Mirae Asset Multi Factor Passive FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Multi Factor Passive FOF Direct Growth Plan has a NAV of ₹10.534 as of 15 Sep 2026 and an AUM of ₹30 Cr. Its 1-year, 3-year and 5-year returns are 1.82%, 0% and 0% respectively, and the scheme sits in the High Risk bucket. Our view is that this is a niche fund for investors who are comfortable with sharp swings and a portfolio built around factor ETFs, but the current return pattern still looks early-stage and uneven.
It has not yet built a long return history, and its recent performance has been modest compared with the benchmark’s weaker 1-year trend. That makes it more suitable for investors who want factor-based passive exposure and can tolerate uncertainty while the strategy matures.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.534 as of 15 Sep 2026 |
| AUM | ₹30 Cr |
| Expense Ratio | 0.09% |
| Launch Date | 29 Aug 2025 |
| Min SIP | ₹99 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 0.05% on or before 5D, Nil after 5D |
| Fund Managers | Ritesh Patel |
The fund is managed by Ritesh Patel.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.95% | -4.41% |
| 3M | -2.24% | -3.60% |
| 1Y | 1.82% | -7.76% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent pattern is softer than the 1-year number suggests. Over 1 month and 3 months, the fund has stayed negative, although it has still held up slightly better than the benchmark in both windows. That relative cushion matters, but it is not the same as a strong absolute trend.
At the 1-year mark, the fund is back in positive territory while the benchmark remains negative. That shows the strategy has navigated the past year better than the index, yet the path has not been smooth. The daily path in both the fund and the benchmark indicates repeated short swings, which is typical of a factor-led approach rather than a plain vanilla defensive allocation.
Because the scheme launched in August 2025, there is no full 3-year or 5-year performance record to judge. For now, the key point is that the fund has shown relative resilience versus the benchmark over 1 year, but the short-term pullback means investors should not read the 1-year result as a steady compounding pattern.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mirae Asset Multi Factor Passive 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 Mirae Asset Multi Factor Passive FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Multi Factor Passive FOF Direct Growth Plan | 1.82% | Data not available | Data not available |
| SBI Silver ETF FOF Direct Growth Plan | 76.71% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 75.91% | 45.12% | 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.
The fund’s 1-year return is far below the silver-linked peer set shown here, but that comparison is only partly useful because the peer group has a very different underlying exposure. Within its own benchmark context, the fund has done better than the Nifty 50 over 1 year, and also better over 1 month and 3 months.
The longer-history peers with available 3-year figures have materially stronger medium-term numbers, so the current fund does not yet show the same maturity of compounding. That makes the short-term and longer-term readings tell two different stories: relative steadiness versus the benchmark on one side, and a still-developing track record on the other.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Mirae Asset Nifty 200 Alpha 30 ETF | Domestic Mutual Funds Units | 19.45% |
| Mirae Asset Nifty Midsmallcap400 Momentum Quality 100 ETF | Domestic Mutual Funds Units | 15.17% |
| Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF | Domestic Mutual Funds Units | 13.28% |
| Mirae Asset BSE 200 Equal Weight ETF | Domestic Mutual Funds Units | 11.54% |
| Mirae Asset Nifty 50 Equal Weight ETF | Domestic Mutual Funds Units | 11.51% |
| Mirae Asset BSE 500 Dividend Leaders 50 ETF – Regular Plan – Growth | Domestic Mutual Funds Units | 11.28% |
| Mirae Asset Nifty Top 20 Equal Weight ETF | Domestic Mutual Funds Units | 10.2% |
| Mirae Asset Nifty 500 Value 50 ETF – Regular Plan – Growth | Domestic Mutual Funds Units | 7.6% |
The largest holding is Mirae Asset Nifty 200 Alpha 30 ETF at 19.45%, which gives it the highest single influence within the disclosed basket. After that, the weights step down fairly quickly, with the next three positions all clustered between 13.28% and 15.17% before settling into a tighter band around 10% to 11.5%.
That pattern suggests a concentrated set of building blocks rather than a highly diffuse spread across many small positions. Because the disclosed holdings count is eight and the combined weight of those holdings is 100%, the portfolio is likely to be driven mainly by these factor ETF choices, with less room for any one small position to offset the impact of the larger ones.
For investors, the important point is that the portfolio is not a broad stock-by-stock mix. It is a fund-of-funds structure where the allocation to each underlying ETF may meaningfully shape returns, especially when factor styles move differently from one another.
Source data date: as of 15 Sep 2026
Who should invest
This fund is better suited to investors who can tolerate High Risk and who are comfortable with a factor-led approach that may behave differently from the broad market. The 1-year result is positive, but the 1-month and 3-month figures are negative, so the path has been uneven even while staying ahead of the benchmark over the same windows.
The scheme may fit a longer investment horizon, mainly because the current track record is short and the underlying portfolio is built from multiple ETF styles. The trade-off is clear: you may gain access to a rules-based factor mix, but you also accept more variation in returns and a limited history of performance to judge.
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: 0.05% if units are sold on or before 5 days; nil after 5 days.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Multi Factor Passive FOF Direct Growth Plan?
The NAV is ₹10.534 as of 15 Sep 2026.
What are the fund’s recent returns?
Its 1-month return is -3.95%, its 3-month return is -2.24%, and its 1-year return is 1.82%. There is no 3-year or 5-year history yet because the scheme is relatively new.
How has the fund compared with the benchmark?
It has been ahead of the Nifty 50 over 1 month, 3 months and 1 year. The gap is most visible over 1 year, where the fund is positive while the benchmark is negative.
How does it compare with the peer funds shown here?
Its 1-year return is much lower than the silver-linked peer funds listed here. However, those peers have a different investment focus, so the comparison is useful only as a broad return check, not as a like-for-like match.
Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹99.
Who manages the fund and what is the exit load?
The fund is managed by Ritesh Patel. The exit load is 0.05% if units are sold on or before 5 days, and nil after 5 days.
Bottom line
This fund’s near-term behaviour is better than its benchmark, but the longer arc is still too short to call it a mature performer. It also compares poorly with the listed silver-focused peers on 1-year return, though that peer set is not a clean apples-to-apples match. The High Risk label and the concentrated factor-ETF structure mean it is best viewed as a niche allocation for investors who can stay patient through uneven periods and are comfortable with a relatively new track record.
Published on 17 September 2026 at 11:14 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.