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

Nippon India Silver ETF FOF Direct Growth Plan currently has an NAV of ₹34.8058 as of 16 Sep 2026 and scheme AUM of ₹4,561 Cr. Its 1-year, 3-year and 5-year returns are 72.65%, 43.94% and 0, respectively, and the fund sits in the High Risk category.

Our view is that this is a silver-linked fund of fund that has delivered strong medium-term gains but also shown noticeable short-term swings. The portfolio is fully concentrated in a single holding, so the fund’s path is closely tied to silver exposure rather than broad diversification.

Quick facts

Particular	Details
NAV	₹34.8058 as of 16 Sep 2026
AUM	₹4,561 Cr
Expense Ratio	0.27%
Launch Date	02 Feb 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Jitendra Tolani

The fund is managed by Jitendra Tolani.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.32%	-4.41%
3M	-6.95%	-3.60%
1Y	72.65%	-7.76%
3Y	43.94%	5.74%
5Y	Data not available	Data not available

The recent picture is mixed. Over 1 month, the fund fell less than the benchmark, which suggests some relative resilience in a weak stretch. Over 3 months, however, it declined more than the benchmark, so the short run has not been smooth.

The stronger message comes from the 1-year and 3-year periods. The fund’s 1-year return is well above the benchmark, and the 3-year return also stays ahead of the benchmark on a simple return comparison. That tells us the fund has rewarded investors over the medium term, even though the path has not been linear.

The time pattern also matters. The 1-year and 3-year movements show sharp advances followed by pullbacks rather than a steady climb, which is typical of a commodity-linked theme. So, while the medium-term compounding has been healthy, the journey has been volatile enough that short holding periods can look quite different from longer ones.

For investors, the key takeaway is that this fund behaves more like a thematic satellite than a core equity allocation. It has clearly outpaced the benchmark over 1 year and 3 years, but the recent 3-month softness reminds us that momentum can reverse quickly.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Nippon India 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.

Already holding Nippon India Silver ETF FOF? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
Nippon India Silver ETF FOF Direct Growth Plan	72.65%	43.94%	Data not available
SBI Silver ETF FOF Direct Growth Plan	76.71%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	75.91%	45.12%	Data not available
Axis Silver FoF Direct Growth Plan	74.42%	45.18%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	73.46%	Data not available	Data not available
Nippon India Silver ETF FOF Direct Growth Plan	72.65%	43.94%	Data not available

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

Nippon India Silver ETF FOF Direct Growth Plan has a slightly lower 1-year return than the leading peer figures listed here, but the gap is not wide. Its 3-year return is also a little below the other peers with available 3-year data, which suggests the fund has been competitive but not the strongest over that stretch.

The more important point is that the short-term and medium-term stories are not identical. On a 1-year basis, the fund remains in the same broad return band as the peer set, while the 3-year figure trails the better available peer readings by a small margin. That makes the fund look acceptable on relative performance, but it does not stand out as the most forceful option in the group.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Nippon India Silver ETF	Domestic Mutual Funds Units – Silver	100.02%

The portfolio is entirely concentrated in one disclosed holding, so that single position is likely to have the dominant influence on returns. With only one row shown, there is no visible spread across multiple holdings to soften the impact of moves in the underlying silver exposure.

That concentration can make the fund easy to understand, but it also means the return path may move sharply when the underlying silver ETF moves. The displayed holding weight is slightly above 100%, which reinforces that the scheme is built as a direct pass-through to one core exposure rather than a layered multi-asset structure.

Because the disclosed holdings count is just one and the top holding already accounts for essentially the entire portfolio, the fund appears highly concentrated. In our view, that structure may suit investors who want a clean silver-linked allocation, but it may not suit those looking for diversification inside the scheme itself.

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who can handle high volatility and are comfortable with a thematic exposure rather than a broad market fund. The High Risk profile, together with the sharp difference between recent weak patches and strong medium-term gains, means it is better suited to people who can stay invested through swings.

A longer horizon matters here. The 1-year and 3-year numbers show that the fund can reward patience, but the 3-month decline shows that the ride may be uneven even when the medium-term trend remains positive. The trade-off is simple: you get direct silver-linked upside potential, but you also accept concentrated exposure and faster drawdowns when the theme cools off.

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% if units are sold on or before 15 days. No exit load applies after the holding period.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Nippon India Silver ETF FOF Direct Growth Plan?

The current NAV is ₹34.8058 as of 16 Sep 2026.

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

The fund’s 1-year return is 72.65%, its 3-year return is 43.94%, and its 5-year return is Data not available.

How does the fund compare with its benchmark?

It has outperformed the benchmark over 1 year and 3 years, but it lagged the benchmark over 3 months and 1 month. That shows stronger medium-term performance with uneven short-term behaviour.

How does it compare with peer funds on available return data?

Its 1-year return is close to the peer range but below the highest figures listed here, and its 3-year return is also slightly below the peers with available 3-year data. The comparison looks competitive rather than dominant.

What is the fund’s minimum SIP?

The minimum SIP is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Jitendra Tolani. The exit load is 1% if units are sold on or before 15 days, and there is no exit load after the holding period.

Bottom line

Nippon India Silver ETF FOF Direct Growth Plan has delivered strong medium-term returns, but the recent patch has been more uneven. Relative to the peer set, its available return figures are competitive, though not the strongest across the comparison group. The fund is High Risk and built around a single disclosed silver ETF holding, so it is a concentrated thematic allocation rather than a diversified core fund. For investors who understand that trade-off and can tolerate volatility, it may serve as a focused silver exposure within a broader portfolio.

Published on 17 September 2026 at 1:24 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.