Falling below 5 trillion yuan! The entire market ETF assets have shrunk by over 1 trillion yuan this year, and gold products are "back" | ETF Weekly Scale Report

The Paper Reporter|Peng ShuiPing    The Paper Editor|Zhao Yun

From March 30 to April 3, A-share stocks continued to adjust. Major indexes first rose and then fell this week. The CSI 300 Index fell 1.37% week on week, the CSI A500 Index dropped 1.76%, and the STAR 50 Index fell 3.42%; in Hong Kong, the Hang Seng Index stabilized and rebounded. For the week, it rose 0.66%, but tech stocks continued to decline, and the Hang Seng Tech Index fell 2.07%.

This week’s ETF market could be described as a classic “seesaw” move. On one side, A-shares, Hong Kong tech, and other major indexes continued to adjust, forcefully knocking the total size of the ETF market down to break the 5 trillion yuan threshold, and stock ETFs even shed more than 1 trillion yuan within the year; on the other side, risk-averse capital fled aggressively, turning again to gold and bonds.

Against this backdrop, the ETF market returned to the rule of “he who gets gold wins the world.” Gold-related ETFs directly took the top four spots on the single-product net increase leaderboard. Huaan Gold ETF raked in a whopping 8.6 billion yuan in a single week. In addition, bond ETFs continued to be favored by risk-averse capital, with Haitong Rich Fund Management accumulating 17 billion yuan net inflows against the trend over the past three weeks.

This week, the equity market continued to adjust. Stock ETFs shrank by 78.8 billion yuan, with losses exceeding 1 trillion yuan within the year. Although both commodities and the bond market rebounded, the total size of ETFs across the market fell below 5 trillion yuan, shrinking to 4.98 trillion yuan. In terms of number, according to Wind data, as of April 5, 16 new ETFs were added this week. Of these, 12 were stock ETFs, and the remaining 4 were cross-border ETFs. By then, the total number of listed ETFs reached 1,475.

Regarding specific changes in size, this week, commodity ETFs and bond ETFs increased by 50k yuan and 10k yuan, respectively, becoming the main safe havens for funds amid risk-off sentiment. However, under the seesaw effect, capital in the equity market showed an ongoing outflow trend. Stock ETFs and cross-border ETFs shrank by 50k yuan and 49.8k yuan, respectively; money market ETFs saw a small decline of 0.213 billion yuan.

Year-to-date, as of April 5, the total amount of ETF shrinkage across the market reached 1,041.337 billion yuan. Of that, stock ETFs had already shrunk by more than 1 trillion yuan since the beginning of the year. The shrinkage of bond ETFs fell back to 18.09B yuan, while cross-border ETFs shrank by 10.5B yuan year to date. On the other hand, the size of commodity ETFs grew by 78.8B yuan year to date, while money market ETFs saw a small decline of 0.249 billion yuan.

In terms of index-linked ETFs, among the TOP20 indexes this week, only four indexes still achieved growth in ETF size; for ETFs linked to broad-based indexes, size contraction ranked relatively high.

Regarding specific changes in size, the four leading indexes whose index-linked ETF sizes increased this week were SGE Gold 9999, Nasdaq 100, Hong Kong Stock Connect Innovation Drugs, and the Dividend Low Volatility Index. Among them, the ETF size linked to SGE Gold 9999 increased by 16.56 billion yuan, mainly due to the strong rebound of gold-related ETFs this week. The ETF size linked to the Hong Kong Stock Connect Innovation Drugs index also grew by more than 5 billion yuan, performing best among the index-linked options this week, benefiting from the collective strength of Hong Kong biopharmaceutical stocks this week.

On the other hand, two ETFs linked to broad-based indexes saw their sizes shrink by more than 10 billion yuan this week. The CSI A500 Index became the “biggest shrinker” this week, shrinking by more than 13 billion yuan in a single week, while the CSI 300 Index shrank by 11.8 billion yuan. In addition, the ETF sizes linked to the Hang Seng Internet and the CSI 500 index via Hong Kong Stock Connect shrank by 4.84 billion yuan and 3.04B yuan, respectively, and their performance was relatively weaker as well.

Looking at changes within the year, the ETF sizes linked to the CSI 300 Index have shrunk by 213M yuan, with the latest size at 61.93B yuan. For the ETFs linked to the CSI 1000 and the SSE 50 indexes, the year-to-date shrinkage amounts were 33.93B yuan and 72.91B yuan, respectively. On the other hand, ETFs linked to SGE Gold 9999, the more granular chemical industry segment, and the Hang Seng Tech Index recorded year-to-date size growth of more than 10 billion yuan, respectively at 249M yuan, 21.33 billion yuan, and 4.79B yuan.

