India’s exchange-traded fund market has grown into a substantial part of the country’s investment industry. What began largely as a way to track major stock indices now includes funds covering government securities, gold, silver, international equities and specialised market segments.
The largest ETFs offer an interesting picture of where money has accumulated in India’s passive investment market. Some track familiar benchmarks such as the Nifty 50 and BSE Sensex. Others provide exposure to precious metals, reflecting demand from investors seeking assets outside the equity market.
Assets under management, commonly called AUM, measure the total market value of investments held by a fund. AUM is useful for understanding the scale of an ETF, although a larger fund is not necessarily cheaper, more liquid or better performing than a smaller one.
This article examines the 10 largest NSE-listed ETFs in India by AUM, using figures reported as of October 30, 2026. The ranking includes equity and commodity ETFs and focuses on fund size rather than investment returns.
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Top 10 ETFs in India by AUM
| Rank | ETF Name | Category | AUM (₹ Crore) |
|---|---|---|---|
| 1 | SBI Nifty 50 ETF | Nifty 50 | 2,03,017 |
| 2 | UTI Nifty 50 ETF | Nifty 50 | 69,624 |
| 3 | Nippon India ETF Nifty 50 BeES | Nifty 50 | 65,179 |
| 4 | Nippon India ETF Gold BeES | Gold | 56,982 |
| 5 | UTI BSE Sensex ETF | Sensex | 54,461 |
| 6 | ICICI Prudential Nifty 50 ETF | Nifty 50 | 42,735 |
| 7 | ICICI Prudential BSE Sensex ETF | Sensex | 31,610 |
| 8 | Nippon India Silver ETF | Silver | 31,196 |
| 9 | ICICI Prudential Gold ETF | Gold | 27,615 |
| 10 | SBI Gold ETF | Gold | 26,466 |
The figures are rounded to the nearest crore and reflect the reported AUM snapshot for October 30, 2026. The ranking covers NSE-listed ETFs and should not be interpreted as a complete ranking of every ETF available exclusively on other Indian exchanges.
1. SBI Nifty 50 ETF
SBI Nifty 50 ETF is the largest fund in this comparison, with assets of approximately ₹2.03 lakh crore.
The fund tracks the Nifty 50, which represents 50 major companies listed on the National Stock Exchange. Its portfolio covers some of India’s largest businesses across banking, technology, energy, consumer goods and other industries.
A significant feature of this ETF is its institutional scale. Large passive funds can attract investments from retirement and provident-fund-related institutions alongside other market participants.
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Its substantial AUM demonstrates the importance of the Nifty 50 as a benchmark for Indian equities. However, fund size alone does not establish how efficiently an ETF tracks its underlying index.
2. UTI Nifty 50 ETF
UTI Nifty 50 ETF ranks second, with approximately ₹69,624 crore in assets.
Like SBI Nifty 50 ETF, it tracks the Nifty 50 index. This means both funds aim to provide broadly similar market exposure, although their expenses, tracking differences and exchange-trading characteristics can vary.
The presence of multiple large ETFs tracking the same benchmark illustrates the competitive nature of India’s passive investment industry.
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When funds follow an identical index, differences in long-term outcomes are generally influenced by costs, tracking efficiency and operational factors rather than discretionary stock selection.
3. Nippon India ETF Nifty 50 BeES
Nippon India ETF Nifty 50 BeES, commonly known by its trading symbol NIFTYBEES, has approximately ₹65,179 crore in assets.
The scheme is one of the country’s established exchange-traded index products. It tracks the Nifty 50 and provides exposure to the companies represented in that benchmark.
NIFTYBEES is also a familiar name among retail investors because its units trade on the stock exchange throughout the trading session.
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Its large asset base and established market presence make it an important part of India’s ETF landscape. Nevertheless, trading volume and bid-ask spreads should be examined separately from AUM.
4. Nippon India ETF Gold BeES
Nippon India ETF Gold BeES ranks fourth with approximately ₹56,982 crore in assets.
Unlike the three funds above it, Gold BeES does not track an equity index. Its investment objective is linked to domestic gold prices, subject to the scheme’s expenses and tracking differences.
The fund’s position among India’s largest ETFs reflects the substantial role precious metals now play in the domestic exchange-traded fund market.
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Gold ETFs can experience considerable changes in AUM because of both investor flows and movements in gold prices. An increase in assets therefore does not necessarily mean the same amount of new money entered the fund.
5. UTI BSE Sensex ETF
UTI BSE Sensex ETF has approximately ₹54,461 crore in assets, placing it fifth in this ranking.
The fund tracks the BSE Sensex, an index representing 30 major companies listed on the Bombay Stock Exchange.
Although the Sensex and Nifty 50 differ in the number of constituent companies and index methodology, both represent large, established Indian businesses.
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UTI’s substantial Sensex ETF demonstrates that passive investment demand is not limited to the Nifty 50. Investors and institutions also use Sensex-linked products for broad exposure to India’s large-cap equity market.
6. ICICI Prudential Nifty 50 ETF
ICICI Prudential Nifty 50 ETF ranks sixth with approximately ₹42,735 crore in assets.
The scheme follows the Nifty 50 index and competes with several other established funds offering exposure to the same benchmark.
Because the underlying index is identical, investors examining such ETFs often focus on differences in total expense ratio, tracking difference, exchange liquidity and the premium or discount to the fund’s underlying value.
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A low expense ratio can reduce the ongoing cost of index exposure. However, the actual difference between an ETF’s performance and its benchmark remains an important measure of efficiency.
7. ICICI Prudential BSE Sensex ETF
ICICI Prudential BSE Sensex ETF occupies seventh place with approximately ₹31,610 crore in assets.
