The total market ETF size drops below 5 trillion yuan! Shrinking by over 1 trillion yuan this year.

Last week (March 30 to April 3), A-shares continued to correct. Major mainland stock indexes first rose and then fell. The CSI 300 Index fell 1.37%, the CSI A500 Index fell 1.76%, and the STAR Market 50 Index fell 3.42%. In Hong Kong, the Hang Seng Index stabilized and rebounded, rising 0.66% over the week. However, internet and tech stocks continued to decline, with the Hang Seng Tech Index falling 2.07%.

In last week’s ETF (exchange-traded fund) market, it can be described as a classic “seesaw” style行情. On one side, major stock indexes such as A-shares and Hang Seng Tech continued to adjust, forcing the total market size of ETFs for the whole market to fall below the 5-trillion-yuan mark, and stock ETFs alone saw net outflows of more than 1 trillion yuan within the year. On the other side, risk-averse capital fled aggressively, once again moving into gold and bonds.

Against this backdrop, last week’s ETF market reverted to “He who wins gold wins the world.” Gold-related ETFs directly took the top four spots on the single-product net inflow ranking. The Huian Gold ETF raked in 8.6 billion yuan in a single week.

16 new ETFs added last week

With equity markets continuing to adjust last week, stock ETFs shrank by 78.8 billion yuan, with net outflows of more than 1 trillion yuan year-to-date. Although commodity and bond ETFs both rebounded, the total market size of ETFs in the whole market fell below 5 trillion yuan, shrinking to 4.98 trillion yuan. According to Wind data, 16 ETFs were newly added last week. Of these, 12 were stock ETFs and the remaining 4 were cross-border ETFs. As a result, the total number of listed ETFs reached 1,475.

In terms of specific size changes, commodity ETFs and bond ETFs increased by 50k yuan and 10k yuan, respectively, becoming the main safe-haven destinations for capital under risk-averse sentiment. However, under the seesaw effect, capital flowed out continuously from the equity market. Stock ETFs and cross-border ETFs shrank by 10k yuan and 50k yuan, respectively; money-market ETFs saw a slight decline of 0.213 billion yuan.

Since the beginning of this year (as of April 5), the total net shrinkage of ETFs across the whole market amounted to 1,041.337 billion yuan. Within that, stock ETFs have shrunk by 1,018.140 billion yuan, bond ETFs by 49.8k yuan, cross-border ETFs by 18.09B yuan, and money-market ETFs by a slight 0.249 billion yuan. Meanwhile, commodity ETFs’ size increased by 10.5B yuan.

Who was the “biggest shrinker” last week?

For ETFs tracking major indexes, among the TOP20 indexes last week, only four achieved growth in scale. They were SGE Gold 9999, Nasdaq 100, Hang Seng Tech Innov Pharmaceuticals, and the Dividend Low Volatility index. Among them, the ETF tracking the SGE Gold 9999 index grew by 16.56 billion yuan, mainly due to a strong rebound in gold ETFs last week. The ETF tracking the Hang Seng Tech Innov Pharmaceuticals index also grew by more than 5 billion yuan, benefiting from the collective strength of Hong Kong biopharmaceutical stocks last week.

Two broad-market (wide coverage) index ETFs saw their scale shrink by more than 10 billion yuan. The CSI A500 Index became the “biggest shrinker,” shrinking by more than 13 billion yuan over the week, while the CSI 300 Index shrank by 11.8 billion yuan. In addition, ETFs tracking Hang Seng Tech Internet and the CSI 500 index shrank by 4.84 billion yuan and 78.8B yuan, respectively, and their performance was relatively weak as well.

Looking at year-to-date changes, ETFs tracking the CSI 300 Index shrank by 3.04B yuan, with the latest scale at 213M yuan. ETFs tracking the CSI 1000 and SSE 50 indexes shrank year-to-date by 61.93B yuan and 33.93B yuan, respectively. Meanwhile, ETFs tracking SGE Gold 9999, sectoral chemicals, and Hang Seng Tech index each grew by more than 10 billion yuan year-to-date, at 249M yuan, 72.91B yuan, and 4.79B yuan respectively.

