Press Release
LONDON — June 15, 2026 — ETFGI, reports the latest industry data from India highlights a clear divergence in growth profiles, investor composition, and usage between Gold ETFs and non‑gold ETFs, underscoring their distinct but complementary roles within portfolios. In March 2026, nearly 42.2% of the assets invested in gold ETFs were held by high-net-worth and retail investors, source from Association of Mutual Funds in India. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.)
Assets invested in Gold ETFs have demonstrated exceptional growth momentum, increasing from approximately $2.5 billion in March 2022 to $18.3 billion in March 2026—representing more than a 7 fold expansion over four years.
Investor participation has expanded significantly, with the number of accounts rising to over 12.4 million in 2026, compared to ~4.2 million in 2022, reflecting strong acceleration in adoption.
Highlights
- Retail investors dominate flows and ownership, accounting for ~95% of folios in 2026, broadly consistent over time.
- Corporates remain significant in terms of AUM (~58% of assets) but represent a small number of accounts, reinforcing the concentration of institutional allocation.
- High‑net‑worth participation has grown steadily, representing ~31% of assets, indicating increasing use in sophisticated portfolio construction.
Gold ETFs are increasingly being used as:
- A tactical hedge against macro uncertainty
- A portfolio diversifier amid equity market volatility
- A liquid alternative to physical gold exposure
The rapid growth in both assets and investor base suggests that Gold ETFs are evolving from niche allocation tools to mainstream portfolio components, particularly among retail investors.
Corporates dominate the investment in non-Gold ETFs in India
ETFs in India excluding gold ETFs have reached substantially larger scale, with assets rising from approximately $54 billion in March 2022 to $95.7 billion in March 2026, nearly doubling over the period.
However, growth has been more measured and structurally stable compared to Gold ETFs, reflecting their role as core portfolio building blocks rather than tactical allocations.
Highlights
- Corporates dominate AUM, representing ~83% of total assets, reinforcing the institutional nature of allocation.
- Retail investors account for the vast majority of accounts (~92%), highlighting broad accessibility and retail adoption.
- Total number of investor accounts increased significantly to ~27.9 million, indicating continued democratization of market access.
Non‑gold ETFs serve as:
- Core allocation vehicles across equity, fixed income, and diversified strategies
- Efficient tools for beta exposure, asset allocation, and portfolio construction
- Central components in both institutional and retail portfolios
The strong institutional asset share reflects long-term capital deployment, while the large and growing retail base signals continued structural demand for low-cost, transparent investment solutions.
Profile of investors in Gold ETFs in India – March 2026
| Gold ETFs | Investor Classification |
Assets (US$ Mn) |
% to Total |
No of Folios |
% to Total |
| Corporates |
10,600 |
57.79 |
72,846 |
0.59 |
|
| Banks/FIs |
0 |
0.00 |
5 |
0.00 |
|
| FIIs |
0 |
0.00 |
0 |
0.00 |
|
| High Networth Individuals* |
5,718 |
31.17 |
570,766 |
4.60 |
|
| Retail |
2,025 |
11.04 |
11,754,114 |
94.81 |
|
| Total |
18,342 |
100 |
12,397,731 |
100 |
*Defined as individuals investing Rs 2 lakhs and above
Source: Association of Mutual Funds in India
Profile of non-Gold ETFs in India – March 2026
| ETFs(other than Gold) | Investor Classification |
Assets (US$ Mn) |
% to Total |
No of Folios |
% to Total |
| Corporates |
79,079 |
82.63 |
211,617 |
0.76 |
|
| Banks/FIs |
182 |
0.19 |
51 |
0.00 |
|
| FIIs |
2 |
0.00 |
4 |
0.00 |
|
| High Networth Individuals* |
12,309 |
12.86 |
1,936,861 |
6.93 |
|
| Retail |
4,128 |
4.31 |
25,795,686 |
92.31 |
|
| Total |
95,700 |
100 |
27,944,219 |
100 |
*Defined as individuals investing Rs 2 lakhs and above
Source: Association of Mutual Funds in India
Assets of $114.04 Bn are the highest record for March 2026, while the second highest was of $98.04 Bn for 2025 and third highest record of $83.38 in 2024.
Consecutive 5 years March Indian ETFs investment comparison by investor classification – March 2026
| Investor Classification |
AUM ($ Mn) Mar-26 |
AUM ($ Mn) Mar-25 |
AUM ($ Mn) Mar-24 |
AUM ($ Mn) Mar-23 |
AUM ($ Mn) Mar-22 |
| Corporates |
89,678 |
85,378 |
73,951 |
54,842 |
51,196 |
| Banks/FIs |
182 |
539 |
153 |
186 |
203 |
| FIIs |
2 |
0 |
13 |
8 |
13 |
| High Networth Individuals* |
18,027 |
10,038 |
7,148 |
5,167 |
3,581 |
| Retail |
6,152 |
2,087 |
2,111 |
1,491 |
1,817 |
|
Total |
114,042 |
98,042 |
83,377 |
61,695 |
56,810 |
*Defined as individuals investing Rs 2 lakhs and above
source: Association of Mutual Funds in India
At the end of March 2026, the Indian ETF industry had 323 ETFs, with 323 listings, assets of $113.88 Bn, from 27 providers on 2 exchanges, source from ETFGI. During March, the ETFs industry in India gathered net inflows of $3.59 Bn. Equity ETFs gathered the largest net inflows with $3.28 Bn, followed by commodity ETFs with $686.53 Mn, while fixed income ETFs experienced net outflows with $376.56 Mn.
