Silver ETFs took in ₹3,092 crore in October. Their assets fell ₹11,416 crore
Indians put more money into silver ETFs in October than in either of the two months before. The price fell faster than the money came in.
In October 2026, silver ETFs took in a net ₹3,092.22 crore, AMFI's monthly report shows, the most of the three months it has listed them separately. Their assets fell from ₹81,636.34 crore to ₹70,220.72 crore, because every silver ETF's NAV fell between 16.88% and 17.52% in the month. Nippon India Silver ETF is 50.84% below its 29 January high.
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Indian investors added a net ₹3,092.22 crore to silver ETFs in October 2026. In the same month, the assets of those ETFs fell by ₹11,415.62 crore.
Both numbers come from AMFI's monthly report for October. Silver ETFs held ₹81,636.34 crore at the end of September and ₹70,220.72 crore at the end of October.
More money in, every month
AMFI's monthly report has listed silver ETFs on their own line since August 2026. Before that they sat inside "Other ETFs" with equity and debt ETFs. So there are three months to compare.
| Month | Net money in | Assets at month end | Folios |
|---|---|---|---|
| August 2026 | ₹1,270.63 crore | ₹85,488.34 crore | 52,73,858 |
| September 2026 | ₹1,974.32 crore | ₹81,636.34 crore | 53,10,609 |
| October 2026 | ₹3,092.22 crore | ₹70,220.72 crore | 53,53,882 |
Net money in rose each month, to ₹6,337.17 crore across the three. Folios grew by 80,024 over the period. A folio is one account with one fund house, so one person can hold several.
The price did the rest
An ETF's assets move for two reasons. Money comes in or goes out, and the value of what it holds goes up or down.
In October the money added 3.79% to September's assets. The assets still fell 13.98%. The difference is the fall in silver.
AMFI's daily NAV file shows all 19 silver ETFs. From 30 September to their last October NAV, every one fell between 16.88% and 17.52%. The NAV is the value of one unit of the fund, after its expenses.
All 19 hold the same metal, so they moved almost together. Their highest NAVs of the month came on 5 October.
Up 152%, then down 51%
October is one month in a longer swing. Here is one of the 19, Nippon India Silver ETF, at a few dates.
| Date | NAV per unit | Change to 11 Nov 2026 |
|---|---|---|
| 31 Oct 2025 | ₹142.67 | +23.83% |
| 11 Nov 2025 | ₹147.72 | +19.59% |
| 31 Dec 2025 | ₹218.32 | −19.08% |
| 29 Jan 2026, the January high | ₹359.32 | −50.84% |
| 30 Sep 2026 | ₹209.59 | −15.71% |
| 11 Nov 2026 | ₹176.66 |
From 31 October 2025 to 29 January 2026, the NAV rose 151.87%. From that high to 11 November 2026, it fell 50.84%. Over the full year it is still up 19.59%.
What the swing looks like at ₹50 lakh
As an illustration, take ₹50 lakh put into this ETF at its NAV on two different days. Brokerage, the gap between the market price and the NAV, and tax are left out.
- Bought on 31 October 2025, it would be worth about ₹61.91 lakh on 11 November 2026.
- Bought on 29 January 2026, it would be worth about ₹24.58 lakh on the same day.
The same fund and the same amount, bought three months apart, end ₹37.33 lakh apart.
Gold had a quieter October
Gold ETFs also took in money and lost value in October, by much less. They added a net ₹3,474.03 crore. Their assets went from ₹1,86,310.44 crore to ₹1,79,894.44 crore, a fall of 3.44%.
Gold ETFs have 1,27,41,422 folios, more than twice silver's 53,53,882. Silver's net inflow in October was 89% of gold's.
What these figures leave out
AMFI's monthly figures count money the funds themselves raised and paid out. Units that change hands between investors on the exchange are not part of them.
The figures also say nothing about who bought. AMFI does not split ETF flows by investor size in this report.
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Questions
- Why did silver ETF assets fall in October when money came in?
- Silver ETF NAVs fell 16.88% to 17.52% in October. Net new money of ₹3,092.22 crore added 3.79% to September's assets, so the price fall outweighed it.
- Did every silver ETF fall by about the same amount?
- Yes. All 19 silver ETFs in AMFI's daily NAV file fell between 16.88% and 17.52% from 30 September to their last October NAV.
- How far is silver below its January high?
- Nippon India Silver ETF's NAV was ₹359.32 on 29 January 2026 and ₹176.66 on 11 November 2026, a fall of 50.84%.
- Is silver still up over a year?
- Nippon India Silver ETF's NAV rose 19.59%, from ₹147.72 on 11 November 2025 to ₹176.66 on 11 November 2026.
- Why does AMFI only show silver ETF flows from August 2026?
- Its monthly reports up to July 2026 grouped silver ETFs under Other ETFs. From August 2026 they have their own line.
Sources
- AMFI monthly report, October 2026
- AMFI monthly report, September 2026
- AMFI monthly report, August 2026
- AMFI monthly report, July 2026 (silver ETFs within Other ETFs)
- AMFI NAV history, all schemes, 30 Sep to 31 Oct 2026
- AMFI NAV history, 15 Jan to 10 Feb 2026
- AMFI NAV history, 11 Nov 2026
- AMFI NAV history, 11 Nov 2025
- AMFI NAV history, 31 Oct 2025
- AMFI NAV history, 31 Dec 2025
Compound is analysis, not investment advice. Reva Money is not a SEBI-registered investment adviser.
