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

Mirae Asset Silver ETF FOF Direct Growth Plan had a NAV of ₹10.445 as of 18 Sep 2026 and an AUM of ₹33 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk bucket. Our view is that this is a very early-stage silver-themed fund-of-fund, so the more important question is not history but whether an investor is comfortable with commodity-linked swings and a narrow portfolio structure.

The fund’s current setup makes it suitable only for investors who can tolerate sharp short-term moves and who want silver exposure through a mutual fund route. With a single underlying holding and no long operating record, it is best assessed as a specialised allocation rather than a core equity-style holding.

Quick facts

Particular	Details
NAV	₹10.445 as of 18 Sep 2026
AUM	₹33 Cr
Expense Ratio	0.0%
Launch Date	24 Mar 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	Ritesh Patel, Akshay Udeshi

The fund is managed by Ritesh Patel and Akshay Udeshi.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.81%	-3.73%
3M	-0.53%	-3.14%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term record is mixed. Over one month, the fund was slightly weaker than the benchmark, which shows that it can move with the market but does not always track it closely. Over three months, the fund held up better than the benchmark, so the recent pattern is not one-way weakness.

The daily path also looks uneven, with noticeable drops and recoveries rather than a smooth climb. That is consistent with a fund linked to silver exposure, where sentiment can shift quickly and the path to returns can be choppy even over short windows.

Because the scheme launched only in March 2026, there is no meaningful 1-year, 3-year or 5-year performance history yet. That means investors should treat the recent numbers as a snapshot of a new fund’s behaviour, not as a durable track record.

Against the Nifty 50 benchmark, the fund has recently looked more volatile in the short run, but its three-month result was less weak than the benchmark. For now, the return pattern says more about the asset class than about long-term compounding skill.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Mirae Asset Silver 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 Silver 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.

Relative to the peer set, the fund’s short-term return profile does not show a clear advantage yet because the comparable one-year figures are not available for any of the schemes listed here. That makes the three-month behaviour more useful, and on that measure the fund has been steadier than several peers with only a weak recent showing. On the longer end, the available 3-year and 5-year columns are also unavailable across the comparison set, so there is no basis to claim an established edge. The short version is that current evidence is about the early trajectory, not a settled peer pattern.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mirae Asset Silver ETF	Domestic Mutual Funds Units – Silver	99.91%

The portfolio is highly concentrated, with one holding accounting for 99.91% of assets. That means the fund’s day-to-day behaviour is likely to be driven almost entirely by the underlying silver ETF rather than by manager-level stock selection across multiple positions.

Because there is only one disclosed holding, there is no gradual taper from a large first holding to a long tail of smaller positions. The disclosed structure is as concentrated as it can be, and that concentration may amplify the link between the scheme and silver-price moves.

With just one disclosed holding out of one total holding row, the portfolio is not diversified in the way a multi-holding equity fund would be. The top disclosed holding already represents the full visible portfolio, so there is little buffer from other positions if the underlying metal or the ETF moves sharply.

Source data date: as of 18 Sep 2026

Who should invest

This fund suits investors who can accept High Risk exposure and who are comfortable with a specialist silver allocation rather than a broad equity-style fund. The absence of a long return history means the most useful guide is the recent, choppy short-term pattern and the single-holding structure.

It is better viewed by investors with a medium-to-long horizon and the patience to hold through volatility, because the recent behaviour has not been smooth and the portfolio is tightly focused. The main trade-off is clear: you get direct silver-linked exposure, but you give up diversification and any reliable long-term return record.

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 18 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Silver ETF FOF Direct Growth Plan?
The current NAV is ₹10.445 as of 18 Sep 2026.

What are the fund’s recent returns?
The fund’s 1-month return is -3.81% and its 3-month return is -0.53%. Its 1-year, 3-year and 5-year returns are not yet available because the scheme is very new.

How has it compared with the benchmark?
Over 1 month, the fund was slightly weaker than the benchmark. Over 3 months, it was less weak than the benchmark, so the short-term comparison is mixed.

How does it compare with peer funds?
There is no usable 1-year, 3-year or 5-year return history across the listed peer funds for a like-for-like comparison. The brief recent period available suggests a mixed short-term picture rather than a settled peer advantage.

What is the minimum SIP?
The minimum SIP is ₹99.

Who manages the fund and what is the exit load?
The fund is managed by Ritesh Patel and Akshay Udeshi. The exit load is 0.05% on or before 15D and nil after 15D.

Bottom line

Mirae Asset Silver ETF FOF Direct Growth Plan is a very new, concentrated silver-linked fund-of-fund with High Risk positioning. Its short-term movement has been uneven, and the limited return history means there is no long-term record to lean on yet. Compared with the listed peers, the available figures do not establish a lasting edge, but the recent three-month showing was steadier than its one-month dip. The single underlying holding makes the portfolio straightforward, but also highly dependent on silver exposure.

Published on 21 September 2026 at 10:22 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.