Indian ETF AUM Crosses ₹10 Lakh Crore, Doubles in 3 Years: Zerodha Fund House

Bengaluru, India, December 22, 2025 – The Indian Exchange Traded Fund (ETF) landscape has reached a historic inflection point, crossing the milestone ₹10 Lakh Crore Assets Under Management (AUM) milestone as of October 2025. This surge underscores a shift in investor behavior, with the industry successfully doubling its total AUM in a span of just three years.

ETF eco-system evolving: 7x Jump in ETF Trading Volumes
Beyond the growth in asset base, the market’s structural efficiency has seen a significant expansion. Trading volumes for ETFs in India have surged from ₹51,000 crore in FY 19-20 to ₹3.83 lakh crore in FY 24-25, a substantial increase of more than seven times. 

The first half of FY 25-26 alone has recorded volumes exceeding ₹3.2 lakh crore, nearly matching the entirety of the previous record-breaking year in just six months. This deepened liquidity benefits investors by ensuring tighter spreads, better price discovery, and smoother execution of trades.

ETF Investor Accounts: Up By More Than 8x in 5 years
A key driver of this milestone is the unprecedented rise in retail engagement. The total number of ETF folios has risen from ~₹41 lakhs to more than ₹3 Cr, from November 2020 to November 2025. This increase in investor base might have been likely fueled by the increase in education and awareness about ETFs and easier access to digital platforms.

“For new investors, ETFs act as a versatile tool to take exposure to different asset classes, themes, and segments since they are simple, cost-effective and transparent in their structure.” said Vaibhav Jalan, CBO, Zerodha Fund House.

Equity ETFs Remain Strong, Investor Preferences Changing

While Equity ETFs continue to dominate the market, accounting for 25 lakh new folios in the last 12 months, investors are increasingly adopting a "holistic" approach to portfolio construction. This shift is characterized by a surge in Gold and Silver ETFs, which have grown to represent nearly 15% of the total ETF AUM as of November 2025. This transition may underscore a maturing market where investors are actively balancing equities with the diversification of precious metals.

In the last 1 year, Gold ETFs saw a 1.5 times uptick in new accounts and Silver ETFs recorded a sharp 4.5 times rise. This participation has also translated into asset accumulation - Gold ETF AUM doubled to cross the ₹1 Lakh Cr milestone (from ~₹44,000 Cr), while Silver ETF AUM quadrupled to over ₹49,000 Cr (from ~₹12,000 Cr) in just one year.

Speaking on the findings, Vishal Jain, CEO, Zerodha Fund House, said, “Crossing the ₹10 Lakh Crore AUM mark is a landmark moment for the Indian ETF space. Having launched India’s first ETFs across equity, gold, liquid, and government divestment categories, it is satisfying to see the product mature and gain such widespread adoption.”

Zerodha Fund House:

Zerodha Fund House is an Asset Management Company, a JV between Zerodha Broking Ltd. and CASE Platforms Private Limited (Formerly known as ‘Smallcase Technologies Private Limited’). The Fund House is dedicated to enabling a new generation of investors to access capital markets through simple, transparent, and cost-effective investment products.

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