ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan currently has a NAV of ₹11.0937 as of 15 Sep 2026 and scheme AUM of ₹533 Cr. Its 1-year, 3-year and 5-year returns are 6.99%, Data not available and Data not available, while the risk category is Balanced Risk. In our view, this is a short-duration debt index fund that has held up better over the last year than its benchmark, but it still needs to be read as a steadier income-oriented option rather than a high-acceleration return story.

The fund’s short history, balanced-risk tag and portfolio mix point to a relatively moderate outcome profile, with performance that has been stable enough to merit attention for investors who want debt-market exposure without chasing aggressive swings.

Quick facts

Particular	Details
NAV	₹11.0937 as of 15 Sep 2026
AUM	₹533 Cr
Expense Ratio	0.09%
Launch Date	19 Mar 2025
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Darshil Dedhia, Nikhil Kabra

The fund is managed by Darshil Dedhia and Nikhil Kabra.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.48%	-4.81%
3M	1.85%	-3.63%
1Y	6.99%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term picture is better than the benchmark. Over 1 month and 3 months, the fund has stayed marginally positive while the benchmark has been negative, which tells us the fund has been more resilient in a weak market patch.

The 1-year figure strengthens that view. A 6.99% return against a negative benchmark outcome suggests that the portfolio has carried its own income profile better than the broad comparison index over the same stretch.

That said, the live pattern is still fairly measured rather than explosive. The month-to-month path shows small gains and limited drawdowns, which is consistent with a debt-oriented structure where stability matters more than sharp upside. Our view is that the recent behaviour looks smoother than the benchmark, but not in a way that changes the fund’s basic conservative income-led character.

Because the fund launched in March 2025, there is not yet a full 3-year or 5-year return record to read across. For that reason, we place more weight on the available 1-year and near-term track record when thinking about how the fund has behaved so far.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt 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 ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan	6.99%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	Data not available

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

On available 1-year figures, this fund trails the stronger return numbers in the peer set, especially the equity-oriented index funds that have posted much higher gains. That is not unusual for a short-duration debt strategy, but it does mean the fund’s recent return profile looks much more restrained than the higher-octane peers.

The bigger gap is that the fund does not yet have a 3-year or 5-year record to compare with longer-established peers. Where longer histories are available, some peers show much stronger compounding, while this fund’s newer track record remains limited to the one-year window. The short-term and longer-term stories therefore differ: the fund looks steady on a near-term basis, but the peer table does not yet give it the same depth of history.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Bajaj Finance Ltd. **	Commercial Paper	13.89%
6.4% LIC Housing Finance Ltd.	Corporate Debt	11.23%
Tata Capital Ltd. **	Commercial Paper	9.36%
Bank of Baroda	Certificate of Deposit	9.23%
TREPS	Cash & Cash Equivalents and Net Assets	6.68%
7.988% HDB Financial Services Ltd. **	Corporate Debt	6.58%
8.95% Bharti Telecom Ltd. **	Corporate Debt	4.70%
8.09% Kotak Mahindra Prime Ltd. **	Corporate Debt	4.69%
Bajaj Financial Security Ltd. **	Commercial Paper	4.62%
Canara Bank	Certificate of Deposit	4.61%

The top holding is Bajaj Finance Ltd. ** at 13.89%, which is large enough to matter, but not so large that one line item dominates the entire portfolio by itself. The next few holdings are also meaningful in size, so the portfolio appears built around a cluster of short-dated credit and cash-style positions rather than a single anchor.

Weight then falls away gradually from the first holding to the tenth, from 13.89% down to 4.61%. That pattern suggests the fund may not be fully even across holdings, yet it is also not heavily skewed to just one or two positions. The top 10 holdings account for approximately 75.59% of the portfolio, and the fund discloses 20 holdings in total, so there is a visible tail beyond the largest names.

In our view, this mix points to a portfolio where the larger positions could have greater influence on short-term outcomes, while the remaining holdings may help spread exposure across additional issuers and instruments. The blend of commercial paper, corporate debt, certificate of deposit and cash equivalents also supports the fund’s comparatively steady profile.

To see all holdings, visit the ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors who are comfortable with a balanced-risk debt allocation and who want exposure to a short-duration index-style portfolio rather than an equity-led growth vehicle. The 1-year return has been positive, while the benchmark comparison has been weaker, so the main trade-off is stability over stronger upside.

A medium-term horizon makes more sense than a very short holding period, because the portfolio is designed to work through a credit-and-cash mix rather than to jump sharply in value. Investors who want a smoother return pattern and who can accept that longer history is still limited may find the fund easier to understand than a more volatile category.

Peer return comparisons also suggest that the fund is positioned on the restrained side of the return spectrum. That can appeal to investors who value steadiness, but it also means the fund is not a fit for someone looking for aggressive growth.

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 ICICI Pru CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan?
Its NAV is ₹11.0937 as of 15 Sep 2026.

What are the fund’s recent returns?
The fund’s 1-year return is 6.99%. Its 3-year and 5-year returns are Data not available because the fund has a short live history.

How has it performed versus the benchmark?
It has held up better than the benchmark across the available 1-month, 3-month and 1-year periods. The benchmark figures are negative over those same windows, while the fund stayed positive.

How does it compare with peer funds on 1-year returns?
Its 1-year return is lower than several of the peer funds shown, especially the equity-oriented index funds with much higher gains. The fund’s profile is more muted and debt-oriented.

What is the minimum SIP amount?
The minimum SIP amount is ₹1000.

Who manages the fund and what is the exit load?
The fund is managed by Darshil Dedhia and Nikhil Kabra. There is no exit load.

Bottom line

This fund has shown a steadier short-term pattern than its benchmark, but its longer-view history is still limited because it launched in 2025. Compared with peers on available return data, its 1-year figure is more restrained, which fits a short-duration debt strategy rather than an aggressive growth approach. The portfolio is fairly concentrated in a handful of larger credit and cash-style positions, yet it also spans 20 holdings in total. Our view is that it suits investors who want a balanced-risk, income-oriented allocation and can accept moderate returns in exchange for relative stability.

Published on 16 September 2026 at 2:49 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.