What is the story about?
Assets under management (AUM) of exchange-traded funds (ETFs) in India crossed ₹10 lakh crore as of October 2025, doubling over the past three years, according to data released by Zerodha Fund House. The growth highlights the rising role of ETFs in domestic capital markets.
Market activity has expanded alongside asset growth. ETF trading volumes increased more than seven-fold, from ₹51,000 crore in FY20 to ₹3.83 lakh crore in FY25. Volumes in the first half of FY26 exceeded ₹3.2 lakh crore, nearly equalling the previous full-year level, indicating higher participation and liquidity.
The number of ETF investor accounts also rose sharply. ETF folios increased from about 41 lakh in November 2020 to over 3 crore by November 2025. Industry observers link the rise to broader product availability and increased use of digital investment platforms.
Equity ETFs continued to hold the largest share of the market, adding around 25 lakh new folios over the past 12 months. At the same time, investors showed growing interest in non-equity products. Gold and silver ETFs together accounted for nearly 15% of total ETF AUM as of November 2025.
During the past year, gold ETFs recorded a 1.5-times increase in new accounts, while silver ETFs saw a 4.5-times rise. Asset growth mirrored this trend, with gold ETF AUM doubling to over ₹1 lakh crore and silver ETF AUM increasing four-fold to more than ₹49,000 crore.
Commenting on the data, Vishal Jain, chief executive officer of Zerodha Fund House, said the ₹10 lakh crore AUM level marks an important phase in the development of the ETF market, reflecting wider acceptance of ETFs across asset classes.
Zerodha Fund House is a joint venture between Zerodha Broking Ltd. and CASE Platforms Pvt. Ltd.
Market activity has expanded alongside asset growth. ETF trading volumes increased more than seven-fold, from ₹51,000 crore in FY20 to ₹3.83 lakh crore in FY25. Volumes in the first half of FY26 exceeded ₹3.2 lakh crore, nearly equalling the previous full-year level, indicating higher participation and liquidity.
The number of ETF investor accounts also rose sharply. ETF folios increased from about 41 lakh in November 2020 to over 3 crore by November 2025. Industry observers link the rise to broader product availability and increased use of digital investment platforms.
Equity ETFs continued to hold the largest share of the market, adding around 25 lakh new folios over the past 12 months. At the same time, investors showed growing interest in non-equity products. Gold and silver ETFs together accounted for nearly 15% of total ETF AUM as of November 2025.
During the past year, gold ETFs recorded a 1.5-times increase in new accounts, while silver ETFs saw a 4.5-times rise. Asset growth mirrored this trend, with gold ETF AUM doubling to over ₹1 lakh crore and silver ETF AUM increasing four-fold to more than ₹49,000 crore.
Commenting on the data, Vishal Jain, chief executive officer of Zerodha Fund House, said the ₹10 lakh crore AUM level marks an important phase in the development of the ETF market, reflecting wider acceptance of ETFs across asset classes.
Zerodha Fund House is a joint venture between Zerodha Broking Ltd. and CASE Platforms Pvt. Ltd.
