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

HDFC Silver ETF FoF Direct Growth Plan had a NAV of ₹37.7394 as of 16 Sep 2026 and an AUM of ₹4,698 Cr. Its 1-year, 3-year and 5-year returns are 72.55%, 44.09% and 0%, respectively, and the fund sits in the High Risk category.

Our view is that this is a high-volatility silver-focused fund-of-funds that has delivered strong medium-term numbers but has also shown clear short-term swings. The benchmark behaviour has been weaker than the fund over 1 year and 3 years, so the return profile is driven more by the silver allocation than by broad equity-like behaviour.

Quick facts

Particular	Details
NAV	₹37.7394 as of 16 Sep 2026
AUM	₹4,698 Cr
Expense Ratio	0.23%
Launch Date	28 Oct 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Arun Agarwal, Nandita Menezes

The fund is managed by Arun Agarwal and Nandita Menezes.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.27%	-4.41%
3M	-6.90%	-3.60%
1Y	72.55%	-7.76%
3Y	44.09%	5.74%
5Y	Data not available	Data not available

Over the last month, the fund was slightly less negative than the benchmark, which suggests the silver-linked exposure held up better in a weak stretch. The three-month picture is different: the fund declined more than the benchmark, so the recent path has not been smooth.

The 1-year number is the standout. A 72.55% return against the benchmark’s -7.76% shows that the fund has been tied much more closely to silver’s strength than to the benchmark’s direction. That gap is large enough to matter for investors who track relative behaviour as well as absolute gains.

At the 3-year mark, the fund remains well ahead on return, but the pattern inside the period has not been linear. The 3-year series shows a sharp rise followed by pullbacks and renewed recovery, so the medium-term gain has come with meaningful volatility rather than a steady climb.

The 5-year line is not meaningful for this scheme because the fund was launched in October 2022. For a newer silver fund, we think the more useful lens is whether the recent strength has been consistent; here, the answer is mixed, with strong medium-term performance but choppy shorter-term movement.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD HDFC 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
HDFC Silver ETF FoF Direct Growth Plan	72.55%	44.09%	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.

On 1-year returns, the fund sits close to the peer group and slightly below several peers with higher one-year gains. Its 3-year return is also in the same broad band as the other peers with available 3-year numbers, which tells us the longer window is competitive rather than exceptional.

The short-term and longer-term pictures are not identical. The 1-year comparison shows a tight cluster across silver FoFs, while the 3-year figures suggest the fund has participated strongly in the same silver-led cycle. That makes the fund more useful for investors who want silver exposure through a fund-of-funds structure than for those who expect benchmark-like stability.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Silver ETF	Domestic Mutual Funds Units – Silver	100.29%

The single disclosed holding is HDFC Silver ETF, and it carries virtually the entire portfolio weight at 100.29%. That means the fund’s outcome may be driven almost entirely by the movement of the underlying silver ETF rather than by a spread across multiple securities.

Because the disclosed portfolio contains just one holding, there is no fall-off to describe across a longer list of positions. The structure is extremely focused, so concentration is not a side effect here; it is the design of the scheme.

The disclosed holdings account for approximately 100% of the portfolio, and the total disclosed holding count is 1. In practical terms, that leaves very little diversification within the scheme itself, which could amplify the effect of silver price moves on returns.

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who can accept High Risk and are comfortable with a silver-linked return path that may move sharply over shorter periods. The 1-year and 3-year numbers show strong upside, but the recent 3-month dip shows that the ride can be uneven.

We think the better horizon is medium to longer term, because the fund’s performance has been more meaningful over 1 year and 3 years than over shorter windows. The main trade-off is clear: the fund offers direct exposure to a strong metal cycle, but that same exposure may also bring pronounced volatility and limited diversification inside the scheme.

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: 1% if units are sold on or before 15 days; nil after 15 days.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The current NAV is ₹37.7394 as of 16 Sep 2026.

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

The fund’s 1-year return is 72.55% and its 3-year return is 44.09%. The 5-year return is not available because the scheme has not been in existence for five years.

How does the fund compare with its benchmark?

It has outperformed the benchmark over 1 year and 3 years. The benchmark return is -7.76% over 1 year and 5.74% over 3 years.

How does it compare with the listed peer funds?

Its 1-year return is close to the peer set and below some peers such as SBI Silver ETF FOF Direct Growth Plan and Kotak Silver ETF FoF Direct Growth Plan. Its 3-year return is also broadly in line with the peers that have a 3-year figure available.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What are the fund’s risk profile, holdings and exit load?

The fund is in the High Risk category and its disclosed portfolio is concentrated in a single holding, HDFC Silver ETF, with a weight of 100.29%. The exit load is 1% if units are sold on or before 15 days, and nil after 15 days.

Bottom line

The fund’s recent returns are strong, but the shorter-term path has been uneven, so the pattern is more volatile than steady. Compared with peers, the fund is broadly competitive on both 1-year and 3-year figures, though some peers have slightly higher one-year numbers. With High Risk status and a one-holding portfolio built around HDFC Silver ETF, this is a focused silver exposure rather than a diversified core fund. It may suit investors who want that kind of exposure and can handle sharp swings.

Published on 17 September 2026 at 5:48 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.