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

Zerodha Gold ETF FoF Direct Growth Plan has a NAV of ₹19.7715 as of 11 Sep 2026 and an AUM of ₹388 Cr. Its 1-year, 3-year and 5-year returns are 38.35%, 0% and 0%, and the scheme sits in the High Risk category. Our view is that this is a focused gold-linked fund of fund with strong recent momentum, but its longer record is still short, so investors should read the recent rise alongside the underlying gold-tracking structure rather than expect a full market-cycle history.

For investors who want gold exposure through a fund wrapper, the return pattern is more relevant than the zero 3-year and 5-year figures. The portfolio is fully concentrated in one disclosed holding, which keeps the structure simple but also means the fund’s outcome is closely tied to that single underlying exposure.

Quick facts

Particular	Details
NAV	₹19.7715 as of 11 Sep 2026
AUM	₹388 Cr
Expense Ratio	0.23%
Launch Date	13 Nov 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
Fund Managers	Shyam Agarwal, Kedarnath Mirajkar

The fund is managed by Shyam Agarwal and Kedarnath Mirajkar.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.02%	-3.66%
3M	0.87%	-1.91%
1Y	38.35%	-7.62%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term path has been choppy, but the fund finished the latest month slightly down after a stronger three-month stretch. That pattern is consistent with a gold-linked exposure: it can rise quickly over short windows, then give back part of the move when sentiment cools.

The 1-year figure is the main standout. The fund’s 38.35% return is far ahead of the benchmark’s -7.62%, which tells us the underlying exposure has behaved very differently from a broad equity index over this period. That is useful for diversification, but it also means the fund should not be judged as if it were a standard equity allocation.

Because the scheme was launched only in November 2024, there is no meaningful 3-year or 5-year track record yet. That limits what we can conclude about compounding through different market conditions. Our view is that the recent gain looks strong, but the shorter history means investors should place more weight on the structure of the fund and its role in a portfolio than on long-horizon return comparisons.

Compared with the benchmark, the fund has clearly led over 1 year and also held up better over 1 month and 3 months. The benchmark’s negative numbers across the same periods show that the two have very different drivers, so this is less a contest of similar funds and more a comparison of two distinct exposures.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Zerodha 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
Zerodha Gold ETF FoF Direct Growth Plan	38.35%	Data not available	Data not available
SBI Silver ETF FOF Direct Growth Plan	81.88%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	80.9%	44.95%	Data not available
Axis Silver FoF Direct Growth Plan	80.07%	45.18%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	79.84%	Data not available	Data not available
Nippon India Silver ETF FOF Direct Growth Plan	79.78%	44.48%	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 is well below the silver-themed peer set in this table, even though it remains meaningfully positive. The gap is not surprising because the peers here are silver-oriented funds, while this scheme is tied to gold exposure, so the comparison is best read as a snapshot of recent commodity-linked performance rather than a like-for-like contest.

Where 3-year figures are available for some peers, those silver funds show mid-40% returns, while this fund has no 3-year history yet. That means the longer-horizon comparison is incomplete, but the available numbers still suggest that newer gold exposure has not matched the momentum seen in the silver funds over the same recent window.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Zerodha Gold ETF	Domestic Mutual Funds Units – Gold	100.02%

The portfolio shows a single disclosed holding, so the largest position itself represents the full visible structure. At 100.02%, it is effectively the whole allocation, which leaves no material room for a second or third position to influence returns in the disclosed portfolio view.

Because there is only one holding, the weight does not fall away from the largest to the tenth; instead, the portfolio is fully concentrated in that one exposure. That makes the fund simple to understand, but it also means the scheme’s path is likely to be driven by that underlying gold ETF almost entirely.

Since the disclosed holdings count is 1 and the combined weight of the disclosed holding is 100%, the structure is highly concentrated rather than spread across a long tail. In practical terms, this may suit investors who want a clean gold exposure through a fund-of-funds format, but it also means diversification benefits inside the portfolio are minimal.

Source data date: as of 11 Sep 2026

Who should invest

This fund is suitable for investors who are comfortable with High Risk and want commodity-linked exposure rather than an equity-style core holding. The short history and the lack of a 3-year or 5-year record mean the main decision point is not long-run track depth, but whether a concentrated gold exposure fits the portfolio objective.

The fund’s stronger recent return versus the benchmark suggests it can behave very differently from broad market assets, which may help diversification. The trade-off is that performance can move sharply over short periods, and the single-holding structure means the outcome depends almost entirely on that underlying gold ETF. A medium- to long-term horizon is more sensible than a short trading view.

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 11 Sep 2026

Frequently asked questions

What is the current NAV of Zerodha Gold ETF FoF Direct Growth Plan?

The current NAV is ₹19.7715 as of 11 Sep 2026.

How has the fund performed over 1 year?

The fund has returned 38.35% over 1 year.

Does the fund have a 3-year or 5-year return history?

No. The 3-year and 5-year returns are not available because the scheme is too new for those periods.

How does it compare with the benchmark?

It has outperformed the benchmark over 1 month, 3 months and 1 year. The benchmark numbers over those same periods are negative, while the fund has stayed positive over 3 months and 1 year.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Shyam Agarwal and Kedarnath Mirajkar. There is no exit load.

Bottom line

This fund has a strong recent return profile, but its history is still short, so the longer-term picture is incomplete. It has clearly done better than the benchmark over the available periods, while the peer table shows that silver-oriented funds have been stronger over the same recent window. The portfolio is highly concentrated in one disclosed holding, which keeps the structure simple but limits internal diversification. Our view is that it may suit investors looking for a focused, high-risk gold exposure through a fund wrapper rather than a broad portfolio core.

Published on 15 September 2026 at 3:12 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.