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An analysis of AMFI data done by Cafemutual reveals that passive funds received record net inflows of Rs.1.40 lakh crore in FY25.
Further, the AUM of passive funds increased from Rs. 9.22 lakh crore in FY24 to Rs. 11.13 lakh crore in FY25, a rise of 21% in one year. This shows that passive funds account for 17% of the total MF AUM in March 2025.
Equity ETFs tracking domestic indices continue to be the largest category within passives with AUM of Rs.6.29 lakh crore. Equity index funds tracking domestic indices and debt ETFs are the next two largest fund categories with AUM of Rs.1.58 lakh crore and Rs.97, 350 crore, respectively.
In terms of growth in AUM in percentage terms, silver ETFs saw 232% increase in its AUM in FY 25. Its AUM went up from Rs.4500 crore in FY 24 to Rs.15,000 crore in FY 25. Gold ETFs and index funds are the next two fund categories with AUM growth of 90% and 64%, respectively.
Let’s have a look at the full data here:
|
Scheme Name |
Average AUM in FY 2024 (Rs. in crore) |
Average AUM in FY 2025 (Rs. in crore) |
Growth in % |
|
Equity oriented Index Funds (Domestic Index Funds) |
96163.73 |
1,57,594.75 |
63.88 |
|
Equity oriented Index Funds (International Index Funds) |
4364.17 |
5,236.02 |
19.98 |
|
Income/Debt Oriented Index Funds (Target Maturity Index Funds) |
93449.36 |
96,025.11 |
2.76 |
|
Income/Debt Oriented Index Funds (Other than Target Maturity Index Funds) |
14723.35 |
14,267.74 |
-3.09 |
|
Other Index Funds |
3299.12 |
3,497.86 |
6.02 |
|
Gold ETF |
30032.27 |
57,101.29 |
90.13 |
|
Equity oriented ETFs (Domestic ETFs) |
543953.25 |
6,28,602.79 |
15.56 |
|
Equity oriented ETFs (International ETFs) |
10963.55 |
13,085.69 |
19.36 |
|
Income/Debt Oriented ETFs |
95824.13 |
97,349.53 |
1.59 |
|
Silver ETFs |
4466.76 |
14,816.47 |
231.7 |
|
Fund of funds investing overseas in Active Funds |
17321.51 |
18,153.66 |
4.8 |
|
Fund of funds investing overseas in Passive Funds |
8023.56 |
8,134.21 |
1.38 |
|
Total |
922584.74 |
11,13,865.13 |
20.73 |
Net inflows
Equity ETFs and index funds that track domestic indices saw the highest net inflows of over Rs.66,000 and Rs.65,000 crore in FY 25, respectively. While equity index funds recorded 163% growth in terms of net inflows, equity ETFs recorded 121% increase in net inflows in FY 25.
Next is gold ETFs with a sharp increase of 183%, receiving inflows of Rs. 14852.12 crore in FY25 compared to Rs. 5248.43 crore in FY24.
Let us look at the table to know about inflows/outflows in passive funds in FY 2025:
|
Scheme Name |
Final Net Inflows 23-24 (In Rs. Crore) |
Final Net Inflows 24-25 (In Rs. Crore) |
Difference in % |
|
Equity oriented Index Funds (Domestic Index Funds) |
24,706.30 |
65,088.85 |
163.45 |
|
Equity oriented Index Funds (International Index Funds) |
-1.52 |
174.51 |
11580.92 |
|
Income/Debt Oriented Index Funds (Target Maturity Index Funds) |
-8071.05 |
-5230.67 |
35.19 |
|
Income/Debt Oriented Index Funds (Other than Target Maturity Index Funds) |
-483.62 |
-724.29 |
-49.76 |
|
Other Index Funds |
-460.46 |
-2.77 |
99.40 |
|
Gold ETF |
5248.43 |
182.98 |
|
|
Equity oriented ETFs (Domestic ETFs) |
29,465.51 |
66228.25 |
124.77 |
|
Equity oriented ETFs (International ETFs) |
-175.88 |
-38.16 |
78.30 |
|
Income/Debt Oriented oriented ETFs |
10,913.64 |
-6019.32 |
-155.15 |
|
Other Domestic ETFs |
- |
- |
- |
|
Silver ETF |
2,690.64 |
8056.12 |
199.41 |
|
Fund of funds investing overseas in Active Funds |
-3866.47 |
-909.14 |
76.49 |
|
Fund of funds investing overseas in Passive Funds |
723.21 |
-1155.35 |
-259.75 |
|
Total |
60,688.73 |
140320.13 |
131.21 |
Number of passive funds
The number of passive schemes rose from 469 to 614, an increase of 31%. Domestic equity index funds added the highest number of new schemes with 82 NFOs to reach 192 index funds.
