DSP Nifty 500 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Nifty 500 Index Fund Direct Growth Plan has a NAV of ₹9.4125 as of 16 September 2026 and a scheme AUM of ₹16 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0% respectively, and it sits in the High Risk category. Our view is that it is still in a very early stage, so the current return record and the benchmark-sensitive structure matter more than any longer history.

The fund’s index-based design means investors should expect close tracking rather than an attempt to beat the market. With a low expense ratio and a broad Nifty 500 universe reflected in the portfolio, it may suit investors who want diversified equity exposure and can accept sharp short-term swings while the track record builds.

Quick facts

Particular	Details
NAV	₹9.4125 as of 16 Sep 2026
AUM	₹16 Cr
Expense Ratio	0.0%
Launch Date	05 Jan 2026
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
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 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.35%	-4.41%
3M	-2.12%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent numbers show a fund that has tracked its benchmark closely, with only a small gap in both the 1-month and 3-month periods. The 1-month return was slightly better than the benchmark, while the 3-month figure was also ahead, which suggests the fund has not been drifting far from its stated market exposure.

The short history matters here. The fund launched on 05 Jan 2026, so there is no meaningful long-term compounding record yet, and the 1-year, 3-year and 5-year return fields are not available as performance history in a way that supports a longer comparison. For now, the investment case rests more on index tracking and portfolio breadth than on realised multi-year outcomes.

That said, the 1-month pattern was weaker than a flat line would suggest, and the 3-month path still shows mild weakness before a small recovery. In our view, this is consistent with a young equity index fund that can move with market sentiment even when it is staying close to benchmark behaviour.

Compared with the benchmark, the fund has been broadly aligned rather than dramatically different. For investors, that alignment is important because the role of an index fund is usually to deliver the index experience efficiently, not to rely on manager-led outperformance.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD DSP Nifty 500 Index?

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 Nifty 500 Index? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Nifty 500 Index Fund Direct Growth Plan	Data not available	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

The current fund’s recent return profile is much lower than the peer figures shown above, but the comparison is not directly like-for-like because those peers are focused on very different themes. On the longer side, the available peer data still shows a much stronger record for the named thematic funds, while this fund remains too new to build a comparable multi-year history.

That difference between short-term results and longer-term context is the key point. For a young index fund, the absence of a mature return record matters more than a single weak month, and that is why we focus on its benchmark-style behaviour and broad market exposure rather than reading too much into a narrow recent window.

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	5.41%
ICICI Bank Limited	Bank	5.19%
Reliance Industries Limited	Crude Oil	4.3%
Bharti Airtel Limited	Telecom	2.75%
Larsen & Toubro Limited	Infrastructure	2.36%
State Bank of India	Bank	2.18%
Infosys Limited	IT	1.98%
Axis Bank Limited	Bank	1.86%
Kotak Mahindra Bank Limited	Bank	1.54%
Mahindra & Mahindra Limited	Automobile & Ancillaries	1.46%

The largest holding, HDFC Bank Limited, carries a weight of 5.41%, which is sizeable for a single name but still modest in the context of a broad index fund. The next positions remain close enough to show that the portfolio is not built around one dominant stock.

The decline from the first holding to the tenth is gradual rather than abrupt, moving from 5.41% to 1.46%. That pattern suggests the fund’s exposure is spread across several large companies instead of being driven by a few outsized bets, even though banks occupy several of the leading positions.

The top 10 holdings together account for approximately 29.03% of the portfolio, and the fund discloses 39 holdings in total. That combination points to a portfolio that is reasonably diversified across a longer tail of holdings, so the listed names may influence returns, but no single position is likely to dominate the full outcome.

To see all holdings, visit the DSP Nifty 500 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors who are comfortable with High Risk and who want a broad equity allocation rather than a strategy built to chase short bursts of outperformance. Because the fund is new, the main decision is less about a long track record and more about whether the investor is comfortable holding through market swings while the index exposure plays out over time.

The fund fits better with a longer horizon than a short one, since equity index funds can move sharply in the near term and this one has already shown some monthly weakness. The main trade-off is straightforward: you get broad market participation and low-cost indexing, but you also accept that returns will largely follow the market path instead of being actively managed around 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: No exit load

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of DSP Nifty 500 Index Fund Direct Growth Plan?

The current NAV is ₹9.4125 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available in the current performance view.

How does the fund compare with its benchmark?

The fund has tracked close to the benchmark in the recent 1-month and 3-month periods, with the fund slightly ahead in both cases.

How does the fund compare with the peer funds shown here?

The thematic peer funds shown here have much stronger available return figures, but they are not directly comparable to this broad-market index fund. The current fund is still too new to build a mature multi-year comparison.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What is the risk level and exit load?

The fund is in the High Risk category, and there is no exit load.

Bottom line

This is a young index fund whose short-term returns have been close to benchmark behaviour rather than meaningfully different from it. Its broad portfolio, low expense ratio and High Risk profile make it more suitable for investors who want diversified equity exposure and are comfortable waiting for a longer record to develop. Compared with the peer funds shown, the available return figures are much stronger in those thematic schemes, but the comparison is not directly equivalent. For this fund, the key question is whether the investor wants market-linked participation with a broad holding base.

Published on 17 September 2026 at 2:11 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.