ETFs industry in India asset growth at end of March 2026
Contact deborah.fuhr@etfgi.com if you are interested in subscribing to ETFGI’s research services, have any questions on this press release or on ETFGI’s consulting services, 6 annual ETFGI Global ETFs Insights Summits, or ETF TV.
Register now to join us at our 7th Annual ETFGI Global ETFs Insights Summit – Asia Pacific, taking place on September 9th in Hong Kong and September 10th virtually.
The summit is designed as an educational event to foster deep, insightful discussions on the evolving role of ETFs, including active and digital assets, for financial advisors and institutional investors across the Asia-Pacific region.
With the Asia Pacific (ex-Japan) ETF industry comprising 4,445 ETFs with 4,690 listings, assets of US$1.81 trillion, from 301 providers on 21 exchanges in 15 countries (Australia, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam), the summit will explore how market structure, regulation, due diligence, trading practices, and technological advancements are shaping ETF product development, usage, and innovation across jurisdictions.
Secure your spot today and be part of the conversation shaping the future of ETFs in Asia-Pacific! Register now!
📅Event Date: September 9th in Hong Kong and September 10th virtual
📍Location: Hong Kong
🆓Free Registration: For CFA members, buy-side institutional investors, and financial advisors.
📚CPD Credits: Earn educational credits
🐤 Early Bird Discount: Ends July 29th, 2026
📋View the agenda, speakers, and topics from last year’s successful annual ETFGI Global ETFs Insights Summit – Asia Pacific here
Don’t miss the opportunity to hear from and network with industry leaders from ETF issuers, regulators, investors, exchanges, trading firms across the ETFs markets in the Asia Pacific region as they share key insights and explore the trends driving the future of the ETF landscape. Register now!
Register to join one or more of our upcoming ETFGI Global ETFs Insights Summits:
- 7th Annual – Asia Pacific, September 9th in Hong Kong and September 10th virtual. Early bird expires on July 29th – Register now.
- 7th Annual – United States, September 29th in New York City. Early bird expires on August 21st Register now.
- 7th Annual – Middle East & GCC, October 20th in Dubai. Early bird expires on September 11th – Register now.
- 7th Annual – Europe & Africa, November 19th in London and November 20th virtual. Early bird expires on October 9th – Register now.
- 8th Annual – Canada, December 8th in Toronto at Borden Ladner Gervais LLP (BLG)‘s office. Early bird expires on October 27th – Register now.
- 8th Annual – Latin America, 2027 in Mexico City. Date to be announced.
ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, 6 annual regional in person ETFGI Global ETFs Insights Summit events that cover all ETFs listed global on 81 exchanges in 63 countries, and ETF TV, covering global ETF industry trends. Interested in subscribing to ETFGI’s research email: contact@etfgi.com
ETF TV (www.ETFtv.net) is an on-demand program that highlights newly launched exchange-traded funds, products, and notes, while exploring the most pressing topics shaping the ETF landscape. Each episode brings together leading voices from across the industry—including issuers, investors, benchmark providers, and traders—to discuss the trends and developments influencing the use and management of exchange-traded products.
Every show features insightful interviews with key market participants, offering expert perspectives on the issues that matter most to the ETF community. ETF TV also offers the opportunity to create sponsored episodes, allowing partners to collaborate with us in producing custom content tailored to their brand and messaging.
If you’re interested in sponsoring or speaking at one of our upcoming ETFGI Global ETFs Insights Summits, subscribing to any of ETFGI’s annual research services (www.ETFGI.com), sponsoring an episode of ETF TV (www.ETFtv.net), exploring our consulting offerings, or if you have any questions, please reach out to us at deborah.fuhr@etfgi.com and margareta.hricova@etfgi.com.
Contact:
Deborah Fuhr
Managing Partner, Founder
ETFGI
Mobile: +44 777 5823 111
Email: deborah.fuhr@etfgi.com
Web: www.etfgi.com
Connect on:
Deborah Fuhr Twitter | LinkedIn
ETFGI Twitter | LinkedIn | Website
ETFs Network LinkedIn
ETF TV Twitter | LinkedIn | Website
Women in ETFs, Board member and founder
Women in ETFs Twitter | LinkedIn | Website
Disclaimer:
This press release is published by, and remains the copyright of, ETFGI LLP (“ETFGI”) or its licensors. The information and data in this press release is for information purposes only. ETFGI makes no warranties or representations regarding the accuracy or completeness of the information contained on this press release.
ETFGI does not offer investment advice or make recommendations regarding investments and nothing in the press release shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. Further, nothing in this press release shall constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any such activity based on information contained in this press release, you do so entirely at your own risk and ETFGI shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result.
ETFGI LLP is a limited liability partnership registered in England and Wales with registered number OC372221. Our registered office is at 23 Kingsway, 7th Floor, York House, London WC2B 6UJ.