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

ICICI Pru Gold ETF FOF Direct Growth Plan has a NAV of ₹49.1878 as of 04 Sep 2026 and an AUM of ₹6,398 Cr. Its 1-year, 3-year and 5-year returns are 44.48%, 36.1% and 25.47%, and the scheme is tagged as High Risk. In our view, the fund suits investors who can accept sharp swings in pursuit of gold-linked exposure, but the benchmark comparison shows that the recent stretch has been much stronger than the longer-term backdrop.

The fund’s portfolio is almost entirely invested in one holding, so its outcome is closely tied to that underlying gold ETF position. That makes it a focused fund of fund rather than a broad diversifier, and the return pattern reflects that concentrated structure.

Quick facts

Particular	Details
NAV	₹49.1878 as of 04 Sep 2026
AUM	₹6,398 Cr
Expense Ratio	0.09%
Launch Date	01 Jan 2013
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	Manish Banthia, Nishit Patel, Ashwini Shinde, Venus Ahuja

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

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	6.36%	-2.95%
3M	-0.42%	2.27%
1Y	44.48%	-4.43%
3Y	36.10%	5.88%
5Y	25.47%	6.29%

Recent performance has been mixed but still strong over the shorter window. The 1-month return is positive, while the 3-month return is slightly negative, which tells us the fund has not moved in a straight line even though the most recent month improved.

Over 1 year, the fund has clearly outpaced the benchmark, but the 3-year and 5-year figures show that the longer journey has been more moderate. The benchmark itself has been much softer over 1 year and remains well below the fund over every reported horizon, so the fund has held a clear edge in the periods shown.

The time pattern also suggests bursts of strength followed by pullbacks rather than a smooth climb. That kind of profile is consistent with a gold-linked fund of fund, where momentum can build quickly and then cool just as quickly, so investors should read the returns as cyclical rather than linear.

Even with that volatility, the longer-term picture is still constructive. The 3-year and 5-year returns remain ahead of the benchmark, which tells us the fund has delivered better compounding than the listed index reference across the full periods shown.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD ICICI Pru Gold 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 Gold ETF FOF Direct Growth Plan	44.48%	36.10%	25.47%
SBI Silver ETF FOF Direct Growth Plan	88.25%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	87.26%	44.88%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	86.25%	Data not available	Data not available
Axis Silver FoF Direct Growth Plan	86.10%	45.01%	Data not available
Aditya Birla SL Silver ETF FOF Direct Growth Plan	85.33%	44.71%	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 trails the peer set that is visible here, because the silver-focused funds have far stronger recent numbers than this gold-linked fund of fund. That gap is important for short-term comparison, but it does not fully settle the picture.

On 3-year returns, the fund is below the two silver peers with available 3-year data, yet it remains in a similar band to the other peers that do disclose the period. On 5-year returns, the fund’s figure is available while most peer 5-year figures are not, so the longer view is less complete but still shows a steady long-run outcome rather than an extreme outlier.

The short-term comparison and the longer-term comparison therefore tell different stories: the recent year looks weaker than the silver peers, while the multi-year picture remains more balanced for the fund itself. That makes the current fund more of a gold-allocation choice than a pure recent-momentum choice.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Gold ETF	Domestic Mutual Funds Units – Gold	99.91%

The portfolio is extremely focused, with one disclosed holding accounting for 99.91% of the portfolio. That single position is likely to have the strongest influence on how the fund behaves, because there is no longer tail of listed holdings in the disclosed basket.

This also means the fund’s return pattern may move closely with the underlying gold ETF rather than with a diversified group of assets. With only one holding disclosed, weight does not fall away gradually from the largest position to smaller ones; instead, the structure is essentially single-line and highly concentrated.

In practical terms, that concentration can be useful for investors who want a clean gold-linked allocation inside a fund of fund wrapper. It also means the scheme may offer less diversification than a multi-holding hybrid or multi-cap fund, so the main trade-off is concentration in exchange for a simple exposure profile.

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and who want gold-linked exposure over a medium to long horizon. The 1-year return has been much stronger than the benchmark, but the 3-month figure is softer, so the path can be uneven even when the longer view stays positive.

It may fit investors who already understand that a fund of fund built around one gold ETF is not a broad-market equity substitute. The main trade-off is that the scheme can deliver sharp upside in supportive periods, yet it can also move quickly in the opposite direction when the underlying theme cools.

For an investor comparing it with the visible silver peer funds, the recent return gap is meaningful, so this is better viewed as a thematic allocation choice than a short-term relative-performance play.

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% on or before 15D, Nil after 15D.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Gold ETF FOF Direct Growth Plan?

The current NAV is ₹49.1878 as of 04 Sep 2026.

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

The fund’s 1-year return is 44.48%, the 3-year return is 36.10% and the 5-year return is 25.47%.

How has the fund performed versus the benchmark?

It has outperformed the benchmark across 1-year, 3-year and 5-year periods. The benchmark returns for those periods are -4.43%, 5.88% and 6.29%.

How does the fund compare with the visible peer funds?

The fund’s 1-year return is lower than the visible silver-focused peer returns, while its 3-year figures are in a more comparable band where available. The 5-year view is less complete for the peers, so the comparison is strongest on the recent period.

Is there a minimum SIP amount?

Yes, the minimum SIP amount is ₹100.

What are the fund manager and exit-load details?

The fund is managed by Manish Banthia, Nishit Patel, Ashwini Shinde and Venus Ahuja. The exit load is 1% on or before 15D, and nil after 15D.

Bottom line

This fund has delivered a stronger recent year than its longer-run backdrop, while its 3-year and 5-year results still remain ahead of the benchmark. Against the visible peer set, the short-term return profile is weaker than the silver-focused funds, but the longer view is more measured and consistent. The portfolio is almost fully concentrated in one gold ETF, so the scheme behaves like a focused gold allocation rather than a diversified fund. That makes it more suitable for investors who accept High Risk and want a concentrated thematic exposure.

Published on 5 September 2026 at 4:37 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.