DSP Nifty Smallcap 250 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Nifty Smallcap 250 Index Fund Direct Growth Plan has a NAV of ₹10.9889 as of 16 September 2026 and an AUM of ₹17 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and it sits in the High Risk category. Our view is that this is best read as an early-stage smallcap index fund with very limited return history so far, where the key question is less about past compounding and more about whether investors are comfortable with smallcap volatility.

The fund tracks a broad smallcap universe while keeping costs extremely low, which can appeal to investors who want index-style exposure and can stay invested through sharper swings. The limited track record means the recent numbers matter more as an initial signal than as a full cycle assessment.

Quick facts

Particular	Details
NAV	₹10.9889 as of 16 Sep 2026
AUM	₹17 Cr
Expense Ratio	0.0%
Launch Date	11 Dec 2025
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	-2.44%	-4.41%
3M	2.33%	-3.60%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

In the short run, the fund has been less weak than the benchmark over 1 month, and it has also held up better over 3 months. That tells us the smallcap exposure has not simply mirrored the benchmark’s softer recent patch; it has been able to recover more strongly over the 3-month window.

The pattern is still too short to call a durable trend, because the fund launched only in December 2025. Even so, the recent 3-month return suggests the portfolio has had periods of recovery after earlier softness, which is what we would expect from a smallcap index strategy.

There is no 1-year, 3-year or 5-year record to judge longer compounding, so we would not read too much into the limited current history. What we can say is that the fund has recently stayed ahead of the benchmark on the available windows, even though the benchmark itself has also seen short-term weakness.

Because the benchmark is NIFTY 50, the comparison is not a like-for-like smallcap benchmark view. That makes the short-term spread useful for reading behaviour, but not enough for concluding how the fund should behave across a full market cycle.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD DSP Nifty Smallcap 250 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 Smallcap 250 Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Nifty Smallcap 250 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

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

On the available return windows, this fund trails the stronger peer figures by a wide margin, while its own 1-year, 3-year and 5-year fields are not yet available because the scheme is very new. That makes peer comparison more useful as a context check than as a direct like-for-like ranking exercise.

The short-term comparison is mixed in style: the fund has recently been less weak than the benchmark, but the peer set includes several established strategies with meaningful positive 1-year and, in some cases, 3-year returns. So the peer picture highlights the gap between a newly launched smallcap index fund and older funds with longer track records.

There is also a difference between the short-term and longer-term comparison lens. In the short run, the fund has shown some resilience versus the benchmark; against peers, the absence of a longer history means we cannot place it alongside established multi-year records in the same way.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Sona BLW Precision Forgings Limited	Automobile & Ancillaries	1.64%
Ather Energy Limited	Domestic Equities	1.48%
Karur Vysya Bank Limited	Bank	1.48%
Navin Fluorine International Limited	Chemicals	1.44%
Welspun Corp Limited	Iron & Steel	1.41%
Piramal Finance Limited	Finance	1.25%
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	1.22%
Delhivery Limited	Logistics	1.15%
HFCL Limited	Telecom	1.15%
Central Depository Services (India) Limited	Business Services	1.13%

The largest disclosed holding is Sona BLW Precision Forgings Limited at 1.64%, which is a small single-name weight in absolute terms. That suggests the portfolio does not rely heavily on one position for its return outcome.

The weight then steps down gradually rather than collapsing from the first holding to the tenth. By the tenth row, the weight is 1.13%, so the spread across the top names is fairly narrow and points to a relatively even top slice rather than a sharply dominant holding.

The top 10 holdings account for approximately 13.35% of the portfolio, and the fund has 63 disclosed holdings in total. That combination suggests the visible part of the portfolio is not highly concentrated in just a few names, while the longer tail may still play a meaningful role in overall behaviour.

To see all holdings, visit the DSP Nifty Smallcap 250 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and can tolerate sharp swings in smallcap-led portfolios. The lack of long return history means it is better viewed as a strategy for those who can stay invested for a long horizon rather than for short holding periods.

The main trade-off is that the fund offers low-cost smallcap index exposure, but the path can be volatile and the long-term record is still developing. Its recent performance has been better than the benchmark on the available short windows, yet there is not enough history to treat that as a full-cycle pattern.

Investors who want broad smallcap participation and can accept uncertainty around near-term outcomes may find the structure more relevant than the current return record. Those who need steadier behaviour or a well-established multi-year track record may prefer to wait for a longer history to emerge.

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 Smallcap 250 Index Fund Direct Growth Plan?
The current NAV is ₹10.9889 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year, 3-year and 5-year returns are not yet available as full-period figures, because the scheme is very new. The short-term return figures that are available are -2.44% for 1 month and 2.33% for 3 months.

How has it compared with the benchmark recently?
It has been less weak than the benchmark over 1 month and stronger over 3 months. The benchmark used here is NIFTY 50.

How does it compare with the peer funds on available return data?
The available peer funds show higher 1-year returns in the comparison set, while this fund’s longer-period figures are not yet available. That makes the peer view more useful for context than for direct cycle-to-cycle comparison.

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 Anil Ghelani, Diipesh Shah and Neha Rathi. There is no exit load.

Bottom line

This is a newly launched High Risk index fund with very limited history, so its short-term behaviour matters more than any long-term pattern at this stage. On the available windows, it has been less weak than the benchmark recently, but peer funds with established histories show much stronger return records. The portfolio’s top holdings are individually small, which points to a diversified smallcap sleeve rather than a concentrated bet. It fits investors who want low-cost smallcap exposure and can live with uncertainty while the track record builds.

Published on 17 September 2026 at 1:13 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.