Top 5 Gold ETFs Hold 80% of Rs 1.86 Lakh Crore AUM
ICRA data shows India’s 26 gold ETFs manage Rs 1.86 lakh crore, with Nippon, ICICI, SBI, HDFC and Kotak holding 80.2%. See the full ranking and what it means.
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
| Rank | Scheme | AUM (Rs crore) |
|---|---|---|
| 1 | Nippon India ETF Gold BeES | 56,982 |
| 2 | ICICI Prudential Gold ETF | 27,615 |
| 3 | SBI Gold ETF | 26,466 |
| 4 | HDFC Gold ETF | 23,900 |
| 5 | Kotak Gold ETF | 14,473 |
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.
