In September, – for the first time – passive mutual-fund schemes in India added more new folios (~2.1 million including FoFs) than active equity funds (~1.4 million). The shift was largely driven by gold and silver ETFs, which saw strong inflows as investors sought commodity-based exposure amid market volatility. Industry participants say this reflects a structural change in investor behaviour, with cost-efficient passive strategies gaining appeal. Fund houses are expected to respond by launching more passive products and promoting ETF options aggressively.