ICICI Pru Nifty50 Equal Weight Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Nifty50 Equal Weight Index Fund Direct Growth Plan is at ₹16.5541 as of 16 September 2026, with scheme AUM of ₹267 Cr. Its 1-year, 3-year and 5-year returns are -1.38%, 10.29% and 0%, and the fund sits in the High Risk category.

Our view is that this index fund suits investors who are comfortable with equity volatility and want exposure to the Nifty 50 universe through an equal-weight approach. The recent 1-year outcome is weak, but the 3-year record is better, which suggests the path has been uneven rather than consistently strong.

Quick facts

Particular	Details
NAV	₹16.5541 as of 16 Sep 2026
AUM	₹267 Cr
Expense Ratio	0.4%
Launch Date	03 Oct 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
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	-4.62%	-4.41%
3M	-2.56%	-3.6%
1Y	-1.38%	-7.76%
3Y	10.29%	5.74%
5Y	Data not available	Data not available

The short-term pattern has been choppy. The fund fell over the last month and three months, which tells us that the equal-weight structure has not insulated investors from market swings. Still, the one-year result is less negative than the benchmark’s one-year outcome, so the fund has held up better than the index over that period.

The three-year record is more encouraging. The fund’s 10.29% return is ahead of the benchmark’s 5.74%, which suggests that the equal-weight approach has added value over a longer stretch even though the path has not been smooth. That gap matters because it shows the strategy can behave differently from the standard Nifty 50 exposure, especially when market leadership is broad.

The time pattern also points to intermittent recoveries rather than a straight line higher. There were periods of improvement followed by pullbacks, so this is not the kind of fund where investors are likely to experience stable month-to-month progress. Our read is that the longer holding period has been more supportive than the recent stretch, but near-term volatility remains clearly visible.

For investors comparing it with the benchmark, the key point is that relative strength has appeared over three years, while the latest one-year window still shows weakness. That combination suggests the strategy may work better as a patient equity allocation than as a short-term return chase.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD ICICI Pru Nifty50 Equal Weight 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru Nifty50 Equal Weight Index Fund Direct Growth Plan	-1.38%	10.29%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

On the recent one-year measure, this fund trails several peers that have delivered much stronger double-digit gains, while its own return is slightly negative. The three-year figure is more mixed: it is better than the benchmark and also ahead of the peer with a 1-year and 3-year history in this table that we can compare on both periods, but several shorter-history peers have stronger recent numbers.

The peer set tells two different stories. In the short term, the fund looks subdued next to the more momentum-driven peer returns. Over three years, however, its return is respectable and shows that the equal-weight approach can hold its own over a fuller market cycle. That split between recent softness and longer-run recovery is important for expectations.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eternal Ltd.	Retailing	2.53%
Bajaj Auto Ltd.	Automobile & Ancillaries	2.45%
HCL Technologies Ltd.	IT	2.33%
Titan Company Ltd.	Diamond & Jewellery	2.33%
Tata Consultancy Services Ltd.	IT	2.25%
Bajaj Finserv Ltd.	Finance	2.24%
Tech Mahindra Ltd.	IT	2.2%
Shriram Finance Ltd.	Finance	2.15%
Nestle India Ltd.	FMCG	2.14%
Grasim Industries Ltd.	Diversified	2.13%

The largest holding, Eternal Ltd., is 2.53%, which is modest for a single stock in an equity portfolio. The tenth holding, Grasim Industries Ltd., is 2.13%, so the spread from the largest to the tenth is quite narrow. That pattern suggests the portfolio is built with broadly similar position sizes rather than a few very large bets.

The top 10 holdings together account for approximately 22.75% of the portfolio, which means the disclosed weights are spread across a wide set of names. With 50 total holdings, the fund may be less dependent on any one company than a more concentrated strategy, although individual stocks can still matter when market leadership changes.

Our view is that this structure may give the equal-weight approach a more balanced feel within the Nifty 50 universe. The trade-off is that it can reduce the impact of the very largest names, so performance may diverge from a standard cap-weighted benchmark when large stocks lead or lag sharply.

To see all holdings, visit the ICICI Pru Nifty50 Equal Weight Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund is suited to investors who can tolerate High Risk and are comfortable with equity volatility. The recent one-year result has been negative, but the three-year outcome is positive and better than the benchmark, so the fund needs time for its return pattern to play out.

It may suit a medium- to long-term horizon rather than a short holding period. Investors who want benchmark-linked equity exposure but are willing to accept differences from the standard Nifty 50 because of the equal-weight method may find the structure relevant.

The main trade-off is clear: you get a diversified 50-stock portfolio with similar-sized holdings, but returns can move unevenly from one period to another. That makes patience important, especially when the latest year looks weaker than the three-year trend.

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 Nifty50 Equal Weight Index Fund Direct Growth Plan?

The current NAV is ₹16.5541 as of 16 September 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is -1.38%, its 3-year return is 10.29%, and its 5-year return is not available.

How does it compare with the benchmark?

It has done better than the benchmark over 1 year and 3 years. The fund’s 1-year return is -1.38% versus -7.76% for the benchmark, and its 3-year return is 10.29% versus 5.74%.

How does it compare with the peer funds listed here?

Its recent one-year return is weaker than several peers with strong double-digit gains, but its 3-year return is solid and ahead of the benchmark. The peer set shows a clear split between stronger short-term numbers in some funds and a more mixed longer-term picture.

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.

Bottom line

This fund’s recent performance is weaker than its longer-term pattern, with a negative 1-year result but a positive 3-year record that is ahead of the benchmark. Against peers, the short-term comparison is mixed because several other funds have much stronger recent returns, while the longer view is more balanced. The High Risk profile and equal-weight portfolio structure mean investors need to accept volatility and differences from standard Nifty 50 behaviour.

Published on 17 September 2026 at 4:52 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.