Passive flows in Nov-25, go beyond gold and silver ETFs

17 Dec 2025 , 04:06 PM

PASSIVE FLOW HIGHLIGHTS FOR NOVEMBER 2025 

Passive inflows have stabilized at much higher levels in the last 3 months. After scaling a high of ₹19,057 Crore in September and tapering to ₹16,669 Crore in October; November 2025 saw passive flows of ₹15,385 Crore. The flows in November were largely broad-based.  

In terms of flows; India equity ETFs led the way with ₹6,303 Crore in November 2025; followed by Gold ETFs at ₹3,742 Crore, India equity Index Funds at ₹2,607 Crore, and Silver ETFs at ₹2,154 Crore. Some of the passive categories that saw outflows in November 2025 included Debt Oriented TMIFs and FOFs investing overseas in passive funds. Out of the 12 categories of passive funds with flows; 8 categories saw net inflows in November 2025, while 4 categories saw net outflows.  

PASSIVE FUND FOLIO GROWTH: NOVEMBER 2025 OVER NOVEMBER 2024 

Passive funds folio growth slackened in recent months, but only marginally. 

Passive Mutual Fund  Schemes (Folios)	Folios Nov-25  (in Numbers)	Folios Nov-24  (in Numbers)	Growth  (%)
Silver ETF	26,25,874	5,82,990	350.41%
Equity oriented ETFs (International)	11,00,427	6,45,788	70.40%
Gold ETF	97,84,310	62,52,992	56.47%
Income/Debt Oriented Index Funds (ex-TMIF)	25,946	17,760	46.09%
FOFs investing overseas in Active Funds	10,60,339	7,29,587	45.33%
Equity oriented Index Funds (Domestic)	1,37,88,586	1,16,93,034	17.92%
Other Index Funds	1,02,819	89,572	14.79%
Equity oriented ETFs (Domestic)	1,68,46,899	1,47,83,768	13.96%
Income/Debt Oriented ETFs	25,56,090	23,35,324	9.45%
Income/Debt Oriented Index Funds (TMIF)	1,74,981	1,69,732	3.09%
Equity oriented Index Funds (International)	2,46,322	2,55,187	-3.47%
FOFs investing overseas in Passive Funds	5,51,836	6,49,986	-15.10%
Total (Passive Funds)	4,88,64,429	3,82,05,720	27.90%

Data Source: AMFI (TMIF is target maturity index funds) 

Here are some key inferences from Y-o-Y growth in passive folios. 

• Passive fund folios grew 27.90% in November 2025; compared to 30.82% in October; 31.14% in September, and 32.58% in August 2025. There has been a gradual tapering of folio growth, but passive equity funds have done better than active funds on folio accretion. Total passive fund folios as of November 2025 stood at 488.64 Lakhs; compared to 481.74 Lakhs in October, 459.77 Lakhs in September, and 446.55 Lakhs in August 2025. The spike in folios has been largely led by the folios increase in gold ETFs, International Equity ETFs, and Silver ETFs.

• What about growth leaders? Again, silver ETFs led folio growth at 350.41%, followed by equity oriented International ETFs 71.40%, Gold ETFs 56.47%, and Debt oriented index funds (non-TMIF) at 46.09%. A total of 10 out of 12 categories saw folio expansion, with international equity-oriented index funds and FOFs investing in overseas passive funds witnessing folio contraction in November 2025.  

Annual folio growth has fallen from above 50% to closer to under 30% in last 9 months. 

PASSIVE FUNDS AUM: NOVEMBER 2025 OVER NOVEMBER 2024 

Passive fund AUM growth in November 2025 was largely led by gold and silver ETFs but helped along by robust domestic and global equity indices too. 

Passive Mutual  Fund Schemes	AUM Nov-25 (₹ Crore)	AUM Nov-24  (₹ Crore)	Growth  (%)
Silver ETF	49,081.51	12,333.66	297.95%
Gold ETF	1,10,517.76	44,244.82	149.79%
FOFs investing overseas in Active Funds	26,922.04	18,076.08	48.94%
Equity oriented ETFs (International)	17,431.73	13,194.39	32.11%
Equity oriented Index Funds (Domestic)	2,08,546.22	1,58,037.04	31.96%
Equity oriented Index Funds (International)	6,725.19	5,511.19	22.03%
Equity oriented ETFs (Domestic)	7,70,826.00	6,62,700.66	16.32%
Other Index Funds	3,777.83	3,507.61	7.70%
Income/Debt Oriented Index Funds (TMIF)	98,783.70	92,377.88	6.93%
FOFs investing overseas in Passive Funds	9,042.94	8,656.28	4.47%
Income/Debt Oriented ETFs	98,798.41	97,514.67	1.32%
Income/Debt Oriented Index Funds (ex-TMIF)	7,015.06	13,741.35	-48.95%
Total (Passive Funds)	14,07,468.36	11,29,895.63	24.57%

Data Source: AMFI (TMIF is target maturity index funds) 

Here are some key inferences from the above table. 

• Passive fund AUM Y-o-Y growth in November 2025 jumped to 24.57%; compared to 21.91% in October, 13.40% in September, and 11.54% in August 2025. The sharp bounce in the folio growth in November 2025 has been a continuation of the trend of the last few months and is indicative of a distinct shift towards passive investment options.

• What about leaders and laggards? Silver ETFs led the growth at 297.95%, followed by Gold ETFs at 149.79%, and FOFs investing overseas in active funds at 48.94%. A total of 11 out of 12 categories saw AUM expansion, with only non-TMIF debt-oriented index funds witnessing AUM contraction in November 2025. 

In the last few months, there seems to be a turnaround in rate of AUM growth, although the folio growth has been tapering. Clearly, the massive rally in gold and silver appears to have made all the difference!