ETF and Index Fund Flows September 2026: Full Data and Category Rankings

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India’s index funds and exchange-traded funds (ETFs) recorded net inflows of ₹11,887.37 crore in September 2026, up 8.58% from ₹10,948.36 crore in August.

ETFs received ₹15,501.40 crore in net inflows, while index funds recorded ₹3,614.03 crore in net outflows, bringing their combined net inflows to ₹11,887.37 crore.

Equity ETFs attracted the largest amount of money, while gold ETFs recorded the strongest net inflows relative to gross subscriptions among the six categories ranked below. Debt index funds faced substantial withdrawals.

Together, equity ETFs, equity index funds, gold ETFs and silver ETFs received ₹19,034.23 crore in net inflows. Withdrawals from debt-oriented categories reduced the overall total. These figures are calculated from AMFI’s monthly reports.

Looking at the money received is one part of the picture. Comparing inflows with redemptions and category size helps explain how strong those flows were.

How we compare passive fund flows

Let’s use two ratios to compare September’s flows, then combine their rankings:

• Net flows: Gross inflows minus redemptions. A positive figure shows that subscriptions exceeded withdrawals during the month.
• Net flows ÷ gross inflows: Shows the net amount added for every ₹100 received. A higher percentage indicates that redemptions offset a smaller share of subscriptions.
• Net flows ÷ AUM: Compares net flows with the category’s assets under management at month-end, helping put differently sized categories on a comparable basis.
• Combined score: Rank eligible categories from highest to lowest on each ratio, then average their two ranks. A lower score indicates a stronger combined position.
• Ranking eligibility: Include categories with at least ₹1,000 crore in AUM and positive gross inflows. Other categories remain in the table and totals but receive no combined score.

The score compares one month’s flows. Investment returns, portfolio risk and suitability require a separate assessment.

September 2026 ETF and index fund flows: The complete table

All amounts are in ₹ crore. AUM is as of September 30, 2026.

↔ Scroll horizontally to view the full table.

Source: AMFI; ratios and combined scores calculated from published figures. Totals use AMFI’s category subtotals, so rounding can cause small differences when individual rows are added. Overseas funds of funds are excluded from the index-fund and ETF total.

Equity ETFs attracted the most money

Equity ETFs led September’s net inflows by a considerable margin.

Their net-to-gross ratio also shows that a large share of subscriptions remained after accounting for redemptions. For every ₹100 received, the category added about ₹78 on a net basis.

Equity index funds also attracted fresh money, but withdrawals offset a larger share of subscriptions. Their comparable figure was about ₹36.

Both categories offer routes to index-based equity exposure. Their monthly flow patterns can differ because their investor mix, transaction sizes and subscription activity differ.

This table reflects category-level subscriptions and redemptions. Because ETF trading between buyers and sellers on a stock exchange occurs independently, these figures do not represent total exchange trading volumes.

Gold led the combined score; silver led on flows relative to size

Gold ETFs ranked first on net flows relative to gross inflows and second on net flows relative to AUM. Averaging those positions gives them a combined score of 1.50.

In simple terms, gold ETFs had both a high proportion of subscriptions remaining after redemptions and a meaningful addition relative to their existing assets.

Silver ETFs presented a different pattern.

They received substantial subscriptions, but redemptions absorbed a larger share. Their net-to-gross ratio therefore ranked below gold ETFs, equity ETFs and equity index funds.

However, silver’s smaller asset base meant its net inflows were the largest relative to category size among the six ranked categories.

That placed silver ETFs and equity ETFs on the same combined score of 2.50, reached through different strengths.

This is where the two-ratio approach helps. Absolute inflows favour large categories, while size-adjusted flows can highlight activity in smaller ones. Looking at both gives readers a fuller comparison.

Debt index funds faced the strongest withdrawal pressure

Debt index funds recorded the weakest position among the ranked categories.

Their negative net-to-gross ratio exceeded 100% in magnitude because net withdrawals were larger than the month’s gross subscriptions. Redemptions can include money invested in earlier months, so withdrawals can exceed fresh inflows by a wide margin.

The AUM comparison provides another useful measure: September’s net withdrawals amounted to roughly ₹7.77 for every ₹100 of assets remaining at month-end.

Debt ETFs also experienced net outflows, although the withdrawals were smaller relative to their asset base.

For investors, the useful distinction is between flows and performance. Redemptions measure money leaving a category. Returns depend on changes in the value of its investments and the income they earn.

The monthly flow table does not identify why investors redeemed. Assigning those withdrawals to a particular policy decision would require further evidence.

What changed from August?

Across index funds and ETFs, net inflows increased even as the net-to-gross ratio fell.

That combination is possible when subscriptions rise but redemptions absorb a larger proportion of them. September added more money overall, yet a smaller share of each rupee received remained after withdrawals.

Meanwhile, net flows relative to month-end AUM increased. This ratio is influenced by both the money added and the size of the asset base.

AUM itself changes with subscriptions, withdrawals and investment valuations. It should therefore be read alongside flows, rather than treated as a standalone measure of investor demand.

How investors can use these numbers

September’s data helps identify where subscriptions outweighed withdrawals and how large those movements were.

For an investment decision, the next questions are more personal:

• Portfolio allocation: Would the investment add needed exposure or increase an existing concentration?
• Holding period: Does the underlying asset suit when you will need the money?
• Costs and tracking: How closely does the fund follow its benchmark after expenses?
• ETF execution: Are trading liquidity and bid-ask spreads suitable for your transaction?

A category can attract strong inflows while still being unsuitable for a particular portfolio. The combined score is useful for comparing monthly activity; fund selection needs these additional checks.

FAQs

1. What is the difference between gross inflows and net inflows?

Gross inflows are subscriptions received during a period. Net inflows subtract redemptions from that amount. When redemptions exceed subscriptions, the category records a net outflow.

2. Why can net flows divided by gross inflows fall below −100%?

Investors can withdraw money accumulated in previous months or years. If redemptions exceed twice the current month’s gross subscriptions, net outflows become larger than gross inflows, taking the ratio below −100%.

3. Why are some categories excluded from the combined score?

The comparison uses a minimum AUM of ₹1,000 crore to limit the influence of very small categories. Positive gross inflows are also required because the net-to-gross ratio cannot be calculated with a zero denominator. Excluded categories remain in the relevant totals.

4. Does a lower combined score identify a better investment?

The score ranks the strength of monthly flows using two ratios. It does not assess future returns, investment risk or suitability. Those depend on the underlying assets, fund characteristics and the investor’s goals.

Disclaimer: This article is for information and education only and does not constitute investment advice or a recommendation to invest in any fund or category. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully.