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

Updated: 18 Sept 2026 • 1:09 pm

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

UTI Silver ETF FoF Direct Growth Plan last stood at ₹28.9382 on 17 Sep 2026, with scheme AUM of ₹654 Cr. Its 1-year, 3-year and 5-year returns are 73.31%, 45.21% and 0%, and the fund sits in the High Risk bucket. Our view is that this is a focused silver-linked allocation that has delivered strong medium-term gains, but the recent pullback means investors need a clear tolerance for sharp swings.

The portfolio is highly concentrated and benchmark behaviour has been uneven, so this is better suited to investors who can hold through volatility and are comfortable with commodity-linked price moves rather than steady, index-like outcomes.

Table of Contents

Quick facts

Particular	Details
NAV	₹28.9382 as of 17 Sep 2026
AUM	₹654 Cr
Expense Ratio	0.15%
Launch Date	21 Apr 2023
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Others
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Sharwan Kumar Goyal, Ayush Jain, Lokesh Kulthia

The fund is managed by Sharwan Kumar Goyal, Ayush Jain and Lokesh Kulthia.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.4%	-3.66%
3M	-5.87%	-3.71%
1Y	73.31%	-7.13%
3Y	45.21%	5.82%
5Y	Data not available	Data not available

The short-term picture is mixed. Over 1 month, the fund fell less than the benchmark, but over 3 months it declined more than the benchmark. That tells us the recent path has not been smooth, even though the fund stayed ahead on the shorter one-month window.

The 1-year number stands out because it is far stronger than the benchmark’s negative reading. That gap reflects the fund’s silver exposure rather than equity-style behaviour, and it shows why this scheme can move very differently from the benchmark it is measured against.

The 3-year return is also well ahead of the benchmark, but it is much lower than the 1-year figure. Our read is that the fund has had a strong medium-term run, yet the most recent quarter has given back some of that momentum. The time pattern suggests a volatile but upward-biased three-year track, not a straight line.

A 5-year return is not available because the scheme has not been running long enough. That makes the 3-year record the more useful anchor for long-horizon judgment, while the 1-year figure still shows that recent silver strength has been powerful.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD UTI 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 UTI Silver ETF FoF? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
UTI Silver ETF FoF Direct Growth Plan	73.31%	45.21%	Data not available
DSP Silver ETF FoF Direct Growth Plan	74.79%	Data not available	Data not available
ICICI Pru Silver ETF FOF Direct Growth Plan	72.38%	45.03%	Data not available
Tata Silver ETF FoF Direct Growth Plan	69.73%	Data not available	Data not available
UTI Gold ETF FoF Direct Growth Plan	35.4%	35.95%	Data not available

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

On a 1-year view, the fund is close to the better silver peers, with DSP Silver ETF FoF Direct Growth Plan slightly ahead and ICICI Pru Silver ETF FOF Direct Growth Plan slightly behind. That suggests the scheme has participated well in the silver rally without clearly separating itself from the stronger peer group.

The 3-year picture is more telling. UTI Silver ETF FoF Direct Growth Plan has a stronger 3-year return than ICICI Pru Silver ETF FOF Direct Growth Plan, and both are well ahead of UTI Gold ETF FoF Direct Growth Plan on the same horizon. DSP Silver ETF FoF Direct Growth Plan and Tata Silver ETF FoF Direct Growth Plan do not have 3-year figures available here, so the longer-view comparison is thinner than the 1-year one.

Our read is that the short-term comparison is tight among silver funds, while the 3-year view still supports the fund’s place as a credible silver-linked option. The contrast with the gold fund also underlines that the return pattern here is driven by a different commodity cycle, not by broad market movements.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
MF Units Uti MF- Silver Exchange Traded Fund	Domestic Mutual Funds Units – Silver	99.94%

The single disclosed holding is MF Units Uti MF- Silver Exchange Traded Fund, and it carries a weight of 99.94%. That makes the portfolio highly concentrated in one underlying silver ETF exposure, so performance is likely to track the movement of that instrument very closely.

Because there is only one disclosed holding, there is no step-down across a longer list of positions to analyse. The top disclosed holding therefore has almost the entire visible portfolio weight, and that concentration may amplify both upside and downside moves when silver prices are volatile.

With one disclosed holding out of one disclosed holding, the fund is not spread across a long tail of positions. Our view is that this structure can make the scheme easy to understand, but it also means investors are taking a focused commodity-linked exposure rather than a diversified multi-asset mix.

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who can handle sharp moves and who want a silver-linked allocation rather than a stable core holding. The High Risk tag fits the return pattern: strong medium-term gains, but also recent softness and a benchmark relationship that does not behave like a standard equity fund.

We think the more suitable horizon is medium to long term, because the 3-year record is more informative than the short windows and the 5-year track record is not yet available. The main trade-off is clear: the fund can capture powerful commodity-driven upside, but it can also give back gains quickly when the silver cycle turns.

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 17 Sep 2026

Frequently asked questions

What is the current NAV of UTI Silver ETF FoF Direct Growth Plan?

The current NAV is ₹28.9382 as of 17 Sep 2026.

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

The 1-year return is 73.31% and the 3-year return is 45.21%. The 5-year return is not available because the scheme does not yet have a 5-year track record.

How has the fund performed versus the benchmark?

It has outperformed the benchmark over 1 year and 3 years, but the short-term path has been uneven. Over 1 month it was less negative than the benchmark, while over 3 months it was more negative.

How does it compare with other silver funds in the peer set?

Its 1-year return is close to the stronger silver peers, with DSP Silver ETF FoF Direct Growth Plan slightly ahead and ICICI Pru Silver ETF FOF Direct Growth Plan slightly behind. The 3-year figure is also competitive where available.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹100.

What are the risk and portfolio features that matter most?

The fund is in the High Risk category and is extremely concentrated, with one disclosed holding carrying 99.94% weight. It is managed by Sharwan Kumar Goyal, Ayush Jain and Lokesh Kulthia, and the exit load is 1% on or before 15D, Nil after 15D.

Bottom line

UTI Silver ETF FoF Direct Growth Plan has a strong medium-term record, but its recent stretch has been uneven, which is consistent with a High Risk silver-linked strategy. Against peers, it looks broadly competitive on available 1-year and 3-year figures without clearly standing apart. The most important portfolio feature is the near-total concentration in a single underlying silver ETF exposure. That makes the fund best understood as a focused commodity allocation for investors who can accept volatility and a cyclical return pattern.

Published on 18 September 2026 at 1:08 PM IST

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.