DSP Silver ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Silver ETF FoF Direct Growth Plan is priced at ₹23.3108 as of 15 September 2026, and its scheme AUM stands at ₹715 Cr. Its 1-year, 3-year and 5-year returns are 73.5%, 0% and 0%, respectively, and the scheme is tagged High Risk. Our view is that this is a niche thematic fund with a sharp 1-year run, but its short track record and volatile recent moves mean it suits investors who are comfortable with higher swings and a silver-linked allocation rather than those seeking steady all-weather compounding.

The fund has beaten the benchmark over 1 year, while the shorter 1-month and 3-month numbers show that the path has not been smooth. The portfolio is almost fully concentrated in a single holding, so the fund’s movement is likely to track that underlying exposure very closely.

Quick facts

Particular	Details
NAV	₹23.3108 as of 15 Sep 2026
AUM	₹715 Cr
Expense Ratio	0.57%
Launch Date	15 May 2025
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Others
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 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.23%	-4.81%
3M	-9.32%	-3.63%
1Y	73.5%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent picture is mixed. Over 1 month, the fund slipped slightly more than the benchmark, but the gap was still small enough to show that both moved in the same broad direction. Over 3 months, the fund fell much more sharply than the benchmark, which tells us that the path has been volatile and that shorter holding periods can look quite different from the annual number.

The 1-year outcome is the standout part of the history. A gain of 73.5% against the benchmark’s -8.27% shows that the fund has been in a very different return environment from the equity benchmark, which is not surprising for a silver-linked vehicle. That said, the 3-month decline warns that recent momentum has not been one-way, so the strong annual figure should be read alongside the uneven shorter-term pattern.

Because the fund has been live since May 2025, 3-year and 5-year return figures are not available. That short history matters for interpretation: we can see a strong year, but we cannot yet use a full market cycle to judge how consistently the strategy handles different environments. For investors, the key question is not whether the last year was strong, but whether they are comfortable with a return path that can swing quickly from one period to the next.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD DSP 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Silver ETF FoF Direct Growth Plan	73.5%	Data not available	Data not available
ICICI Pru Silver ETF FOF Direct Growth Plan	73.08%	44.2%	Data not available
UTI Silver ETF FoF Direct Growth Plan	73%	44.38%	Data not available
Tata Silver ETF FoF Direct Growth Plan	69.73%	Data not available	Data not available
Union Gold ETF FoF Direct Growth Plan	37.4%	Data not available	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 fractionally ahead of the closest silver peers shown here, which suggests it has kept pace with a strong category backdrop over the latest year. The difference is small, so the main takeaway is not a wide gap but a slightly better recent outcome than the most comparable silver FoFs available here.

On longer periods, the comparison is less complete because some peer 3-year figures are available while this fund does not yet have that history. Among the funds with 3-year data, the comparable silver peers are in the mid-40% range, which makes the current fund’s shorter life the key reason the table looks uneven rather than clearly weak. The 5-year column is largely unavailable across the set, so the available peer data supports a reading of recent strength rather than a full-cycle verdict.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
DSP Silver ETF	Domestic Mutual Funds Units – Silver	99.95%

With only one disclosed holding, the fund is effectively a single-position portfolio. That holding, DSP Silver ETF, accounts for 99.95% of the portfolio, so the fund’s outcome may be driven almost entirely by that underlying silver ETF rather than by any broader asset mix.

Because there is no visible tail of additional holdings, there is no gradual fall in weight from first to tenth position to discuss; instead, the structure is highly concentrated from the outset. The disclosed holding count is one, so the portfolio is far less diversified than a multi-holding fund and could react quickly if the underlying silver exposure moves sharply.

The concentration is also evident from the combined weight of 99.95%. That leaves very little room for other portfolio influences, which means investors should expect the fund to behave more like a focused silver exposure than a diversified mutual fund sleeve.

Source data date: as of 15 Sep 2026

Who should invest

This fund is better suited to investors who can tolerate High Risk and are comfortable with sharp swings in returns. The 1-year number is strong, but the much weaker 3-month result shows that the ride can be uneven, so it fits people who can hold through volatility rather than those who want smooth month-to-month outcomes.

The main use case is a medium- to longer-term allocation where the investor wants silver-linked exposure and understands that the benchmark comparison may not move in step with the fund. The trade-off is clear: the fund offers strong upside potential when silver-related conditions are favorable, but the portfolio concentration and short history mean the path can be abrupt and hard to predict over shorter periods.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of DSP Silver ETF FoF Direct Growth Plan?

The current NAV is ₹23.3108 as of 15 September 2026.

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

The 1-year return is 73.5%, while the 3-year and 5-year returns are 0% in the schema context and should be treated as Data not available for this short-lived fund.

How has the fund done versus the benchmark?

It has outperformed the benchmark over 1 year, with 73.5% versus -8.27%. Over 1 month and 3 months, both the fund and benchmark were negative, but the fund’s 3-month decline was steeper.

How does it compare with similar silver FoFs?

Its 1-year return is slightly ahead of the closest silver peers shown here, while the peer set with 3-year figures shows outcomes in the mid-40% range. The comparison points to recent strength rather than a long history of performance.

What is the minimum SIP and what is the risk category?

The minimum SIP is ₹100 and the scheme is classified as High Risk. That combination suits investors who are comfortable with higher volatility and want exposure to a focused silver-linked strategy.

What do the portfolio and exit load look like?

The disclosed portfolio is almost fully concentrated in DSP Silver ETF at 99.95%, and the scheme has no exit load. The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.

Bottom line

DSP Silver ETF FoF Direct Growth Plan has a strong 1-year record, but its recent 3-month weakness shows that the short-term path can be choppy. Compared with the available peer data, it is broadly in line with the better silver FoFs on the latest year and lacks a full longer-term history for a complete verdict. The High Risk tag and near-single-holding structure make it a focused, silver-linked allocation rather than a diversified core holding, so it is best read as a specialist exposure for investors who can accept volatility.

Published on 16 September 2026 at 4:22 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.