AUMs and Expense ratios as of June 20, 2025. The following is the total AUM and Annual Fees being collected by Zerodha AMC. AUM changes a lot and it is possible that the final fees and expense ratios differ too.
Overall, they seem to be on the track to be making 17.7 Cr. To my knowledge, the AMC doesn’t have any other source of revenue. I wonder if the amount is enough to sustain and if the AMC standalone is profitable? I’m sure they will continue to grow the AUM and along with that the revenue collected. So far, their most profitable seems to be Liquidcase making them 12Cr+ every year (more than 70% of their revenue). Funnily enough, Zerodha Overnight Fund is the least profitable on track to make 5 Lakhs a year, however, this fund is only a couple months old.
| Fund Name | AUM (₹ Cr) | Expense Ratio | Annual Fee (₹ Cr) |
|---|---|---|---|
| Zerodha Nifty 1D Rate Liquid ETF | 4738.72 | 0.27 | 12.794544 |
| Zerodha Nifty LargeMidcap 250 Index Fund | 986.06 | 0.28 | 2.760968 |
| Zerodha Gold ETF | 321.12 | 0.32 | 1.027584 |
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund | 205.81 | 0.28 | 0.576268 |
| Zerodha Nifty Midcap 150 ETF | 87.88 | 0.21 | 0.184548 |
| Zerodha Gold ETF FoF | 67.28 | 0.23 | 0.154744 |
| Zerodha Overnight Fund | 64.41 | 0.08 | 0.051528 |
| Zerodha Nifty 100 ETF | 52.93 | 0.25 | 0.132325 |
| Zerodha Silver ETF | 30.41 | 0.33 | 0.100353 |
| TOTAL | 6554.62 | 17.782862 |
Overall, it seems that Zerodha AMC is focusing on low cost index products. This space is extremely crowded. One key detail is that while their expense ratios are lower, it isn’t enough for anyone to switch over (give this would trigger a tax event). So Zerodha is specifically working with fresh inflows with the equity and gold products.
Personally, I would love to see more unique and innovate products like Nifty 50 2x leveraged index fund (there is an NSE index for this). So far, SEBI wouldn’t allow such a product but with the introduction of SIFs, this may be possible.