bottom line
DSP Gold ETF FoF Direct Growth Plan has shown a much stronger 1-year result than the benchmark, while its short-term path has still been uneven. Compared with the peer set shown here, it trails the silver-focused funds on 1-year performance but sits close to the other gold fund on the same horizon.
The scheme carries High Risk and is almost entirely concentrated in one underlying holding, so it is best viewed as a focused gold allocation rather than a diversified portfolio anchor. For investors who want a simple, gold-linked exposure and can tolerate volatility, the structure is easy to understand and aligned with that role.
Published on 18 September 2026 at 10:33 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.