Key Highlights

• Industry Size: 26 gold ETFs managed Rs 1.86 lakh crore in assets as of September 30, 2026.
• The Big Five: Nippon India, ICICI Prudential, SBI, HDFC and Kotak together hold 80.2%, about Rs 1.49 lakh crore.
• Top 10 Dominance: The ten largest schemes control 92.4% of category assets.
• New Schemes Small: 13 schemes with under three years of track record hold Rs 14,575 crore, around 8%.
• Expert View: ICRA Analytics says similar returns mean performance alone doesn’t explain the gap.

India’s gold ETF market has crossed Rs 1.86 lakh crore in assets, but its structure looks less like an open race and more like a fixed leaderboard. Fresh data compiled by ICRA Analytics shows that of the 26 gold ETFs in the market as of September 30, 2026, the top five account for 80.2 per cent of total assets under management (AUM), or nearly Rs 1.49 lakh crore.

The Leaderboard

Nippon India ETF Gold BeES stands well ahead of the rest with a 30.6 per cent share of the category. Its AUM is more than double that of the second-placed ICICI Prudential Gold ETF. The top two schemes together command around 45 per cent of industry assets, and the top three account for nearly 60 per cent.

The next tier 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 ten schemes hold 92.4 per cent of category assets. That leaves the remaining 16 schemes sharing only about 7.6 per cent.

A Tough Market for Newcomers

The data also shows how difficult it is for new entrants to break through. Thirteen schemes with less than three years of return history collectively manage Rs 14,575 crore, around 8 per cent of the total. In other words, half the schemes in the category hold less than a tenth of its money.

Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, said the pattern cannot be explained by returns. “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,” he said.

His point reflects how gold ETFs work. Every scheme tracks domestic gold prices, so returns across funds stay closely aligned. With little difference in outcomes, investors tend to choose based on other factors, such as trading liquidity on exchanges, fund house reputation, ease of access through brokers and costs. Early movers that built large trading volumes enjoy a natural advantage, since higher liquidity makes it easier for investors to enter and exit at fair prices.

What Investors Can Take Away

For anyone comparing gold ETFs, the ICRA data suggests looking beyond past returns. Expense ratios, tracking error and daily trading volumes usually make a bigger practical difference. Larger funds often score well on liquidity, while newer schemes may compete on costs.

Whether the newer funds can grow their share will shape the next phase of the market. For now, India’s gold ETF boom is being led by a small group of established names.

(With inputs from IANS)