Mirae Asset Nifty Metal ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset Nifty Metal ETF FOF Direct Growth Plan has a NAV of ₹10.287 as of 16 Sep 2026 and an AUM of ₹111 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme is tagged as High Risk. Our view is that this is a specialised equity-style fund-of-funds that can suit investors who want metal-linked exposure and can tolerate sharp swings, but the short track record means there is not yet a long operating history to lean on.

The fund’s benchmark is Nifty 50, while the portfolio is fully concentrated in a single underlying holding, Mirae Asset Nifty Metal ETF. That makes the return pattern and the portfolio structure easy to read, but also leaves the fund heavily tied to one theme. For investors, the main trade-off is between theme-specific exposure and the lack of diversification at the holdings level.

Quick facts

Particular	Details
NAV	₹10.287 as of 16 Sep 2026
AUM	₹111 Cr
Expense Ratio	0.0%
Launch Date	26 Feb 2026
Min SIP	₹99
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.05% on or before 15D, NIL after 15D
Fund Managers	Ekta Gala, Akshay Udeshi

The fund is managed by Ekta Gala and Akshay Udeshi.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.88%	-4.41%
3M	-1.96%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern has been weaker over the last month and three months, but the fund still held up better than the benchmark in both periods. That relative edge matters because the benchmark itself was negative over the same windows, so the fund was able to soften part of the decline rather than amplify it.

The short-term path also looks choppy, which is consistent with a theme-focused structure. The month-long series shows a quick rise and then a retreat, while the three-month path moves through a deeper dip before recovering part of the loss. That kind of movement is normal for a concentrated thematic exposure, but it also means the ride can be uneven even when the broader direction improves.

For longer horizons, there is no 1-year, 3-year or 5-year return history to judge yet. That absence limits the amount of confidence we can place in the fund’s compounding pattern. At this stage, our reading is that the fund has shown some short-term resilience versus the benchmark, but it has not built a long track record that would let us assess consistency across market cycles.

Because the benchmark comparison is only available for the shorter windows, the cleanest conclusion is a narrow one: the fund has been less weak than Nifty 50 in the recent period, but the available history is still too brief for a deeper time-tested assessment.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Mirae Asset Nifty Metal 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.

Already holding Mirae Asset Nifty Metal ETF FOF? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Mirae Asset Nifty Metal ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Axis Gold and Silver Passive FoF Direct Growth Plan	Data not available	Data not available	Data not available
HSBC Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Bandhan Silver ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
The Wealth Company Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Mirae Asset BSE Midcap 150 Momentum 30 ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available

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

On the available recent numbers, the fund has held up better than the benchmark in both the 1-month and 3-month windows. That gives it a modest relative edge in the short run, even though the absolute returns remain negative. Most peer return fields are not available, so we cannot build a longer performance comparison across the group from the available figures.

Because the peer set does not provide usable 1-year, 3-year or 5-year figures, the current fund’s peer comparison is driven mainly by the short-term benchmark relationship rather than by a broader return history. The important point is that the fund has not shown a materially different pattern from the broader theme space visible here; the available data is simply too limited for a stronger longer-term contrast.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mirae Asset Nifty Metal ETF	Domestic Mutual Funds Units	100.38%

The portfolio is fully concentrated in one disclosed holding, so the single underlying ETF is likely to have the greatest influence on the fund’s day-to-day movement. At 100.38%, that holding is effectively the whole portfolio exposure shown here, which leaves very little room for offsetting positions.

There is no fall-off from the largest holding to a tenth holding because only one holding is disclosed. That makes the structure straightforward, but it also means the fund does not appear to spread exposure across multiple securities at the portfolio level. In practical terms, this is a very focused setup rather than a diversified basket of holdings.

Since the disclosed holdings count is 1 and the displayed weight is already the full disclosed exposure, the portfolio looks highly concentrated. That concentration may contribute to sharper moves when the underlying metal theme is strong or weak, and it makes the fund more dependent on a single source of performance.

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk exposure and who can tolerate theme-driven swings. The short return history is not yet long enough to show how it behaves across different market cycles, so it is better viewed as a specialised allocation than as a core holding.

A longer horizon is important here because the recent returns have been negative and the benchmark comparison is only available over short windows. Investors who already have a diversified core portfolio may see this as a satellite position, while those who want smoother outcomes or broad market exposure may find the single-holding structure too narrow.

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: 0.05% on or before 15D, NIL after 15D.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Nifty Metal ETF FOF Direct Growth Plan?
Its NAV is ₹10.287 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available.

How has the fund done versus Nifty 50 recently?
It has been less weak than Nifty 50 in both the 1-month and 3-month windows. The fund’s recent returns are -2.88% and -1.96%, while the benchmark’s are -4.41% and -3.6%.

How does it compare with the listed peer funds on available return data?
The peer return fields shown here are also unavailable, so a fuller return-based comparison is not possible from the available figures. The main readable comparison is the fund’s recent behaviour against Nifty 50.

Is there a minimum SIP for this scheme?
Yes, the minimum SIP is ₹99.

Who manages the fund and what is the exit load?
The fund is managed by Ekta Gala and Akshay Udeshi. The exit load is 0.05% on or before 15D, and NIL after 15D.

Bottom line

Mirae Asset Nifty Metal ETF FOF Direct Growth Plan has started life with a short and uneven return record, but it has held up better than the benchmark in the recent one-month and three-month windows. The portfolio structure is even more striking: the disclosed exposure sits in a single underlying ETF, so the fund is highly concentrated and likely to move closely with that theme. For investors who understand and accept High Risk exposure, this is a focused satellite idea rather than a broad-market building block.

Published on 17 September 2026 at 3:20 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.