Domestic equity ETFs also grew from 145 to 177 schemes, an addition of 31 new ETFs.
Further, debt index funds (non-target maturity) grew from 7 to 12 schemes while silver ETFs went from 11 to 14 schemes.
However, FoF investing overseas in active funds saw a slight dip in the number of schemes from 42 to 40.
Let us look at category wise growth in terms of number of schemes:
|
Scheme Name |
No. of Schemes as on March, 2024 |
No. of Schemes as on March 31, 2025 |
Difference in % |
|
Equity oriented Index Funds (Domestic Index Funds) |
114 |
196 |
71.93 |
|
Equity oriented Index Funds (International Index Funds) |
2 |
2 |
0.00 |
|
Income/Debt Oriented Index Funds (Target Maturity Index Funds) |
78 |
92 |
17.95 |
|
Income/Debt Oriented Index Funds (Other than Target Maturity Index Funds) |
7 |
12 |
71.43 |
|
Other Index Funds |
7 |
7 |
0.00 |
|
Gold ETF |
17 |
20 |
17.65 |
|
Equity oriented ETFs (Domestic ETFs) |
145 |
177 |
22.07 |
|
Equity oriented ETFs (International ETFs) |
6 |
6 |
0.00 |
|
Income/Debt Oriented oriented ETFs |
27 |
35 |
29.63 |
|
Other Domestic ETFs |
- |
- |
- |
|
Silver ETF |
11 |
14 |
27.27 |
|
Fund of funds investing overseas in Active Funds |
42 |
40 |
-4.76 |
|
Fund of funds investing overseas in Passive Funds |
13 |
13 |
0.00 |
|
Total |
469 |
614 |
30.92 |
Folios
The total number of investor folios in passive funds increased by 48% from 2.79 crore to 4.15 crore. This Indicates, passive funds now account for 18% of the total MF folios as on March 2025.
Equity ETFs contribute highest number of folios within passives. The category has 1.61 crore folios. Equity index funds is next with 1.26 crore folios.
In terms of growth in percentage, silver ETFs saw the highest increase with nearly 244%, with folios rising from 2 lakh to 6.85 lakh.
Domestic equity index funds added over 54 lakh folios — a 77% growth. However, FoFs investing in overseas passive funds witnessed a 21.72% drop in folios, losing 1.70 lakh folios in FY25, from 7.85 lakh to 6.15 lakh.
|
Scheme Name |
No. of Folios as on March, 2024 |
No. of Folios as on March, 2025 |
Difference in % |
|
Equity oriented Index Funds (Domestic Index Funds) |
71,07,136 |
1,25,51,345 |
76.60 |
|
Equity oriented Index Funds (International Index Funds) |
2,34,036 |
2,44,426 |
4.44 |
|
Income/Debt Oriented Index Funds (Target Maturity Index Funds) |
1,51,292 |
1,72,010 |
13.69 |
|
Income/Debt Oriented Index Funds (Other than Target Maturity Index Funds) |
15,162 |
21,358 |
40.87 |
|
Other Index Funds |
68,920 |
97,570 |
41.57 |
|
Gold ETF |
50,60,791 |
69,69,522 |
37.72 |
|
Equity oriented ETFs (Domestic ETFs) |
1,10,93,896 |
1,60,66,279 |
44.82 |
|
Equity oriented ETFs (International ETFs) |
4,07,895 |
8,48,512 |
108.02 |
|
Income/Debt Oriented oriented ETFs |
20,66,858 |
24,30,303 |
17.58 |
|
Other Domestic ETFs |
- |
- |
- |
|
Silver ETF |
1,99,276 |
6,85,037 |
243.76 |
|
Fund of funds investing overseas in Active Funds |
7,71,413 |
7,70,844 |
-0.07 |
|
Fund of funds investing overseas in Passive Funds |
7,85,875 |
6,15,215 |
-21.72 |
|
Total |
2,79,62,550 |
4,14,72,421 |
48.31 |
Considering the growing popularity of passive funds in India, Cafemutual is set to host the fourth edition of Cafemutual Passives Conference at Taj Santacruz, Mumbai on May 23.
Themed ‘The Passives Revolution: Future of Low Cost, High Impact Investing, the conference will host industry experts who will share their insights on the latest trends in the world of passives.
Visit cafemutualevents.com to know more.
