India’s ETF industry crosses ₹10 lakh crore AUM milestone as retail participation surges: Report
ETF trading activity has also surged dramatically. From ₹51,000 crore in FY20, trading volumes have jumped over seven-fold to ₹3.83 lakh crore in FY25. In just the first half of FY26, volumes have already hit ₹3.2 lakh crore, nearly equalling last year’s total.
- Dec 27, 2025,
- Updated Dec 27, 2025 7:15 PM IST
India’s Exchange Traded Fund (ETF) industry has reached a significant milestone, crossing ₹10 lakh crore in Assets Under Management (AUM) as of October 2025, according to Zerodha Fund House. The figure marks a doubling of AUM in just three years, reflecting growing investor confidence in low-cost, transparent financial products.
ETF trading activity has also surged dramatically. From ₹51,000 crore in FY20, trading volumes have jumped over seven-fold to ₹3.83 lakh crore in FY25. In just the first half of FY26, volumes have already hit ₹3.2 lakh crore, nearly equalling last year’s total.
“This surge highlights improving market depth and participation across exchanges,” said Zerodha Fund House, adding that higher liquidity has led to tighter spreads and smoother trade execution.
Retail investors have played a pivotal role in this growth. ETF folios have jumped more than eight times — from 41 lakh in November 2020 to over three crore by November 2025 — driven by growing awareness and easier digital access.
“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 continue to dominate, with 25 lakh new folios added in the last 12 months. However, investors are increasingly looking beyond equities. Gold and silver ETFs now make up nearly 15% of total ETF AUM. Gold ETF AUM has doubled to cross ₹1 lakh crore, while silver ETF AUM has quadrupled to over ₹49,000 crore, signaling a growing appetite for portfolio diversification.
“Crossing the ₹10 lakh crore AUM mark is a landmark moment for the Indian ETF space,” said Vishal Jain, CEO, Zerodha Fund House. “It is satisfying to see the product mature and gain such widespread adoption.”
Zerodha Fund House is an AMC formed through a joint venture between Zerodha Broking Ltd. and CASE Platforms Pvt. Ltd. (formerly Smallcase Technologies Pvt. Ltd.).
(With inputs from ANI)
India’s Exchange Traded Fund (ETF) industry has reached a significant milestone, crossing ₹10 lakh crore in Assets Under Management (AUM) as of October 2025, according to Zerodha Fund House. The figure marks a doubling of AUM in just three years, reflecting growing investor confidence in low-cost, transparent financial products.
ETF trading activity has also surged dramatically. From ₹51,000 crore in FY20, trading volumes have jumped over seven-fold to ₹3.83 lakh crore in FY25. In just the first half of FY26, volumes have already hit ₹3.2 lakh crore, nearly equalling last year’s total.
“This surge highlights improving market depth and participation across exchanges,” said Zerodha Fund House, adding that higher liquidity has led to tighter spreads and smoother trade execution.
Retail investors have played a pivotal role in this growth. ETF folios have jumped more than eight times — from 41 lakh in November 2020 to over three crore by November 2025 — driven by growing awareness and easier digital access.
“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 continue to dominate, with 25 lakh new folios added in the last 12 months. However, investors are increasingly looking beyond equities. Gold and silver ETFs now make up nearly 15% of total ETF AUM. Gold ETF AUM has doubled to cross ₹1 lakh crore, while silver ETF AUM has quadrupled to over ₹49,000 crore, signaling a growing appetite for portfolio diversification.
“Crossing the ₹10 lakh crore AUM mark is a landmark moment for the Indian ETF space,” said Vishal Jain, CEO, Zerodha Fund House. “It is satisfying to see the product mature and gain such widespread adoption.”
Zerodha Fund House is an AMC formed through a joint venture between Zerodha Broking Ltd. and CASE Platforms Pvt. Ltd. (formerly Smallcase Technologies Pvt. Ltd.).
(With inputs from ANI)