Kotak Silver ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Kotak Silver ETF FoF Direct Growth Plan had a NAV of ₹30.2524 as of 17 Sep 2026 and an AUM of ₹1,004 Cr. Its 1-year, 3-year and 5-year returns are 75.91%, 45.12% and 0% respectively, and the scheme is tagged High Risk. Our view is that this is a focused silver-linked fund of fund with strong medium-term performance, but the recent pullback and the metal-linked structure mean it fits investors who can handle sharp swings rather than those looking for steady, benchmark-like movement.
The fund’s portfolio is very concentrated and is built almost entirely around a single silver ETF exposure, so performance will closely follow the underlying silver theme. That makes the return pattern important to read alongside risk, not in isolation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹30.2524 as of 17 Sep 2026 |
| AUM | ₹1,004 Cr |
| Expense Ratio | 0.14% |
| Launch Date | 31 Mar 2023 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 0.5% on or before 30D, Nil after 30D |
| Fund Managers | Jeetu Valechha Sonar, Abhishek Bisen |
The fund is managed by Jeetu Valechha Sonar and Abhishek Bisen.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.17% | -3.66% |
| 3M | -5.77% | -3.71% |
| 1Y | 75.91% | -7.13% |
| 3Y | 45.12% | 5.82% |
| 5Y | 0% | Data not available |
Recent behaviour has been mixed. The fund declined over both the 1-month and 3-month windows, which tells us that the silver theme has not moved in a straight line and that short-term drawdowns remain part of the ride. Even so, the 1-month fall was less severe than the benchmark’s slide, while the 3-month decline was a little deeper than the benchmark.
The longer picture is much stronger. A 75.91% 1-year return and 45.12% 3-year return point to a powerful compounding phase, especially when set against the benchmark’s negative 1-year return and modest 3-year gain. That gap is consistent with a thematic fund whose outcomes are driven more by the underlying commodity cycle than by broad equity-market direction.
The 5-year figure is not meaningful for assessing history here because the scheme has been live only since 31 Mar 2023. For that reason, the useful lens is the contrast between the very strong trailing 1-year and 3-year numbers and the weaker very recent stretch. Our read is that the fund has shown high upside, but it has also moved enough in the near term to remind investors that the path can be uneven.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Kotak 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 Kotak Silver ETF FoF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Kotak Silver ETF FoF Direct Growth Plan | 75.91% | 45.12% | Data not available |
| SBI Silver ETF FOF Direct Growth Plan | 76.71% | Data not available | Data not available |
| Axis Silver FoF Direct Growth Plan | 74.42% | 45.18% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 73.46% | Data not available | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 72.65% | 43.94% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the latest 1-year figures, the fund sits very close to the strongest peer returns and is slightly behind SBI Silver ETF FOF Direct Growth Plan. That is a narrow gap, so the more relevant point is that the whole peer set has had a strong year, with returns clustered in a fairly tight band.
Over 3 years, the fund’s 45.12% return is ahead of Nippon India Silver ETF FOF Direct Growth Plan and close to Axis Silver FoF Direct Growth Plan. SBI Silver ETF FOF Direct Growth Plan does not have a 3-year figure here, so the longer comparison is mainly between Kotak, Axis and Nippon. The short-term and 3-year comparisons tell a similar story: Kotak has participated strongly in the silver cycle, but it has not clearly separated itself from the better peer outcomes on the periods where figures are available.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Kotak Mutual Fund – Kotak Silver ETF | Domestic Mutual Funds Units – Silver | 99.2% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 1.27% |
Almost the entire portfolio is in Kotak Mutual Fund – Kotak Silver ETF at 99.2%, so the fund’s movement is likely to be dominated by the silver ETF’s price action. The remaining 1.27% sits in triparty repo, which may help with liquidity but does not change the fact that this is a highly concentrated structure.
The drop from the largest holding to the second holding is very steep, which shows there is no broad spread across many positions. Because only two holdings are disclosed, the portfolio does not have a long tail of smaller names; instead, it is built around one primary exposure with a small cash-like buffer. That structure could make the fund easier to understand, but it also means there is little diversification inside the portfolio itself.
Since the disclosed holdings add up to 100%, the visible allocation is effectively complete. In practical terms, the fund’s outcome may track the single silver ETF holding very closely, and that concentration is the key feature investors need to be comfortable with.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk and who can stay invested long enough to absorb sharp commodity-linked moves. The strongest case for it is for a medium- to long-term horizon, because the 1-year and 3-year numbers show that the silver cycle can reward patience even when the recent month and quarter are weaker.
The main trade-off is that the fund can deliver strong upside, but that upside comes with pronounced swings and little internal diversification. It is better viewed as a thematic allocation than a core portfolio holding, especially since the benchmark is a broad equity index and the fund’s behaviour can diverge meaningfully from it.
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: 0.5% if units are sold on or before 30 days; nil after 30 days.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Kotak Silver ETF FoF Direct Growth Plan?
The NAV is ₹30.2524 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 75.91% for 1 year, 45.12% for 3 years and 0% for 5 years. The 5-year figure should not be read as a full live-history return because the scheme launched on 31 Mar 2023.
How has the fund compared with the benchmark?
It has done much better than the benchmark over 1 year and 3 years. Over 1 month and 3 months, the fund was negative, and the benchmark was also negative.
How does it compare with peer silver ETF FoF schemes?
Its 1-year return is close to the best peer figures shown, and its 3-year return is also competitive where 3-year data is available. The peer set has delivered a strong year overall, so the comparison is more about how close the returns are than about a wide gap.
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 Jeetu Valechha Sonar and Abhishek Bisen. The exit load is 0.5% if units are sold on or before 30 days, and nil after 30 days.
Bottom line
Kotak Silver ETF FoF Direct Growth Plan has combined a strong 1-year and 3-year track record with a weaker very recent stretch, which is typical of a fund tied closely to a commodity theme. It compares well with peer silver ETF FoF schemes on the available return figures, but not in a way that clearly sets it apart. The portfolio is highly concentrated in a single silver ETF holding, so investors need to accept both the upside potential and the lack of internal diversification.
Published on 18 September 2026 at 12:26 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.