ICICI Pru Nifty Alpha Low - Volatility 30 ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Nifty Alpha Low – Volatility 30 ETF FOF Direct Growth Plan is at ₹14.6984 as of 16 Sep 2026, with scheme AUM of ₹797 Cr. Its 1-year, 3-year and 5-year returns are -2.83%, 9.56% and 0%, and the fund is tagged as High Risk. Our view is that this is a specialised fund-of-funds idea rather than a steady-core holding, because the recent return pattern has been uneven even though the 3-year figure is positive.

The fund can suit investors who are comfortable with sharp swings and want exposure to a rules-based equity strategy through a single fund wrapper. The portfolio is almost entirely invested in one underlying ETF, so the outcome is likely to track that underlying approach closely.

Quick facts

Particular	Details
NAV	₹14.6984 as of 16 Sep 2026
AUM	₹797 Cr
Expense Ratio	0.1%
Launch Date	20 Sep 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	-4.84%	-4.41%
3M	-0.58%	-3.6%
1Y	-2.83%	-7.76%
3Y	9.56%	5.74%
5Y	Data not available	Data not available

The near-term picture has been weak, with the fund slipping over 1 month and 1 year, even though the 3-month decline was milder than the benchmark’s fall. That tells us the fund did not escape the recent softness in markets, but it held up better than NIFTY 50 over the 3-month and 1-year windows.

The longer view is more constructive. The 3-year return is positive and ahead of the benchmark’s 3-year return, which suggests the underlying strategy has still delivered a better compounded result over a fuller market cycle than the broad index. At the same time, the return path has not been smooth, so the benefit has come with noticeable swings along the way.

We do not read the fund’s recent weakness as a break from its longer-term pattern. Instead, it looks like a strategy that can lag in shorter windows while still holding an edge over the benchmark over a longer horizon. For investors, that means the holding period matters as much as the return number itself.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD ICICI Pru Nifty Alpha Low – Volatility 30 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 Nifty Alpha Low – Volatility 30 ETF FOF Direct Growth Plan	-2.83%	9.56%	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 assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the available 1-year numbers, this fund trails the peer set by a wide margin, while the peer funds linked to silver and gold themes have posted much stronger gains. That gap matters because it shows how different the recent payoff has been across fund-of-funds structures, even when they all sit inside the same broad peer group.

The 3-year comparison is less one-sided. The fund’s 9.56% return is below the 3-year figures shown by the two silver peers with available 3-year data and below the gold peer as well, but it is still ahead of the benchmark’s 3-year return. So the fund looks weaker than the better-performing peers on longer windows, yet it has remained ahead of the broad market benchmark over the same horizon.

That split tells us the short-term and medium-term stories are different. In recent months, the fund has not matched the stronger peer returns, but over three years it still shows a positive compounding outcome instead of a market-like outcome.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Nifty Alpha Low – Volatility 30 ETF.	Domestic Mutual Funds Units	99.96%

With one disclosed holding at 99.96%, the portfolio is highly concentrated in a single underlying ETF. That means the fund’s day-to-day outcome may be driven mainly by how that underlying instrument behaves, rather than by a spread of many independent positions.

The disclosed holding count is one, so there is no long tail to soften the structure at this level. In practical terms, the large weight in one line item means the fund may have greater sensitivity to the strategy embedded in that ETF, even though the wrapper itself is a fund of funds.

Because the portfolio is not diversified across many individual holdings, the weight profile does not gradually taper from the largest position to smaller ones; it is concentrated immediately. For investors, that makes the fund easier to understand, but it also means the investment case depends heavily on the underlying approach continuing to work as expected.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk exposure and are comfortable with a product that may move sharply in the short run. The 1-year return has been negative, while the 3-year return is positive and ahead of the broad benchmark, so the holding period matters here.

Our view is that it fits investors with a longer horizon who want a rules-based equity strategy and can accept that recent performance may lag stronger thematic peers in some periods. The main trade-off is between the possibility of better medium-term compounding and the reality of uneven shorter-term performance.

The concentrated structure also matters: because almost the entire portfolio sits in one underlying ETF, the fund can behave more like a focused strategy than a diversified portfolio. That makes patience and comfort with volatility more important than chasing quick gains.

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 Nifty Alpha Low – Volatility 30 ETF FOF Direct Growth Plan?
The current NAV is ₹14.6984 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 -2.83% and its 3-year return is 9.56%. The 5-year return is not available.

How has the fund done against NIFTY 50?
It has done better than NIFTY 50 over 1-year and 3-year windows, but it has been weaker over the most recent 1-month period. That mix points to a strategy that can lag in the short run while still holding up better over a longer period.

How does this fund compare with the peer funds shown here?
Its 1-year return is far below the peer funds listed here, while its 3-year return is still positive and ahead of the benchmark. The peer comparison shows that other funds in the set have delivered much stronger recent gains.

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. There is no exit load.

Bottom line

This fund’s recent performance is weaker than its longer-term pattern, but the 3-year figure still shows positive compounding and beats the benchmark over the same horizon. Against the peer funds shown here, the recent return profile is clearly softer, while the portfolio structure remains highly concentrated in one underlying ETF. That combination points to a High Risk, specialised holding that may suit investors with a longer horizon and comfort with uneven short-term outcomes.

Published on 17 September 2026 at 11:31 AM 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.