Gold ETF AUM hits ₹1.86 lakh crore; top 5 schemes hold 80% of assets

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Gold ETF AUM hits ₹1.86 lakh crore; top 5 schemes hold 80% of assets

Synopsis

India's gold ETF industry has swelled to ₹1.86 lakh crore, but the real story is who holds it: just five schemes control 80% of all assets, and the top three alone command nearly 60%. Newer entrants are gaining ground but remain marginal, raising questions about whether competition in the gold ETF space is truly open — or effectively locked up by incumbents.

Key Takeaways

India's gold ETF industry AUM stood at ₹1.86 lakh crore across 26 schemes as of 30 September 2026 , per ICRA Analytics .
The top 5 schemes managed nearly ₹1.49 lakh crore , representing 80.2% of total category AUM.
Nippon India ETF Gold BeES leads the segment with an AUM of ₹56,982 crore — a 30.6% category share.
The top 10 schemes combined account for 92.4% of all gold ETF assets.
13 newer schemes (under 3 years of history) collectively hold just ₹14,575 crore , or about 8% of category AUM.
Return alignment across schemes is close, per ICRA Analytics, indicating factors beyond performance drive concentration.

India's gold exchange-traded fund (ETF) industry crossed ₹1.86 lakh crore in assets under management (AUM) across 26 schemes as of 30 September 2026, according to data compiled by ICRA Analytics. The figures, released on 29 October 2026, underscore both the remarkable expansion of the gold ETF segment and the sharp concentration of wealth among a small group of dominant funds.

Top 5 Schemes Dominate the Category

The five largest gold ETFs collectively manage nearly ₹1.49 lakh crore, representing 80.2 per cent of the category's total AUM. Nippon India ETF Gold BeES retains its position as the segment leader with an AUM of ₹56,982 crore — equivalent to 30.6 per cent of the entire category.

It is followed by ICICI Prudential Gold ETF at ₹27,615 crore, SBI Gold ETF at ₹26,466 crore, HDFC Gold ETF at ₹23,900 crore, and Kotak Gold ETF at ₹14,473 crore. The concentration is even sharper at the very top: the three largest schemes alone command nearly 60 per cent of total AUM, while the top two together account for approximately 45 per cent.

Next Five Schemes and Broader Industry Picture

The second tier of large funds includes Tata Gold Exchange Traded Fund, Axis Gold ETF, UTI Gold Exchange Traded Fund, Mirae Asset Gold ETF, and Aditya Birla Sun Life Gold ETF. Combined with the top five, these 10 schemes account for 92.4 per cent of all gold ETF assets in India, leaving the remaining 16 schemes competing for a fraction of the market.

Newer Entrants Yet to Make a Dent

Thirteen schemes with fewer than three years of return history collectively manage ₹14,575 crore, or roughly 8 per cent of the category's total AUM. While these newer entrants have gained some traction, their market share remains modest. Notably, ICRA Analytics observed that return performance across schemes is closely aligned, suggesting that investment outcomes alone do not explain why assets remain so concentrated in older, larger funds — brand recognition, distribution reach, and liquidity likely play a significant role.

What the Industry Expert Said

Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, said the pattern reflects structural dynamics that go beyond performance. 'India's gold ETF market has grown substantially, but assets remain concentrated, with the five largest schemes accounting for about 80 per cent 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,' Kumar stated.

Why This Matters for Investors

Gold ETFs have emerged as a mainstream vehicle for retail investors seeking exposure to bullion without holding physical gold. The category's growth reflects sustained demand driven by global economic uncertainty, rupee depreciation concerns, and a broader shift toward financial savings instruments. However, the entrenched dominance of incumbent schemes raises questions about whether competition is functioning effectively to deliver better cost or innovation for investors. How newer funds grow their share in the coming quarters will be a key metric to watch.

Point of View

But the concentration story is more revealing than the scale story. When three funds control 60% of a 26-scheme category — and return differences do not explain the gap — it signals that distribution moats and brand incumbency are the real competitive barriers. For retail investors, this matters less today than it might tomorrow: if competition fails to deepen, fee pressure and innovation incentives stay weak. Regulators and newer asset managers would both benefit from examining what structural changes could make the gold ETF space more genuinely competitive.
NationPress
29 Oct 2026

Frequently Asked Questions

What is the total AUM of India's gold ETF industry as of September 2026?
India's gold ETF industry managed assets worth ₹1.86 lakh crore across 26 schemes as of 30 September 2026, according to data compiled by ICRA Analytics. This reflects substantial growth in the category driven by sustained investor demand for gold-linked financial instruments.
Which is the largest gold ETF scheme in India?
Nippon India ETF Gold BeES is the largest gold ETF in India with an AUM of ₹56,982 crore as of 30 September 2026, representing 30.6% of the entire category. It is followed by ICICI Prudential Gold ETF at ₹27,615 crore and SBI Gold ETF at ₹26,466 crore.
Why are gold ETF assets so concentrated in a few schemes?
According to ICRA Analytics, return performance across gold ETF schemes is closely aligned, meaning investment outcomes alone do not explain the concentration. Factors such as brand recognition, distribution networks, and liquidity advantages of older, larger funds are likely key drivers of the asset skew toward top schemes.
How much market share do newer gold ETF schemes hold?
Thirteen schemes with less than three years of return history collectively manage ₹14,575 crore, or approximately 8% of total gold ETF AUM. While they have gained some traction, their market share remains modest compared to established incumbents.
What do the top 10 gold ETF schemes collectively represent?
The top 10 gold ETF schemes — including the top five and the next five largest — together account for 92.4% of the category's total AUM. This leaves the remaining 16 schemes competing for less than 8% of industry assets.
Nation Press
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