ICICI Pru Gold ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 5, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Gold ETF FOF Direct Growth Plan closed at ₹48.6534 on 09 September 2026, with an AUM of ₹7,149 Cr. Its 1-year, 3-year and 5-year returns are 37.68%, 35.81% and 25.24% respectively, and the scheme sits in the High Risk category. Our view is that the fund has delivered strong long-term compounding, but the recent path has been uneven enough that it fits investors who can tolerate large swings and want gold-linked exposure through a fund of fund structure.
The fund’s setup is simple and highly concentrated, with almost the entire portfolio parked in one underlying gold ETF. That can keep the structure easy to understand, but it also means the fund’s behaviour is closely tied to that single holding and to gold-price movement rather than to broad equity-style diversification.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹48.6534 as of 09 Sep 2026 |
| AUM | ₹7,149 Cr |
| Expense Ratio | 0.09% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 1% on or before 15D, Nil after 15D |
| Fund Managers | Manish Banthia, Nishit Patel, Ashwini Shinde, Venus Ahuja |
The fund is managed by Manish Banthia, Nishit Patel, Ashwini Shinde and Venus Ahuja.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.87% | -4.69% |
| 3M | 3.87% | 0.93% |
| 1Y | 37.68% | -7.16% |
| 3Y | 35.81% | 6% |
| 5Y | 25.24% | 5.87% |
The recent picture is stronger than the benchmark in every displayed period. Over one month and three months, the fund stayed in positive territory while the benchmark was weak, which shows that gold-linked exposure has held up when the benchmark was under pressure. That short window is important, but it does not define the whole story.
Over 1 year, the gap is much wider: 37.68% for the fund against -7.16% for the benchmark. That tells us the fund has benefited from a very different return driver than the benchmark, and the benchmark comparison is not a close one over that horizon. The 3-year and 5-year numbers remain solid at 35.81% and 25.24%, although the path is not smooth.
The longer series shows meaningful swings rather than a straight climb. There were phases of drawdown, recovery and renewed strength, which is typical for an instrument that tracks gold more than broad-market equities. For investors, the key point is that the fund has preserved its longer-term compounding trend even though the intermediate path has been choppy.
That mix matters because recent performance and long-term performance are telling slightly different stories. The latest periods look constructive, but the older trail shows that returns can move around materially before compounding settles into a stronger long-term pattern.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD ICICI Pru 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 ICICI Pru Gold ETF FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Gold ETF FOF Direct Growth Plan | 37.68% | 35.81% | 25.24% |
| SBI Silver ETF FOF Direct Growth Plan | 84.9% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 84.03% | 46.21% | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 83.29% | 46.02% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 82.53% | Data not available | Data not available |
| Aditya Birla SL Silver ETF FOF Direct Growth Plan | 82.46% | 45.91% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the visible return data, the current fund trails the silver-focused peers over 1 year, while still showing a much steadier longer-term record than the shorter-dated peer numbers alone might suggest. Where 3-year figures are available for peers, those silver funds are ahead on that horizon too, but their 5-year figures are mostly unavailable, so the comparison is more complete on the fund’s own longer record than on the peer set. That makes the short-term and long-term stories different: the fund looks less explosive than the silver peers in the recent period, yet it still has a clear multi-year compounding profile.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Prudential Gold ETF | Domestic Mutual Funds Units – Gold | 99.96% |
The portfolio is almost entirely invested in a single underlying holding, ICICI Prudential Gold ETF, which carries a 99.96% weight. That leaves very little room for diversification within the scheme itself, so the fund’s movement is likely to depend mainly on the underlying gold ETF rather than on a broad basket of positions.
Because only one holding is disclosed, there is no fall-off from the largest position to smaller ones inside the visible portfolio table. In practice, that means concentration is extremely high and the holding structure is very easy to read, but also very narrow.
With just one disclosed holding out of one total holding row, the portfolio does not have a long tail. The fund may still serve as a convenient wrapper around gold ETF exposure, but its behaviour is likely to stay tightly linked to that single asset.
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk and who can hold through price swings. Its longer-term returns are stronger than its benchmark, but the path has not been steady, so a short horizon would not be the right match.
The fund may fit investors looking for gold-linked exposure in a fund structure rather than a broad equity substitute. The main trade-off is simple: the portfolio is very concentrated, so the upside story depends heavily on the underlying gold ETF and gold-price movement rather than on diversification across many holdings.
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 15D, Nil after 15D.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Gold ETF FOF Direct Growth Plan?
The current NAV is ₹48.6534, as of 09 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 37.68%, its 3-year return is 35.81% and its 5-year return is 25.24%.
How has it performed versus the benchmark?
It has outperformed the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially large over 1 year, where the fund is positive and the benchmark is negative.
How does it compare with the peer funds shown here?
The fund trails the silver ETF FOF peers on the available 1-year figures, while the 3-year comparison is also weaker where peer data is available. The peer 5-year figures are mostly unavailable, so the longer comparison is less complete.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What is the exit load and who manages the fund?
The exit load is 1% on or before 15 days and nil after 15 days. The fund is managed by Manish Banthia, Nishit Patel, Ashwini Shinde and Venus Ahuja.
Bottom line
ICICI Pru Gold ETF FOF Direct Growth Plan shows a clear split between its recent and longer-term patterns: the latest periods are positive, while the multi-year record is the more important evidence of its compounding profile. It compares poorly with the silver-focused peer returns shown on the short horizons, but its own benchmark comparison remains comfortably ahead. The portfolio is extremely concentrated, with one disclosed holding carrying nearly all the weight, so this is best understood as focused gold exposure for investors who can accept High Risk and do not need a long holding list.
Published on 10 September 2026 at 9:32 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.