Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF FoF Direct Growth Plan has a NAV of ₹10.403 as of 10 Sep 2026 and an AUM of ₹293 Cr. Its 1-year, 3-year and 5-year returns are 5.61%, 0% and 0%, and it sits in the High Risk category. Our view is that this is a narrow, high-volatility thematic-style fund-of-fund proposition, so the return experience matters less than the fact that the underlying exposure has been uneven over short and medium horizons.

The combination of a modest 1-year gain, a weaker benchmark backdrop and a portfolio built around a single underlying holding suggests that investors need a patient horizon and a strong tolerance for swings. It is better read as a focused satellite allocation than as a core, all-weather equity holding.

Quick facts

Particular	Details
NAV	₹10.403 as of 10 Sep 2026
AUM	₹293 Cr
Expense Ratio	0.12%
Launch Date	30 May 2024
Min SIP	₹99
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Others
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 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.36%	-4.06%
3M	5.22%	1.37%
1Y	5.61%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Over the last month, the fund slipped slightly, but it still held up better than the benchmark, which fell more sharply. That tells us the recent drawdown has been contained relative to the broad market backdrop, even though the fund has not been immune to weakness.

The 3-month picture is stronger. The fund delivered a positive gain while the benchmark also recovered, but the fund’s move was clearly better. That is important because it shows the strategy can participate in rebounds rather than only lagging in stress phases.

The 1-year outcome remains positive at 5.61%, while the benchmark is lower over the same horizon. Even so, the broader pattern is not one of smooth compounding. The 1-year path shows several dips and recoveries rather than a clean upward slope, which is typical of a portfolio tied to a momentum-and-quality style exposed to mid and small-cap behaviour. With no 3-year or 5-year history available, our view is that the current record is still too short to judge consistency across a full market cycle.

Overall, the fund has outpaced the benchmark on the available periods, but the pattern also confirms that gains are likely to arrive with uneven interim moves. That makes it more suitable for investors who can tolerate volatility in exchange for the possibility of stronger participation when the underlying segment improves.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 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
Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF FoF Direct Growth Plan	5.61%	Data not available	Data not available
DSP Silver ETF FoF Direct Growth Plan	85.74%	Data not available	Data not available
ICICI Pru Silver ETF FOF Direct Growth Plan	85.05%	46.51%	Data not available
UTI Silver ETF FoF Direct Growth Plan	81.9%	46.49%	Data not available
Tata Silver ETF FoF Direct Growth Plan	79.88%	Data not available	Data not available
DSP Gold ETF FoF Direct Growth Plan	38.79%	Data not available	Data not available

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

The fund’s 1-year return is far below the strongest peer figures listed here, though it does still show a positive outcome. That matters because the peer set is currently dominated by commodity-oriented ETF FoFs with sharply higher recent gains.

On longer horizons, the comparison is harder to use because most peer 3-year and 5-year figures are not available. Where 3-year figures do exist, they are materially higher than this fund’s current record simply because this fund has no long-history trailing number to compare. So the short-term comparison tells a very different story from the long-horizon one: peers with available multi-year figures have a richer history, while this fund still has only a short operating track record.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mirae Asset Nifty Midsmallcap400 Momentum Quality 100 ETF	Domestic Mutual Funds Units	100.01%

The disclosed portfolio is fully concentrated in one underlying holding, which means that this single position is likely to have the greatest influence on returns and volatility. At 100.01%, the holding is effectively the whole visible portfolio, so the fund’s outcome will largely reflect the underlying ETF’s behaviour rather than a diversified spread across many securities.

Because only one holding is disclosed, there is no fall-off from a first position to a tenth position in the visible holdings set. That also means the portfolio does not show a broad tail of smaller positions; instead, it is concentrated by design at the fund-of-fund layer. In practical terms, the investor is taking the risk of the underlying strategy in one block.

The disclosed holdings count is one, and the top holding weight is already essentially the entire visible allocation. That concentration may simplify the structure, but it also means the portfolio may move in a more focused way when the underlying ETF changes direction.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and who can stay invested through uneven performance. The short history shows a positive 1-year return, but the path has not been smooth, and the benchmark comparison suggests that results can diverge meaningfully over shorter windows.

It is better suited to a medium-to-long horizon rather than a near-term goal, because the underlying style may move sharply with market sentiment. The main trade-off is clear: you get a concentrated, rules-based exposure to a momentum-quality theme, but you must accept that performance can be volatile and may not track the broad market closely at all times.

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 10 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF FoF Direct Growth Plan?

The current NAV is ₹10.403 as of 10 Sep 2026.

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

Its 1-year return is 5.61%, while the 3-year and 5-year returns are not available as trailing figures here.

How has the fund performed against the benchmark?

It has done better than the benchmark in the available periods. The 1-month, 3-month and 1-year return figures are all ahead of Nifty 50 in this comparison set.

How does it compare with the listed peer funds?

Its 1-year return is much lower than the strongest peer figures listed, but those peers are mostly silver- and gold-linked ETF FoFs with very different recent behaviour. The available multi-year peer figures are also limited.

What is the minimum SIP amount?

The minimum SIP amount is ₹99.

What risk level, portfolio structure and exit load does it have?

It is classified as High Risk. The disclosed portfolio is concentrated in one underlying ETF holding, and the exit load is 0.05% on or before 15 days with nil exit load after 15 days.

Bottom line

This fund’s recent return pattern is positive but uneven, and it looks better in short-window comparisons than in the absence of a longer track record. Against the available peer set, its return profile is modest, while its risk label and one-holding structure point to a focused, high-volatility exposure rather than a diversified equity core. It may suit investors who want a concentrated thematic allocation and can tolerate swings, not those looking for smoother, broad-based market participation.

Published on 11 September 2026 at 1:19 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.