Indian Exchange Traded Funds (ETFs) achieved record annual net inflows exceeding ₹1.8 lakh crore in FY26, more than double the previous peak, driven primarily by commodity ETFs, particularly gold and silver, according to a study conducted by Zerodha Fund House.
The inflows significantly eclipsed the prior high of ₹83,390 crore recorded in FY22. Over the preceding five years, from FY21 to FY25, annual ETF inflows had typically varied between ₹46,000 crore and ₹83,000 crore, marking FY26 as a notable departure from established trends.
The study indicated that commodity ETFs accounted for a substantial portion of the inflows during the year. Gold and silver ETFs collectively attracted ₹99,280 crore, representing approximately 55% of the total inflows, while equity ETFs garnered over ₹77,000 crore, or 43%. Notably, January 2026 set a record for monthly inflows, surpassing ₹39,000 crore, largely due to increased activity in gold and silver ETFs amid global market uncertainties.
Gold ETFs experienced remarkable growth, with net inflows exceeding ₹68,000 crore in FY26, outpacing the combined inflows of around ₹30,200 crore seen in the five previous financial years. The assets under management (AUM) for gold ETFs surged from approximately ₹59,000 crore in March 2025 to over ₹1.71 lakh crore by March 2026.
Silver ETFs, introduced in 2022, showed substantial growth as well, attracting over ₹30,000 crore in net inflows during the year, a figure that surpassed their total AUM at the beginning of FY26. The report noted that rising prices for gold and silver, along with the tax advantages of ETFs compared to physical metals, likely contributed to the increased investor interest in these assets.
Average daily turnover in ETFs also saw a marked increase, climbing from ₹237 crore in FY21 to over ₹4,200 crore from April 2025 to February 2026. This uptick indicates enhanced liquidity and growing engagement in the ETF market. The findings point to a shift in investor behavior towards building diversified portfolios through ETFs, as commodity-based instruments gain increasing prominence.
Published on April 30, 2026.
