FoF Domestic Mutual Funds in India
Updated June 2026 · 129 active funds · data from AMFI NAVs
A domestic Fund of Funds (FoF) is a mutual fund that invests not in stocks or bonds directly but in units of other Indian mutual funds or ETFs. Under SEBI's framework an FoF is required to hold the bulk of its assets in the underlying scheme(s) it is built around. The strategy varies widely: some domestic FoFs are passive wrappers that hold a single index ETF (often to give index exposure without a demat account), some are multi-asset FoFs blending equity, debt, and gold funds for ready-made diversification, and some are gold/silver FoFs that invest in the corresponding commodity ETF. Risk and return therefore depend entirely on the underlying funds - an equity-heavy FoF carries equity risk, a gold FoF tracks gold. The trade-off to understand is cost layering: you pay the FoF's own expense ratio on top of the underlying schemes' costs, though SEBI caps the combined total. The default benchmark on FindMF is the underlying fund's benchmark, and FindMF computes returns, volatility, drawdown, and where a benchmark series is available alpha/beta from AMFI-published NAVs under one disclosed methodology - note that many FoF benchmarks (debt, commodity, blended) are not yet in our ingested feed, so some metrics may be flagged unavailable.
Who it suits: Investors wanting a single-ticket diversified or passive holding - including index, gold, or multi-asset exposure - without managing multiple funds or a demat account.
60% of the 25 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | Mirae Asset NYSE FANG + ETF Fund of Fund Mirae Asset | +40.73% | +46.68% | +30.99% | 0.94 | -43.7% | - | ₹2.1K Cr |
| 2 | Motilal Oswal Nasdaq 100 Fund of Fund Motilal Oswal | +76.36% | +40.06% | +25.72% | 0.76 | -30.4% | 0.19% | ₹6.0K Cr |
| 3 | Mirae Asset S&P 500 Top 50 ETF Fund of Fund Mirae Asset | +43.52% | +36.59% | - | 0.96 | -29.9% | 0.02% | ₹755 Cr |
| 4 | Navi NASDAQ100 US Specific Equity Passive FOF Navi | +50.29% | +33.20% | - | 0.84 | -25.1% | 0.19% | ₹1.0K Cr |
| 5 | ICICI Prudential NASDAQ 100 Index Fund ICICI Prudential | +50.61% | +33.14% | - | 0.72 | -30.0% | 0.52% | ₹2.7K Cr |
| 6 | Kotak US Specific Equity Passive FOF Kotak Mahindra | +46.66% | +32.04% | +22.08% | 0.78 | -29.1% | 0.54% | ₹3.7K Cr |
| 7 | Invesco India - Invesco EQQQ Nasdaq - 100 ETF Fund of Fund Invesco | +46.39% | +32.00% | - | 1.05 | -23.0% | 0.47% | ₹401 Cr |
| 8 | Aditya Birla Sun Life US Equity Passive FOF Aditya Birla Sun Life | +46.42% | +31.86% | - | 0.68 | -28.9% | 0.26% | ₹443 Cr |
| 9 | Axis NASDAQ 100 US Specific Equity Passive FOF Axis | +45.78% | +31.43% | - | 1.46 | -23.0% | 0.29% | ₹189 Cr |
| 10 | Edelweiss US Technology Equity Fund of Fund Edelweiss | +40.87% | +31.15% | +17.52% | 0.47 | -45.3% | 0.70% | ₹3.5K Cr |
| 11 | ICICI Prudential Strategic Metal and Energy Equity Fund of Fund ICICI Prudential | +61.95% | +30.42% | - | 0.86 | -24.3% | 0.23% | ₹217 Cr |
| 12 | PGIM India Emerging Markets Equity Fund of Fund PGIM India | +45.24% | +28.85% | +5.26% | 0.08 | -48.0% | 0.54% | ₹1.2K Cr |
| 13 | DSP US Specific Equity Omni FoF DSP | +51.85% | +28.24% | +19.18% | 0.77 | -23.2% | 1.48% | ₹1.1K Cr |
| 14 | SBI US Specific Equity Active FoF SBI | +40.16% | +28.07% | +18.00% | 0.70 | -21.8% | 0.92% | ₹1.1K Cr |
| 15 | Edelweiss Emerging Markets Opportunities Equity Offshore Fund Edelweiss | +67.80% | +27.37% | +10.13% | 0.26 | -35.7% | 0.56% | ₹189 Cr |
| 16 | Navi Total Stock Market US Specific Equity Passive FoF Navi | +38.42% | +26.43% | - | 0.77 | -20.0% | 0.07% | ₹958 Cr |
| 17 | Bandhan US specific Equity Active FOF Bandhan | +25.40% | +25.84% | - | 0.59 | -27.1% | 0.62% | ₹343 Cr |
| 18 | HSBC Asia Pacific (Ex Japan) Dividend Yield Fund HSBC | +48.53% | +25.60% | +13.15% | 0.47 | -25.2% | 0.65% | ₹64 Cr |
| 19 | Franklin U.S. Opportunities Equity Active Fund of Funds Franklin Templeton | +25.60% | +24.39% | +12.44% | 0.35 | -38.4% | 0.54% | ₹4.5K Cr |
| 20 | Edelweiss Europe Dynamic Equity Offshore Fund Edelweiss | +27.87% | +24.32% | +14.86% | 0.58 | -23.7% | 0.60% | ₹213 Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How is a domestic FoF taxed?
Taxation depends on the FoF's effective equity exposure, not its label. An FoF that holds at least 65% in Indian equity is taxed as equity (short-term under 12 months at 20%; long-term at 12.5% above Rs 1.25 lakh). An FoF that is predominantly debt, gold, or blended below the 35% equity line, bought on or after 1 April 2023, has its entire capital gain taxed at your income-tax slab rate regardless of holding period, with no indexation. Many gold and multi-asset FoFs fall in the debt-taxed bucket - check the specific fund's asset mix.
What is a reasonable expense ratio, and how do I compare FoFs?
Because an FoF charges its own fee on top of the underlying scheme(s), compare the total cost - the FoF expense ratio plus the embedded cost of what it holds. A passive index FoF should be cheap; an actively built multi-asset FoF will cost more. Always ask what the FoF actually holds before comparing, since two FoFs in this sub-category can own completely different assets. FindMF shows the disclosed FoF expense ratio and NAV-derived returns.
Why do two FoFs in this category look so different?
Because 'FoF Domestic' is a structure, not a strategy. One may be a passive single-ETF wrapper tracking NIFTY 50, another a diversified equity-debt-gold multi-asset blend, another a pure gold FoF. Their risk, return, and taxation can all differ. Read each fund's objective and underlying holdings rather than assuming they are comparable. FindMF presents NAV-based metrics per fund and does not rank them.
Why are some metrics like alpha and beta missing for FoFs on FindMF?
FindMF computes benchmark-relative metrics only when a matching benchmark series is in our ingested feed and there is enough overlapping history. Many FoF benchmarks (debt, gold, or blended composite indices) are not yet ingested, so those funds carry a benchmark-unavailable flag and show null alpha/beta while still reporting NAV-based returns, volatility, and drawdown.