ICICI Pru BSE 500 ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru BSE 500 ETF FOF Direct Growth Plan has a current NAV of ₹15.5082 as of 16 September 2026, with scheme AUM of ₹55 Cr. Its 1-year, 3-year and 5-year returns are -3.12%, 8.58% and 0% respectively, and the fund sits in the High Risk category. Our view is that it suits investors who can tolerate short-term swings and want a simple, index-linked core allocation, but the recent weakness means it is better assessed for patience than for quick performance chasing.

The portfolio is highly concentrated in a single underlying holding, which may make outcomes closely tied to that exposure. Against that backdrop, the fund’s longer-term picture is steadier than the latest 1-year stretch, but the 5-year figure remains flat, so the return pattern is uneven rather than consistently strong.

Quick facts

Particular	Details
NAV	₹15.5082 as of 16 Sep 2026
AUM	₹55 Cr
Expense Ratio	0.08%
Launch Date	01 Dec 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Others
Exit Load	No exit load
Fund Managers	Nishit Patel, Ashwini Shinde, Venus Ahuja

The fund is managed by Nishit Patel, Ashwini Shinde and Venus Ahuja.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.53%	-4.41%
3M	-1.84%	-3.6%
1Y	-3.12%	-7.76%
3Y	8.58%	5.74%
5Y	Data not available	Data not available

The recent picture is mixed. Over 1 month, the fund fell slightly more than the benchmark, while over 3 months it held up better than the benchmark even though both were negative. That tells us the fund has not moved in a straight line and has still faced pressure in the near term.

The 1-year number is also weak, but it is less negative than the benchmark, so the fund has preserved value better over that horizon. The 3-year return is more constructive at 8.58%, and it is ahead of the benchmark’s 5.74% over the same period. That suggests the fund’s medium-term compounding has been better than the index-linked reference, even though the latest stretch has been softer.

We read the pattern as one of uneven recovery rather than consistent momentum. The time pattern points to a fund that can participate in advances, but it has also given back gains at several points, which is important for investors who may be anchoring their decision on only the latest few months. The longer view is better than the 1-year view, yet the 5-year return remains flat, so the full record is still modest.

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

Should you BUY or HOLD ICICI Pru BSE 500 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
ICICI Pru BSE 500 ETF FOF Direct Growth Plan	-3.12%	8.58%	Data not available
DSP Silver ETF FoF Direct Growth Plan	74.79%	Data not available	Data not available
UTI Silver ETF FoF Direct Growth Plan	73.31%	45.21%	Data not available
ICICI Pru Silver ETF FOF Direct Growth Plan	72.38%	45.03%	Data not available
Tata Silver ETF FoF Direct Growth Plan	69.73%	Data not available	Data not available
UTI Gold ETF FoF Direct Growth Plan	35.4%	35.95%	Data not available

The current fund trails the strongest recent peer returns by a wide margin on the 1-year measure, but that gap has to be read carefully because the peers shown here are operating in different underlying themes. Within the available 3-year figures, the fund’s 8.58% is below the silver and gold FoF numbers listed, though its own benchmark comparison is still constructive at that horizon.

The short-term and medium-term pictures point in different directions. The fund’s latest 1-year performance is weak, yet its 3-year result is positive and ahead of the benchmark. That makes the comparison less about chasing the highest recent number and more about whether an investor values a steadier index-linked structure with lower implementation complexity than the higher-octane peer returns shown here.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential BSE 500 ETF	Domestic Mutual Funds Units	99.98%

The portfolio is almost fully concentrated in a single holding, so that one position is likely to have the greatest influence on results. With a 99.98% weight in ICICI Prudential BSE 500 ETF, there is very little visible spread in the disclosed holding set, and the stated holding count of one confirms that the fund is structurally simple rather than diversified at the visible holding level.

That level of concentration may make the fund’s return pattern closely follow the behaviour of its underlying ETF. It also means there is no long tail of smaller positions to soften the effect of the main holding, so investors should expect the scheme to behave like a narrow wrapper around the underlying exposure rather than like a broad, actively spread portfolio.

Because the table discloses only one holding, the displayed weight already covers the full visible portfolio. In practice, that simplicity can be useful for investors who want clarity on what they own, but it also places more weight on the underlying ETF’s movement and less on any balancing effect from other positions.

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors with a higher risk tolerance and a willingness to accept short-term volatility. The High Risk label is consistent with the uneven 1-year record, even though the 3-year return is positive and ahead of the benchmark.

The better fit is for a medium-to-long horizon, where a 3-year holding period gives the strategy more room to work through weak patches. Investors who need steady near-term returns may find the recent softness uncomfortable, while those who can tolerate bumps may value the fund’s simple, ETF-linked structure.

The main trade-off is between transparency and consistency. You get a concentrated, easy-to-understand portfolio, but the return path has not been smooth, and the 5-year figure does not yet show a strong long-run compounding story.

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 ICICI Pru BSE 500 ETF FOF Direct Growth Plan?

The current NAV is ₹15.5082 as of 16 September 2026.

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

The fund’s returns are -3.12% over 1 year, 8.58% over 3 years and 0% over 5 years.

How has the fund done versus its benchmark?

It has done better than the benchmark over 3 years and less negatively than the benchmark over 1 year. Over 1 month and 3 months, both the fund and benchmark were negative.

How does it compare with the peer funds shown here?

The recent 1-year return is much lower than the peer returns shown, while the 3-year return is still positive but below the 3-year figures available for the silver and gold FoF peers listed here.

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 Nishit Patel, Ashwini Shinde and Venus Ahuja. The exit load is nil, so no exit load applies on redemption.

Bottom line

This fund’s recent performance is weaker than its 3-year record, so the short-term and medium-term pictures do not point in the same direction. Against the benchmark, the fund has been better over 3 years and less negative over 1 year, but the 5-year return is flat, which keeps the longer-term case restrained. The portfolio is almost fully concentrated in one underlying holding, so the scheme is simple to understand but not broadly diversified at the visible holding level. It may suit investors who accept High Risk exposure and can stay patient through uneven periods.

Published on 17 September 2026 at 12:43 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.