The scheme seeks to track the BSE Sensex and provides exposure to the index’s constituent companies.
Its position alongside UTI BSE Sensex ETF indicates that multiple large fund houses have built significant assets around the same benchmark.
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For funds tracking a common index, the relevant comparison is not simply which scheme holds more assets. The quality of index replication, expenses and the ability to trade units efficiently also matter.
8. Nippon India Silver ETF
Nippon India Silver ETF ranks eighth with approximately ₹31,196 crore in assets.
Silver differs from gold because it has substantial industrial applications alongside its role as a precious metal. Demand can be influenced by manufacturing activity, electronics, solar-energy equipment and other industrial uses.
Silver prices can also be more volatile than gold prices, creating significant changes in the value of ETF holdings.
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The fund’s inclusion among India’s largest ETFs highlights the expansion of the domestic commodity ETF market beyond gold.
Its AUM should not be mistaken for a measure of stability. A large commodity ETF remains exposed to movements in the price of the commodity it tracks.
9. ICICI Prudential Gold ETF
ICICI Prudential Gold ETF has approximately ₹27,615 crore in assets.
The scheme offers gold-linked exposure through the ETF structure. Its returns are influenced primarily by domestic gold-price movements, subject to costs and tracking differences.
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The presence of another gold ETF in the top 10 shows how demand for precious-metal exposure is spread across different asset-management companies.
Although two gold ETFs may follow the same underlying market, differences in expenses, tracking efficiency and secondary-market trading conditions can affect the experience of investors holding their units.
10. SBI Gold ETF
SBI Gold ETF completes the list with approximately ₹26,466 crore in assets.
The fund provides exposure to gold through an exchange-traded investment product.
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Its inclusion gives gold ETFs three positions among the 10 largest NSE-listed ETFs in this comparison, demonstrating their considerable share of the market.
The fund’s AUM reflects the market value of its holdings and investor participation. As with other commodity ETFs, its asset base can rise or fall with changes in the underlying metal’s price.
Why Nifty 50 ETFs Dominate the Ranking
Four of the 10 funds in this comparison track the Nifty 50. Together, they account for approximately ₹3.81 lakh crore in assets.
The concentration is understandable. The Nifty 50 is one of India’s most widely followed equity benchmarks, and products linked to it are used by different types of investors.
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Institutional allocations can be particularly important in determining ETF size. Large investments from retirement-related institutions and other organisations can produce substantial AUM without necessarily generating proportionately high daily exchange-trading volumes.
This is why fund size and market liquidity should not be treated as interchangeable measures.
Gold and Silver ETFs Have Become Significant
Four of the top 10 positions are occupied by gold and silver ETFs, with combined assets of approximately ₹1.42 lakh crore.
This is an important feature of India’s ETF market. While equity index funds remain dominant in overall scale, commodity-linked products have accumulated considerable assets.
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Changes in precious-metal prices can contribute significantly to AUM movements. Investor inflows and outflows also influence the size of these schemes.
The growth of commodity ETFs does not make them equivalent to equity index funds. Their underlying assets, risk factors and performance drivers are fundamentally different.
Does Higher AUM Mean Better ETF Performance?
AUM measures size, not investment quality.
For an ETF tracking a broad market index, a large asset base may help support efficient operations. But it does not guarantee low expenses, narrow bid-ask spreads or minimal tracking difference.
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Tracking difference measures the gap between an ETF’s returns and those of its benchmark over a period. Tracking error describes the variability of that difference.
Trading liquidity also deserves separate attention. An ETF may have substantial assets under management while relatively few units change hands on the exchange.
A wide bid-ask spread can increase the effective cost of buying or selling units, particularly for investors placing larger orders.
These factors provide a more complete picture than AUM alone.
Why ETF Rankings Change
An ETF’s assets under management can change for two main reasons.
First, the market value of its underlying holdings can rise or fall. An equity ETF may experience an increase in AUM when its index rises, even without significant new investment.
Second, investor subscriptions and redemptions can change the number of units outstanding and the size of the fund.
For gold and silver ETFs, movements in precious-metal prices can have a substantial influence on reported assets.
Consequently, a ranking based on October 2026 figures may look different in subsequent months.
What the Largest ETFs Reveal About India’s Market
The largest NSE-listed ETFs are concentrated in a relatively small group of underlying assets. Nifty 50 funds account for the biggest share, followed by Sensex-linked products and precious-metal ETFs.
This suggests that broad equity benchmarks and established commodity exposures continue to attract substantial capital.
It also shows why the number of ETFs available in India should not be confused with the distribution of assets across the industry. Many specialised funds exist, but a relatively small number of established products hold a large proportion of the market’s ETF assets.
Conclusion
SBI Nifty 50 ETF leads the October 2026 ranking of the largest NSE-listed ETFs in India, followed by UTI Nifty 50 ETF and Nippon India ETF Nifty 50 BeES.
Gold and silver funds also feature prominently, while Sensex-linked ETFs account for another significant portion of the list.
The ranking provides a useful snapshot of the size and structure of India’s ETF market. It does not establish which funds will deliver higher future returns.
AUM is one measure of an ETF’s scale. Expenses, tracking efficiency, trading liquidity and the characteristics of the underlying assets provide the additional context needed to understand how different ETFs operate.
Financial Disclaimer: This article is published by Onetrader for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any ETF or financial instrument. Exchange-traded funds are subject to market risks, and historical performance does not guarantee future returns. Onetrader is not registered with SEBI as an investment adviser. Readers should review the relevant scheme documents and risk disclosures before making investment decisions.
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