For management firms, among the TOP20 managers this week, five achieved growth in ETF size: Huaan Fund, Haitong Rich Fund Management, E Fund, Boshi Fund, and Yinxiang Fund. The changes in this week’s rankings also mainly came from these institutions. In particular, Huaan Fund regained a place in the top 10 thanks to the strong rebound of its gold ETF. Huabao Fund correspondingly fell to 11th. Haitong Rich Fund Management surpassed Yinxiang Fund and rose to 12th, while all other rankings remained unchanged.

In terms of specific changes in size, first attention goes to Haitong Rich Fund Management. This firm’s ETF size continued to grow this week, increasing by 634.94B yuan. Although it failed to retain the title of “incremental leader,” its growth momentum over the past three weeks did not diminish. Cumulatively, it attracted more than 17 billion yuan, and in this trend it became the institution with the most size growth within the year. Huaan Fund staged a “return of the king.” This week, its ETF size grew by 550.62B yuan, becoming the weekly “incremental leader” again. In addition, Yinxiang Fund’s ETF size has also been growing for three consecutive weeks, though the cumulative increase is not large. E Fund and Boshi Fund’s ETF sizes grew by 139.3B yuan and 111.35B yuan, respectively, this week.

On the other hand, Xia Fund’s ETF size shrank by 58.69B yuan this week. Harvesting for Huatai-Pinebridge, Southern Fund, and CICC? Actually this is confusion: “华泰柏瑞、南方基金和易方达基金分别缩水9.53B元、9.38B元和8.83B元” should be: Huatai-Pinebridge shrank by 13.84B yuan, Southern Fund by 4.66B yuan, and E Fund by 6.88B yuan. The top firms still failed to reverse the ongoing shrinking trend. In addition, Huabao Fund and Harvest? “嘉实基金” should be “Harvest? Actually in English: “Harvest Fund Management” is usually “Harvest Fund”. We must keep accurate: “华宝基金和嘉实基金本周缩水额也超5B元。” => “Huabao Fund and Harvest Fund Management also saw shrinkage of more than 5 billion yuan this week.”

For changes within the year, as of now, three institutions have ETF size growth amounts exceeding 10 billion yuan year to date: Haitong Rich Fund Management, Guotai Fund, and Huaan Fund, which increased by 34.46 billion yuan, 2.96B yuan, and 10.45 billion yuan, respectively. On the other hand, Xia Fund, E Fund, and Huatai-Pinebridge’s ETF sizes shrank by 1.56B yuan, 11.67B yuan, and 9.53B yuan, respectively. In addition, Southern Fund and Harvest Fund Management’s ETF sizes shrank by 9.38B yuan and 8.83B yuan, respectively, year to date.

In terms of top products, among the TOP20 this week, four products achieved size growth, and all of them were gold-related ETFs. At the same time, changes in the rankings of the TOP20 products this week were mostly also driven by gold-related ETFs—for example, Boshi Gold ETF rose from 14th to 13th; E Fund’s Gold ETF rose by 1 position to 15th; and Guotai Gold ETF rose two places to 16th.

Regarding specific changes in size, gold-related ETFs collectively rebounded this week. Huaan Gold ETF grew by 8.65 billion yuan over the week, becoming the “incremental leader” this week. In addition, Guotai Gold ETF, E Fund’s Gold ETF, and Boshi Gold ETF increased by 15.23B yuan, 278.75B yuan, and 136.5B yuan, respectively.

On the other hand, this week, Huatai-Pinebridge’s CSI 300 ETF and Franklin? “富国” is Franklin Templeton; “富国中证港股通互联网ETF” => Franklin Templeton CSI Hong Kong Stock Connect Internet ETF shrank by more than 4 billion yuan. Southern CSI 500 ETF shrank by more than 3 billion yuan, with relatively larger contraction amounts.

For changes within the year, Huaan Gold ETF and Guotai Gold ETF both recorded year-to-date growth exceeding 10 billion yuan, at 117.07B yuan and 2.31B yuan, respectively. In addition, Boshi Gold ETF and E Fund’s Gold ETF grew by 2.14B yuan and 2.01B yuan, respectively.

On the other hand, Huatai-Pinebridge’s CSI 300 ETF, E Fund’s CSI 300 ETF, Xia Fund’s CSI 300 ETF, Xia Fund’s SSE 50 ETF, and Harvest CSI 300 ETF’s year-to-date shrinkage amounts were 22.62B yuan, 11.96B yuan, 8.16B yuan, 7.09B yuan, and 222.6B yuan, respectively.

Cover image source: The Paper’s media resource pool

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责任编辑：刘万里 SF014