Motilal Oswal BSE Financials ex Bank 30 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal BSE Financials ex Bank 30 Index Fund Direct Growth Plan currently has a NAV of ₹17.3949 as of 16 Sep 2026 and scheme AUM of ₹32 Cr. Its 1-year, 3-year and 5-year returns are -0.98%, 12.59% and 0%, and the scheme is tagged High Risk.

Our view is that this is a thematic index fund for investors who can handle sharp swings and are comfortable with a sector-specific exposure pattern. The current return profile is mixed against its benchmark, with recent weakness but a stronger 3-year record, so it fits better as a focused satellite allocation than a core, all-weather equity holding.

Quick facts

Particular	Details
NAV	₹17.3949 as of 16 Sep 2026
AUM	₹32 Cr
Expense Ratio	0.43%
Launch Date	29 Jul 2022
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Swapnil P Mayekar, Dishant Mehta, Rakesh Shetty

The fund is managed by Swapnil P Mayekar, Dishant Mehta and Rakesh Shetty.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.27%	-4.41%
3M	0.35%	-3.6%
1Y	-0.98%	-7.76%
3Y	12.59%	5.74%
5Y	Data not available	Data not available

The recent pattern has been uneven. Over 1 month, the fund declined more than the benchmark, which tells us that the underlying basket can still move sharply in weak phases. Over 3 months, it recovered better than the benchmark, and the 1-year figure is less negative than the benchmark’s, which shows that the fund absorbed a part of the broader weakness even though the absolute return stayed in negative territory.

The 3-year number is the clearest strength in the profile. The fund’s 12.59% return is well ahead of the benchmark’s 5.74%, so the longer stretch has been more rewarding than the recent stretch. That combination usually points to a fund whose medium-term compounding has been better than its short-term behaviour.

The time pattern also suggests a choppy path rather than a smooth advance. There are periods of recovery, but they are interrupted by meaningful pullbacks. For investors, that means the fund may suit a patient holding period where the focus is on participating in a specific financials opportunity rather than on reducing short-term volatility.

Its current return profile is therefore not weak across every horizon. Instead, the recent softness sits alongside a stronger 3-year record, while the benchmark comparison shows that the fund has generally held up better over the longer window than it did in the most recent month.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Motilal Oswal BSE Financials ex Bank 30 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
Motilal Oswal BSE Financials ex Bank 30 Index Fund Direct Growth Plan	-0.98%	12.59%	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

Among the available peer return figures, the fund’s recent 1-year performance is much softer than the stronger recent numbers posted by the comparison set, while its 3-year record is more resilient than several peers where longer-term figures are not available. That tells us the short-term and medium-term comparisons do not tell the same story.

One of the clearest contrasts is that the fund’s 3-year return is materially better than the benchmark and also higher than the 3-year figures shown by the peer funds that disclose that horizon. At the same time, its 1-year return trails the stronger recent figures in the peer list, so the fund has not had the same recent momentum.

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

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Bajaj Finance Ltd	Finance	15.84%
Shriram Finance Limited	Finance	11.21%
Bajaj Finserv Limited	Finance	6.66%
Multi Commodity Exchange of India Limited	Finance	5.09%
Cholamandalam Investment and Finance Company Limited	Finance	4.78%
Jio Financial Services Limited	Finance	4.74%
SBI Life Insurance Company Limited	Insurance	4.63%
One 97 Communications Limited	IT	4.17%
PB Fintech Limited	IT	4.03%
HDFC Life Insurance Company Limited	Insurance	3.45%

The top 10 holdings account for approximately 64.6% of the portfolio.

To see all holdings, visit the Motilal Oswal BSE Financials ex Bank 30 Index Fund Direct Growth Plan page

The largest holding, Bajaj Finance Ltd, carries a 15.84% weight, so it is likely to have greater influence on the fund’s short-term movement than any other single position. The drop from the first holding to the tenth holding is gradual rather than abrupt, but the weights still show that the portfolio leans on a relatively small set of large positions.

Because the top 10 names together make up 64.6% of the portfolio, the disclosed basket is meaningfully concentrated even though it does extend to 31 holdings overall. That mix may allow diversified participation across the financials complex, but the largest positions could still shape returns more than the smaller tail holdings.

We also note that finance names dominate the top layer, with insurance and IT appearing as smaller pockets within the disclosed leaders. That pattern may make the fund more sensitive to the direction of financial-services stocks than a broader-market index fund would be.

Source data date: as of 16 Sep 2026

Who should invest

This fund is suited to investors who can accept High Risk and who want a focused exposure to financial-services names rather than a broad market basket. The 3-year record is stronger than the benchmark, but the 1-year return is still negative, so the path has not been smooth.

The main fit is for a medium- to long-term horizon, where temporary swings matter less than the longer compounding profile. Investors who prefer steadier outcomes or who want a more diversified equity core may find the sector concentration too narrow for their primary holding.

The trade-off is clear: you may get stronger participation when the financials theme is working, but you also need to accept the possibility of sharper short-term drawdowns and a more uneven journey than a broad index fund.

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: 1% on or before 15D, Nil after 15D.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal BSE Financials ex Bank 30 Index Fund Direct Growth Plan?

The current NAV is ₹17.3949 as of 16 Sep 2026.

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

Its 1-year return is -0.98%, its 3-year return is 12.59%, and its 5-year return is Data not available.

How has the fund compared with its benchmark?

Against the Nifty 50 benchmark, the fund has been less negative over 1 year and stronger over 3 years. Over 1 month, it lagged the benchmark, while over 3 months it held up better.

How does it compare with peer funds on recent returns?

The fund’s 1-year return is below the stronger recent peer figures shown here, but its 3-year return is more resilient than the longer-term figures available for several peers. The short-term and longer-term pictures are not the same.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Swapnil P Mayekar, Dishant Mehta and Rakesh Shetty. The exit load is 1% on or before 15D, and Nil after 15D.

Bottom line

This fund’s recent performance is softer than its 3-year record, so the short-term and medium-term stories differ. It has also outpaced the benchmark over 3 years, while some peer funds show much stronger recent 1-year figures. The High Risk label fits a portfolio that is concentrated in financial-services names, led by a 15.84% position in Bajaj Finance Ltd. For investors with patience and a sector-specific view, it can work as a focused satellite holding rather than a broad core allocation.

Published on 17 September 2026 at 3:30 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.