Gold ETF Monthly AUM stood at Rs 1.86 Lakh Crore Despite Recent Correction; Top Five Schemes Account for 80%

Date 29 Oct 2026

• Gold ETF Monthly AUM stood at Rs 1.86 lakh crore across 26 schemes as of September 30, 2026, despite a correction of 4.78% in MoM returns as on Sep 30, 2026.

• The five largest schemes account for 80.2% of category AUM; Nippon India ETF Gold BeES alone accounts for 30.6%.

• The top 10 schemes hold 92.4% of assets; 13 schemes with less than three years of return history account for around 8%

Mumbai, October 28, 2026: India’s gold exchange-traded funds (ETFs) had monthly assets under management (AUM) of Rs 1.86 lakh crore across 26 schemes as on September 30, 2026, according to ICRA Analytics. This was despite a correction of 4.78% in scheme category average returns for 1 month. The category remains concentrated, with the five largest schemes accounting for 80.2% of AUM.

Together, the five largest schemes manage around ?1.49 lakh crore. Nippon India ETF Gold BeES is the largest, with AUM of Rs 56,982 crore, or 30.6% of the category. It is followed by ICICI Prudential Gold ETF (Rs 27,615 crore), SBI Gold ETF (Rs 26,466 crore), HDFC Gold ETF (Rs 23,900 crore) and Kotak Gold ETF (Rs 14,473 crore).

The top three schemes account for nearly 60% of category AUM, while the top two account for around 45%.

Beyond the leading schemes. Tata Gold Exchange Traded Fund (Rs 6,138 crore), Axis Gold ETF (Rs 5,526 crore), UTI Gold Exchange Traded Fund (Rs 4,406 crore), Mirae Asset Gold ETF (Rs 3,470 crore) and Aditya Birla Sun Life Gold ETF (Rs 3,087 crore) complete the top 10, which together account for 92.4% of category AUM.

Other schemes have established a foothold, although their combined share remains relatively small. Thirteen schemes with less than three years of return history manage ?14,575 crore, or around 8% of category AUM. Tata Gold Exchange Traded Fund is the largest of these and ranks sixth overall, followed by Zerodha Gold ETF (Rs 2,523 crore), Motilal Oswal Gold ETF (Rs 1,927 crore) and Edelweiss Gold ETF (Rs 1,759 crore). Four schemes with less than a year of history together manage Rs 942 crore.

Despite the recent correction, one-year returns remain positive for Gold ETF category. The five largest schemes (based on monthly AUM) delivered CAGR of 27.2%–27.5%, while most other schemes with a full year of history reported CAGR of 26.1% - 28.1% as on Sep 30, 2026. As gold ETFs track the same underlying asset, returns are closely aligned; performance differences alone do not appear to explain the concentration of AUM.

Ashwini Kumar, Senior Vice President and Head – Market Data, ICRA Analytics, said, “India’s gold ETF market has grown substantially, but assets remain concentrated, with the five largest schemes accounting for about 80% of category AUM. Although newer schemes hold a relatively small share of assets, their ability to scale will be an important indicator of how competition evolves. The close alignment in returns across schemes also suggests that performance differences alone do not explain the concentration.”

Gold ETF scheme-wise AUM

Scheme	Monthly AUM (Rs. crore)	Share of category Monthly AUM
Nippon India ETF Gold BeES	56,982	30.6%
ICICI Prudential Gold ETF	27,615	14.8%
SBI Gold ETF	26,466	14.2%
HDFC Gold ETF	23,900	12.8%
Kotak Gold ETF	14,473	7.8%
Top five schemes	1,49,436	80.2%
Tata Gold Exchange Traded Fund	6,138	3.3%
Axis Gold ETF	5,526	3.0%
UTI Gold Exchange Traded Fund	4,406	2.4%
Mirae Asset Gold ETF	3,470	1.9%
Aditya Birla Sun Life Gold ETF	3,087	1.7%
Top ten schemes	1,72,063	92.4%
Other 16 schemes	14,246	7.6%
Category total (26 schemes)	1,86,309	100.0%
Source: MFI 360 Explorer (as on September 30, 2026)

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