India gold ETFs held ₹1.86 lakh crore in monthly assets under management across 26 schemes as of September 30, 2026, despite a 4.78% decline in the category’s average return over one month, ICRA Analytics said. The five largest funds accounted for 80.2% of those assets.

Key Takeaways

  • Nippon India ETF Gold BeES was the largest scheme, with ₹56,982 crore in assets.
  • The top 10 schemes held 92.4% of category assets.
  • The five largest schemes returned between 27.2% and 27.5% over one year.

India gold ETFs remain concentrated

The five largest schemes managed about ₹1.49 lakh crore combined at the end of September. Nippon India ETF Gold BeES alone represented 30.6% of the category, followed by funds from ICICI Prudential, SBI, HDFC and Kotak.

The Nippon India ETF Gold BeES product page describes the scheme as an exchange-traded fund investing in physical gold. Its objective is to track domestic gold prices before expenses, although the fund manager says there is no guarantee that it will achieve that objective.

ItemDetails
Nippon India ETF Gold BeES₹56,982 crore; 30.6% of category assets
ICICI Prudential Gold ETF₹27,615 crore; 14.8%
SBI Gold ETF₹26,466 crore; 14.2%
HDFC Gold ETF₹23,900 crore; 12.8%
Kotak Gold ETF₹14,473 crore; 7.8%

Returns and newer funds

Despite the one-month decline in the category average, one-year returns remained positive as of September 30. The five largest schemes delivered annualized returns of 27.2% to 27.5%, while most other schemes with a full year of history returned 26.1% to 28.1%.

Thirteen schemes with less than three years of return history managed ₹14,575 crore, or around 8% of category assets. Four schemes with less than one year of history held ₹942 crore combined.

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