ETF Inflows Rise to ₹15,501 Crore in September 2026 as Index Funds Record Outflows

Key Takeaways:

• Exchange-traded funds attracted ₹15,501.40 crore in net inflows during September 2026, an increase of approximately 52.6% over August. 
• Index mutual funds recorded net outflows of ₹3,614.03 crore, showing different flow patterns across passive investment products. 
• Gold ETFs received ₹4,450.61 crore, compared with ₹2,596.70 crore in August, representing growth of approximately 71.4%. 

ETF Collections Increase in September 

Exchange-traded funds recorded net inflows of ₹15,501.40 crore in September 2026, compared with ₹10,160.87 crore in August, according to the latest AMFI monthly data. 

The increase of ₹5,340.53 crore represented growth of approximately 52.6%. 

The rise occurred alongside stronger equity mutual fund collections, although the passive investment segment displayed differing trends across product structures. 

Index mutual funds, which also follow benchmark-based investment strategies, registered net withdrawals during the month. 

Index Funds Record Negative Net Flows 

Index funds recorded net outflows of ₹3,614.03 crore in September. 

The divergence between ETF and index mutual fund flows is relevant because both product types can provide exposure to market benchmarks through passive investment strategies. 

However, their trading and transaction structures differ. 

ETFs are listed and traded on stock exchanges, allowing investors to buy or sell units during market hours. 

Index mutual funds generally process purchases and redemptions through the mutual fund's applicable net asset value mechanism. 

The difference in September flows should not automatically be interpreted as a shift by investors from index funds into ETFs. 

AMFI's aggregate data does not establish whether investors redeemed one product to purchase another. 

Gold ETFs Record Higher Inflows 

Gold exchange-traded funds attracted net investments of ₹4,450.61 crore during September 2026. 

This compared with ₹2,596.70 crore in August, representing an increase of ₹1,853.91 crore, or approximately 71.4%. 

The increase contributed to higher overall ETF collections. 

Gold ETF inflows represent net investment transactions, not changes in the price of gold. 

The performance of gold ETFs is influenced by underlying gold prices, expenses and tracking differences, while investor subscriptions and redemptions are recorded separately. 

Consequently, the rise in gold ETF inflows does not establish how much the schemes' NAVs changed during September. 

Passive Fund Flows Vary by Product Type 

The September data illustrates the differences within India's passive mutual fund market. 

ETF inflows increased considerably, while index mutual funds experienced withdrawals. 

Gold ETFs also attracted higher investments than in the previous month. 

These figures highlight changing monthly net investment patterns across passive schemes without establishing a preference for any particular product structure. 

The distinction between net flows, investment returns and assets under management remains important when interpreting passive fund statistics. 

Verification: September 2026 AMFI data reported by Moneycontrol and ET Now.