According to a report by Morningstar, the Franklin FTSE India ETF and Franklin FTSE India UCITS ETF have emerged as the leading offshore funds focusing on India, with net inflows of $997 million and $743 million, respectively, over the past year. However, the overall performance of the ten largest offshore India-focused equity funds and exchange-traded funds (ETFs) has been less favorable. The total assets under management (AUM) for these funds dropped 22%, from $39.9 billion in December 2025 to $31 billion by March 2026. This decline reflects a challenging market environment affecting all funds in this category. The iShares MSCI India ETF continues to dominate the sector with an AUM of $6,746 million, followed by the iShares MSCI India ETF USD Acc at $4,673 million. Other notable funds include GS India Equity I Inc, which saw its AUM decrease to $3,808 million, and Kotak India Midcap A USD Acc, which fell to $2,839 million. Fidelity India Focus A-USD also experienced a significant drop in AUM, from $2,677 million to $2,053 million.