ICICI Pru Silver ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Silver ETF FOF Direct Growth Plan has a NAV of ₹34.9851 as of 16 Sep 2026 and an AUM of ₹6,514 Cr. Its 1-year, 3-year and 5-year returns are 72.38%, 45.03% and 0%, and the fund sits in the High Risk category.
Our view is that this is a focused silver fund-of-funds, so its appeal depends more on commodity-linked exposure than on broad-market diversification. The recent return pattern is strong over 1 year, while the 3-year number remains solid; the zero 5-year history reflects the fund’s shorter launch track record rather than a long-cycle outcome.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹34.9851 as of 16 Sep 2026 |
| AUM | ₹6,514 Cr |
| Expense Ratio | 0.12% |
| Launch Date | 01 Feb 2022 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Others |
| 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 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.27% | -4.41% |
| 3M | -6.95% | -3.6% |
| 1Y | 72.38% | -7.76% |
| 3Y | 45.03% | 5.74% |
| 5Y | Data not available | Data not available |
The one-year result is the clearest strength in the record. The fund has delivered a sharp gain over 12 months, while the benchmark has been negative over the same horizon, which tells us the product has tracked a very different engine of return from the listed benchmark.
The shorter stretches have been more uneven. The 1-month and 3-month figures are negative, and that tells us the path has not been straight even after a strong 1-year run. That matters for investors because it shows the fund can give back part of prior gains over short windows.
Over 3 years, the fund’s return remains healthy, but it sits below the 1-year pace. Our reading is that the fund has done better in the latest stretch than over the full 3-year window, which suggests recent momentum has been stronger than the medium-term average.
The benchmark comparison is also mixed across horizons. The fund is ahead over 1 year and 3 years, but the benchmark has been less weak over the shorter 1M and 3M windows. For an investor, that combination signals a strategy driven by silver-linked movements rather than equity-style steadiness.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD ICICI Pru 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 ICICI Pru Silver ETF FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| 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. On 1-year return, the fund is close to the stronger silver peers, with only a small gap to DSP and UTI. That said, it trails both of those peers on the same horizon, so the latest stretch is good without being the best in this group.
On 3-year return, the fund is also slightly behind UTI Silver ETF FoF Direct Growth Plan, though the difference is modest. Compared with UTI Gold ETF FoF Direct Growth Plan, the silver fund is ahead on both 1-year and 3-year return, which highlights that the silver strategy has been stronger than the gold FoF in the periods where both have numbers. The 5-year column does not add a useful comparison here because the available products do not have a real 5-year record to compare against.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Prudential Silver ETF | Domestic Mutual Funds Units – Silver | 99.96% |
The portfolio is almost entirely concentrated in one holding, and that holding itself is the ICICI Prudential Silver ETF. At 99.96%, it is likely to have the dominant influence on fund behaviour, which is exactly what we would expect from a fund-of-funds designed to track a silver ETF rather than spread capital across many names.
Because only one holding is disclosed, there is no visible weight fall-off across multiple positions inside the table. That means the fund’s outcome is effectively driven by one underlying vehicle, and the short list of holdings does not create diversification inside the disclosed portfolio slice.
The disclosed holding count is 1, so the portfolio is highly concentrated rather than spread across a long tail. In our view, that makes the fund straightforward to understand, but it also means investors are taking a very focused bet on the performance path of the underlying silver ETF.
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who can tolerate high risk and who are comfortable with a commodity-linked return pattern. The recent 1-year and 3-year numbers are strong, but the short-term swings and the negative benchmark reading over 1 year show that returns can move sharply over shorter periods.
We think it is more suitable for a medium- to long-term horizon, especially for investors who want a silver allocation rather than a diversified core holding. The trade-off is clear: you may participate in strong upside when silver is supportive, but you also need to accept sharper short-term volatility than a conventional diversified fund.
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. There is no exit load after the holding period.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Silver ETF FOF Direct Growth Plan?
Its NAV is ₹34.9851 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 72.38% for 1 year, 45.03% for 3 years and 0% for 5 years. The 5-year figure reflects the fund’s shorter record since launch.
How has it done versus the benchmark?
It has outpaced the benchmark over 1 year and 3 years, while the benchmark has been less weak over the 1-month and 3-month stretches.
How does it compare with silver ETF FoF peers?
Its 1-year return is close to the stronger silver FoF peers, but it is slightly below DSP Silver ETF FoF Direct Growth Plan and UTI Silver ETF FoF Direct Growth Plan on that horizon. The 3-year figure is also close to UTI Silver ETF FoF Direct Growth Plan.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What is the risk profile and portfolio structure?
It is tagged as High Risk, and the portfolio is concentrated almost entirely in ICICI Prudential Silver ETF with a 99.96% weight.
Bottom line
ICICI Pru Silver ETF FOF Direct Growth Plan has a strong 1-year and solid 3-year record, but the shorter-window returns show that the path can be uneven. Compared with available peers, it stays in the same broad performance band as the stronger silver FoFs, though it trails the best numbers at the margin. The fund is high risk, and its nearly fully concentrated single-holding structure means investors are largely taking a direct silver-linked view rather than a diversified one.
Published on 17 September 2026 at 1:29 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.