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

Zerodha Silver ETF FoF Direct Growth Plan has a NAV of ₹20.4493 as of 15 September 2026 and an AUM of ₹238 Cr. Its 1-year, 3-year and 5-year returns are 73.46%, Data not available and Data not available. The fund sits in the High Risk category, so our view is that it is best suited to investors who can tolerate sharp swings and are comfortable with a silver-linked theme rather than a steady, diversified core allocation.

The portfolio is almost fully concentrated in a single holding, which makes the outcome closely tied to that underlying exposure. That structure can support strong upside when the underlying theme moves well, but it also leaves little room for diversification to soften short-term drawdowns.

Quick facts

Particular	Details
NAV	₹20.4493 as of 15 Sep 2026
AUM	₹238 Cr
Expense Ratio	0.17%
Launch Date	08 Jul 2025
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 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.11%	-4.81%
3M	-9.31%	-3.63%
1Y	73.46%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern has been uneven. Over one month, the fund and benchmark both declined, but the fund fell a little less. Over three months, the fund weakened more than the benchmark, which tells us the path has not been smooth even though the longer one-year figure is very strong.

That one-year return stands out sharply against the benchmark’s negative one-year return. In other words, the fund has captured a strong silver-led upswing over the past year, while the benchmark has not shared that move. The contrast between the one-year outcome and the softer 1M and 3M readings suggests a recent pullback after a powerful run-up.

The movement pattern also points to higher volatility than a plain equity benchmark. The fund’s one-year path shows a large rise followed by visible setbacks, which is consistent with a theme-driven product where the underlying commodity cycle can dominate returns. For investors, that means the one-year headline is impressive, but it should be read together with the sharp short-term swings.

Longer-term data are not available because the fund was launched in July 2025. That matters because there is no 3-year or 5-year track record yet, so the current assessment rests mainly on the recent cycle and the benchmark comparison. Our view is that the fund has shown strong upside capture, but the recent pullback shows that the path can remain choppy even after a powerful move.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Zerodha 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
SBI Silver ETF FOF Direct Growth Plan	75.06%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	74.67%	44.26%	Data not available
Axis Silver FoF Direct Growth Plan	73.7%	44.39%	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. On one-year numbers, the fund sits very close to the other silver FoF names and trails a few of them slightly, while still staying in the same return band. That suggests the recent move has been broadly in line with the peer group rather than meaningfully different from it.

The longer-term comparison is less helpful for this fund because its own 3-year and 5-year figures are not yet available. By contrast, several peers do show 3-year figures, and those numbers are materially lower than their 1-year readings, which hints that the broader silver cycle has been far more supportive recently than over the longer period. For this fund, the main takeaway is that short-term strength exists, but there is not yet a long enough history to judge how that strength holds through a full cycle.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Zerodha Silver ETF	Domestic Mutual Funds Units – Silver	100%

The entire disclosed portfolio sits in a single holding, so that one position is likely to have the greatest influence on the fund’s day-to-day movement. At 100%, the holding leaves no visible diversification buffer inside the disclosed portfolio, which means the fund’s outcome will closely follow the underlying silver ETF.

Because there is only one disclosed holding, the weight does not fall away from a large first position to a smaller tail of holdings; instead, the exposure remains fully concentrated. With one disclosed holding out of one total disclosed holding, the structure is simple and transparent, but it may also mean that changes in the underlying silver exposure can pass through quickly to the fund.

Since the disclosed holdings account for 100% of the portfolio, there is no hidden tail in the visible portfolio list. Our view is that this concentration may suit investors who want a direct thematic exposure and understand that the fund is not designed to spread risk across many independent positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors who can handle High Risk exposure and who want a silver-linked allocation with a short history but a strong one-year outcome. The most suitable horizon is likely to be long enough to ride through sharp moves, because the recent pattern shows both powerful gains and noticeable pullbacks.

The main trade-off is clear: the fund has shown strong upside in the latest one-year period, but that came with uneven shorter-term behaviour and no longer-term track record yet. Investors who already understand commodity-linked volatility and want a concentrated theme may find the structure acceptable, while those seeking smoother returns or broader diversification may find it less suitable.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of Zerodha Silver ETF FoF Direct Growth Plan?
The current NAV is ₹20.4493 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 73.46%. The 3-year and 5-year returns are Data not available because the fund does not yet have those track records.

How does the fund compare with its benchmark?
Over 1 year, the fund’s return is 73.46% versus -8.27% for Nifty 50. Over 1 month and 3 months, the fund also moved differently from the benchmark, with a weaker 3-month result.

How does it compare with the peer silver FoF names?
Its 1-year return is close to the other silver FoF funds in the list, with peers such as SBI Silver ETF FOF Direct Growth Plan at 75.06% and Kotak Silver ETF FoF Direct Growth Plan at 74.67%. The fund’s own 3-year and 5-year figures are not yet available.

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. The exit load is no exit load.

Bottom line

Zerodha Silver ETF FoF Direct Growth Plan has shown a very strong one-year return, but the recent 1M and 3M movements show that the path has not been smooth. Compared with peers, it sits in the same broad return band on one-year numbers, while its own longer-term history is still not available. The fund is High Risk and fully concentrated in one disclosed holding, so it is best viewed as a focused silver theme rather than a diversified core holding.

Published on 16 September 2026 at 5:56 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.