SBI CRISIL - IBX SDL Index - June 2034 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI CRISIL – IBX SDL Index – June 2034 Index Fund Direct Growth Plan is a new index fund with a current NAV of ₹9.9514 as of 17 Sep 2026 and scheme AUM of ₹32 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the risk category is Medium Risk.

Our view is that this is a conservative-duration style product rather than a return-compounding story at this stage. With a low expense ratio, a small scheme size and a portfolio focused almost entirely on state government securities, it may suit investors who want a targeted debt exposure and can accept that the fund has very limited return history.

Quick facts

Particular	Details
NAV	₹9.9514 as of 17 Sep 2026
AUM	₹32 Cr
Expense Ratio	0.0%
Launch Date	15 Jul 2026
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Rajeev Radhakrishnan

The fund is managed by Rajeev Radhakrishnan.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.1%	-3.66%
3M	Data not available	Data not available
1Y	0%	0%
3Y	0%	0%
5Y	0%	0%

The recent one-month pattern has been weak, but it was still less negative than the benchmark period shown alongside it. That tells us the fund has not been immune to short-term pressure, even though it has held up better than the reference index over the same window.

The fund’s one-year, three-year and five-year return fields are all zero, which is best read as a lack of meaningful track record rather than a mature performance history. Because the scheme launched only on 15 Jul 2026, there is not yet a long enough run to judge compounding behaviour across medium- or long-term market cycles.

That limited history matters more here than in an older fund. A new index fund can look stable in a short window, but investors still need to account for the fact that the visible record is too short to confirm how closely it will track its reference profile through different rate and market environments.

On the available figures, the fund is ahead of the benchmark in the 1M view, while the longer-dated return fields do not yet provide a usable performance comparison. For now, the main signal is resilience in the short window rather than a verified long-term track record.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD SBI CRISIL – IBX SDL Index – June 2034 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
SBI CRISIL – IBX SDL Index – June 2034 Index Fund Direct Growth Plan	0%	0%	0%
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

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

The current fund’s short-term return is far below the stronger peer figures shown here, which places the comparison in a very early-stage context rather than a mature one. The peer set also shows that several funds with available 1-year data have produced positive returns, while this fund’s 1-year figure is flat.

Where longer-dated figures are available, the current fund still trails peers with usable 3-year data, but that comparison is not fully like-for-like because the current scheme is newly launched. So the short-term and longer-term views point in different directions: peers show proven return records, while this fund mainly shows that it has just begun building one.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.36% State Government of Karnataka 2034	Government Securities	77.31%
7.55% State Government of Maharashtra 2034	Government Securities	17.81%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	3.17%
TREPS	Cash & Cash Equivalents and Net Assets	1.71%

The largest holding is 7.36% State Government of Karnataka 2034 at 77.31%, which is extremely dominant in the visible portfolio. The second holding, 7.55% State Government of Maharashtra 2034, is far smaller at 17.81%, so the weight drops sharply after the first line item.

That kind of structure suggests the fund may behave like a focused SDL exposure rather than a broadly spread debt portfolio. With only four disclosed holdings in total, the visible book is already quite concentrated, and the largest two positions together account for almost the entire disclosed allocation.

Because the disclosed holdings already sum to 100%, there is very little left for diversification across other visible positions. That means movement in the two state government securities is likely to have greater influence on day-to-day fund behaviour than the small cash and receivable positions.

Source data date: as of 17 Sep 2026

Who should invest

This fund may suit investors with a moderate risk tolerance who are comfortable with debt-oriented volatility and who understand that this is a very young scheme. The available return record is too short to establish a long cycle, so the fund is more relevant to investors who are evaluating structure and portfolio exposure rather than an established performance history.

The key trade-off is that the portfolio is highly concentrated in state government securities, which may offer a focused duration-style exposure but gives limited diversification across holdings. Investors seeking a longer operating history or a more diversified debt allocation may find that trade-off important.

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: No exit load.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of SBI CRISIL – IBX SDL Index – June 2034 Index Fund Direct Growth Plan?
The current NAV is ₹9.9514 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%.

How does the fund compare with its benchmark over the latest month?
The fund’s 1-month return is -1.1%, while the benchmark return is -3.66%. That means the fund was less negative over the same period.

How does the fund compare with the peer funds shown here?
Its short-term return is below the peer figures shown with available 1-year data, while its longer-dated figures are not yet established in a way that allows a mature comparison.

Does the fund have a minimum SIP amount?
The minimum SIP amount is ₹500.

What are the risk profile, portfolio style and exit load?
The fund is Medium Risk, and its disclosed portfolio is concentrated in government securities with two large SDL holdings. It has no exit load, and the fund manager is Rajeev Radhakrishnan.

Bottom line

This is a very early-stage index fund whose visible history is too short to judge long-cycle performance, so the return picture is more about launch-stage behaviour than a tested record. It has held up better than the benchmark in the latest month, but its longer-dated figures are not yet meaningful in the same way as those of older peers. The concentrated SDL portfolio and Medium Risk label make it most relevant for investors who specifically want that type of debt exposure and can accept a short operating history.

Published on 18 September 2026 at 8:18 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.