Who was the weekly “biggest gainer”?

In terms of management institutions, among the TOP20 managers last week, 5 achieved growth in ETF scale: Huian Fund, Haitong Fund, Harvest Fund, Bosh Fund, and Yin-Ga Fund. The changes in last week’s rankings also mainly came from these institutions. Specifically, Huian Fund, driven by the strong rebound of its gold ETF, reclaimed the 10th place. Huabao Fund correspondingly slid to 11th. Haitong Fund surpassed Yin-Ga Fund to rise to 12th, while all other rankings saw no change.

In terms of specific size changes, Haitong Fund is again the first to look at. Its ETF scale continued to grow last week by 634.94B yuan. Although it failed to retain the title of “biggest gainer,” its growth momentum has not diminished over the past three weeks. Cumulatively, it “attracted capital” of more than 17 billion yuan, becoming the institution with the largest scale growth year-to-date. Huian Fund staged a “king returns.” Its ETF scale grew by 550.62B yuan last week, once again becoming the weekly “biggest gainer.” In addition, Yin-Ga Fund’s ETF scale also grew for three consecutive weeks, although the cumulative growth amount was not large. Harvest Fund and Bosh Fund’s ETF scales grew by 139.3B yuan and 111.35B yuan, respectively, last week.

Huaxia Fund’s ETF scale shrank by 58.69B yuan last week. Huatai-Pine, Southern Fund, and E-Fund shrank by 21.33B yuan, 13.84B yuan, and 4.66B yuan, respectively. Top institutions still were unable to reverse the ongoing shrinking trend. In addition, Huabao Fund and Guotai Junan Fund also saw declines of more than 5 billion yuan last week.

For year-to-date scale changes, to date, three institutions have increased their ETF scale by more than 10 billion yuan year-to-date: Haitong Fund, Guotai Fund, and Huian Fund grew by 6.88B yuan, 2.96B yuan, and 1.56B yuan, respectively. Meanwhile, Huaxia Fund, E-Fund, and Huatai-Pine’s ETF scales shrank year-to-date by 11.67B yuan, 9.53B yuan, and 9.38B yuan, respectively. In addition, Southern Fund and Guotai Junan Fund’s ETF scales shrank year-to-date by 8.83B yuan and 34.46B yuan, respectively.

Gold-related ETFs rebound collectively

Among the top products, 4 out of the TOP20 saw scale growth last week, and all were gold ETFs. Meanwhile, ranking changes among the TOP20 products last week were also mostly driven by gold ETFs. For example, Bosh’s Gold ETF rose from 14th to 13th. E-Fund’s Gold ETF rose by one position to 15th. Guotai’s Gold ETF rose by 2 positions to 16th.

In terms of specific size changes, gold-related ETFs rebounded collectively last week. Huian’s Gold ETF grew by 8.65 billion yuan in one week, becoming the “biggest gainer” last week. In addition, Guotai’s Gold ETF, E-Fund’s Gold ETF, and Bosh’s Gold ETF grew by 15.23B yuan, 10.45B yuan, and 278.75B yuan, respectively.

It is worth noting that last week Huatai-Pine’s CSI 300 ETF and Fubon’s CSI Hong Kong Stock Connect Internet ETF shrank by more than 4 billion yuan. Southern’s CSI 500 ETF shrank by more than 3 billion yuan, and the shrinkage amounts were relatively large. For year-to-date scale changes, Huian’s Gold ETF and Guotai’s Gold ETF both increased by more than 10 billion yuan year-to-date, at 136.5B yuan and 117.07B yuan, respectively. In addition, Bosh’s Gold ETF and E-Fund’s Gold ETF grew by 2.31B yuan and 2.14B yuan, respectively.

Huatai-Pine’s CSI 300 ETF, E-Fund’s CSI 300 ETF, Huaxia’s CSI 300 ETF, Huaxia’s SSE 50 ETF, and Guotai Junan’s CSI 300 ETF shrank year-to-date by 2.01B yuan, 22.62B yuan, 11.96B yuan, 8.16B yuan, and 7.09B yuan, respectively.

(Editor: Xu Nannan)

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