Union Gold ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Union Gold ETF FoF Direct Growth Plan currently has a NAV of ₹17.4069 as of 15 Sep 2026 and a scheme AUM of ₹171 Cr. Its 1-year, 3-year and 5-year returns are 37.4%, 0% and 0%, and the fund sits in the High Risk category.

Our view is that this is a niche gold-linked fund-of-fund that has delivered a strong 1-year run, but its longer history is still limited because it launched only on 28 Feb 2025. The portfolio is highly concentrated in a single underlying gold ETF, so the return profile is likely to stay closely tied to gold-price moves rather than broad equity-style diversification.

Quick facts

Particular	Details
NAV	₹17.4069 as of 15 Sep 2026
AUM	₹171 Cr
Expense Ratio	0.29%
Launch Date	28 Feb 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Others
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Vinod Malviya

The fund is managed by Vinod Malviya.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.03%	-4.81%
3M	1.73%	-3.63%
1Y	37.4%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund’s short-term pattern has been uneven, but the broad trend over the last year has been positive. The 1-month return is slightly negative, yet the 3-month and 1-year figures show that the fund recovered well after weaker stretches and finished the year with a strong gain.

Against the benchmark, the fund has been far ahead in every available period. That gap matters because the benchmark itself has been soft across 1 month, 3 months and 1 year, while the fund still held up better and, over 1 year, moved sharply higher.

The 3-year and 5-year figures are not available because the fund has not been live long enough to build those histories. So our interpretation should stay anchored to the available 1-month, 3-month and 1-year path rather than assuming a mature long-term track record.

What stands out is that the fund’s recent stability is better than the benchmark’s, but the path is still tied to the same underlying gold theme. For investors, that means the main question is not whether the fund behaves like an equity benchmark, but whether gold exposure fits the role they want it to play in the portfolio.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Union Gold 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
Union Gold ETF FoF Direct Growth Plan	37.4%	Data not available	Data not available
DSP Silver ETF FoF Direct Growth Plan	79.99%	Data not available	Data not available
UTI Silver ETF FoF Direct Growth Plan	78.79%	44.94%	Data not available
Tata Silver ETF FoF Direct Growth Plan	76.13%	Data not available	Data not available
ICICI Pru Silver ETF FOF Direct Growth Plan	73.08%	44.2%	Data not available
UTI Gold ETF FoF Direct Growth Plan	38.25%	36.06%	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 trails the strongest silver-linked peers in this set, but it is close to the other gold-linked peer on the 1-year figure. That suggests the fund has kept pace with the more directly comparable gold theme, even though it has not matched the sharper silver-led gains shown by the faster peers.

On the longer horizon where peer data exists, the picture is mixed. UTI Gold ETF FoF Direct Growth Plan shows 3-year returns, while this fund does not yet have a 3-year history, so a direct longer-term comparison is not possible. The short-term gap versus silver peers and the closer alignment with the other gold fund tell two different stories: theme matters, but the underlying metal exposure still drives a shared direction.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Union Gold ETF	Domestic Mutual Funds Units – Gold	99.25%
TREPS	Cash & Cash Equivalents and Net Assets	0.87%

The largest holding is Union Gold ETF at 99.25%, so the fund is almost entirely exposed to a single underlying instrument. That makes the portfolio easy to read, but it also means the fund’s behaviour is likely to be shaped mainly by that one holding rather than by diversification across many securities.

Weight falls very sharply from the first holding to the second, with TREPS accounting for only 0.87%. Because there are only two disclosed holdings in total, there is no long tail of positions to smooth the outcome; the fund is structurally concentrated and may move closely with the underlying gold ETF.

Since the disclosed holdings together already account for the entire visible portfolio, the key portfolio characteristic is concentration rather than breadth. For investors, that means this fund may be used as a targeted gold allocation, but it is not built like a diversified multi-asset or multi-stock portfolio.

Source data date: as of 15 Sep 2026

Who should invest

This fund is more suitable for investors who can tolerate high volatility and want a focused gold-linked allocation rather than broad market participation. The return pattern shows a strong 1-year outcome, but the absence of a longer live record means the shorter history should carry more weight in any assessment.

It may suit an investor with a medium- to long-term horizon who is looking for a portfolio diversifier or a tactical precious-metals exposure. The main trade-off is that the fund can do well when gold is supported, yet it will not behave like an equity fund and it remains highly concentrated in one underlying ETF.

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 1 year; nil after 1 year.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Union Gold ETF FoF Direct Growth Plan?
Its NAV is ₹17.4069 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 37.4%, while the 3-year and 5-year returns are Data not available because the fund does not yet have those live histories.

How has it done versus the benchmark?
It has been ahead of the benchmark in every available period. The fund shows -0.03% for 1 month, 1.73% for 3 months and 37.4% for 1 year, while the benchmark shows -4.81%, -3.63% and -8.27% for the same periods.

How does it compare with peer funds on 1-year return?
Its 1-year return of 37.4% is close to UTI Gold ETF FoF Direct Growth Plan at 38.25%, but below the silver-linked peers in this comparison set, which show stronger 1-year gains.

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 Vinod Malviya. The exit load is 1% if units are sold on or before 1 year, and nil after 1 year.

Bottom line

Union Gold ETF FoF Direct Growth Plan has a strong 1-year return record, but its shorter history means the longer-term picture is still incomplete. It has also stayed ahead of the benchmark in the available periods, while peer comparisons show that it tracks the gold theme more closely than the faster silver-linked funds. The portfolio is almost entirely tied to one underlying gold ETF, so this is a concentrated high-risk allocation rather than a diversified core holding.

Published on 16 September 2026 at 2:04 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.