Gold ETF AUM stands at Rs 1.86 lakh crore despite recent correction; Top 5 schemes account for 80%: ICRA Analytics

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 and this was despite a correction of 4.78% in scheme category average returns for 1 month, according to a release by ICRA Analytics. The category remains concentrated, with the five largest schemes accounting for 80.2% of AUM.

Together, the five largest schemes manage around Rs 1.49 lakh crore. Nippon India ETF Gold BeES is the largest, with AUM of Rs 56,982 crore, and alone accounts for 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).

Also Read | SEBI to make direct mutual fund plans default from November 1; reviews IPO and SME listing rules: Reports


According to the release, ICICI Prudential Gold ETF accounts for nearly 14.8% of the category, followed by SBI Gold ETF and HDFC Gold ETF that accounts for 14.2% and 12.8% respectively. Kotak Gold ETF accounts for 7.8% of the category.

The release further highlighted that 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 Rs 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 the Gold ETF category. The five largest schemes (based on monthly AUM) delivered a CAGR of 27.2% – 27.5%, while most other schemes with a full year of history reported a 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.

Also Read | Diwali Special: How to review your mutual fund holdings & improve portfolio efficiency

“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,” said Ashwini Kumar, Senior Vice President and Head – Market Data, ICRA Analytics.

The close alignment in returns across schemes also suggests that performance differences alone do not explain the concentration, Kumar further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message ET Mutual Funds on Facebook/Twitter. We will get them answered by our panel of experts. Do share your questions at ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.