From May 11th to May 15th, the A-share market experienced a rally followed by a pullback. Major indices retreated after reaching new highs for the period. The CSI 300 Index fell 0.25% for the week, while the CSI A500 Index declined 0.79%. In contrast, the ChiNext Index rose 3.5%, and the STAR 50 Index gained 3.4%. The Hong Kong market also saw a correction, with the Hang Seng Index dropping 1.63% and the Hang Seng Tech Index falling 3.17% over the week.
The swift market reversal following the index highs significantly impacted the ETF market. The total scale of ETFs across the market plummeted by over 150 billion yuan this week, falling below the 5 trillion yuan threshold. Major public fund managers, including China Asset Management and E Fund Management, collectively saw ETF outflows exceeding 10 billion yuan each.
Despite the overall downturn, certain thematic indices demonstrated resilience. The Semiconductor Materials & Equipment Index emerged as the top performer in terms of inflows. Gold ETFs once again showcased their safe-haven appeal, with several products rising in the rankings due to relatively smaller declines.
The market pullback hit the ETF sector hardest. This week, all major ETF categories except for currency ETFs, which saw a minor increase of 377 million yuan, experienced outflows. Stock ETFs led the decline, shrinking by 120.427 billion yuan for the week. Cross-border ETFs also contracted by 21.835 billion yuan, indicating significant pressure on equity-linked products. Bond ETFs decreased by 3.476 billion yuan, and commodity ETFs saw outflows of 10.57 billion yuan.
Amid this dual pressure on stocks and bonds, the total ETF market scale shrank by 155.93 billion yuan this week, dropping below 5 trillion yuan to approximately 4.97 trillion yuan. In terms of product count, Wind data shows that as of May 16th, 15 new ETFs were listed this week, including 12 stock ETFs and 3 cross-border ETFs. This brings the total number of listed ETFs to 1,518.
Year-to-date, as of May 16th, the total ETF market has contracted by over one trillion yuan, with a reduction of 1,059.32 billion yuan. Stock ETFs have borne the brunt, shrinking by 1,093.579 billion yuan since the start of the year. Bond ETFs have decreased by 24.043 billion yuan, and currency ETFs have reduced by 9.287 billion yuan. On the other hand, commodity ETFs have grown by 65.074 billion yuan year-to-date, while cross-border ETFs have seen a modest increase of 2.515 billion yuan.
Regarding the underlying indices, performance was mixed this week. Indices related to the ChiNext and STAR 50 boards showed relative strength, while core broad-based A-share indices continued to see outflows. Among the top 20 indices by ETF linkage, only seven saw net inflows into their associated ETFs.
Specifically, ETFs linked to the Semiconductor Materials & Equipment Index gained 3.075 billion yuan, making it the top performer for weekly inflows. Additionally, ETFs tracking the STAR Chip Index attracted 2.432 billion yuan, continuing a trend of recent inflows over several weeks.
On the outflow side, ETFs linked to two broad-based indices saw reductions exceeding 10 billion yuan each this week. The CSI 300 Index (42.391 billion yuan) and the CSI 500 Index (12.518 billion yuan) saw the largest outflows, ranking first and second. ETFs linked to the CSI A500 Index and the SGE Gold 9999 Index also experienced significant outflows, each dropping by over 9 billion yuan.
Year-to-date, as of May 16th, ETFs linked to the CSI 300 Index have seen the largest contraction, shrinking by 711.691 billion yuan to a current scale of 473.866 billion yuan. ETFs tracking the SSE 50, CSI 500, and CSI A500 indices have decreased by 142.073 billion yuan, 115.743 billion yuan, and 109.221 billion yuan, respectively, since the beginning of the year.
Conversely, ETFs linked to three indices have grown by over 20 billion yuan year-to-date. The SGE Gold 9999 Index leads with an increase of 50.6 billion yuan, followed by the Semiconductor Materials & Equipment Index (25.041 billion yuan) and the Hang Seng Tech Index (21.639 billion yuan). Furthermore, ETFs tracking the Nasdaq 100, STAR Chip, and Segmented Chemical Indices have each grown by more than 10 billion yuan this year.
Among fund managers, the top 20 by ETF scale all experienced outflows this week, with five leading firms seeing reductions exceeding 10 billion yuan. Rankings within the top 20 remained largely stable, with Tianhong Fund overtaking Penghua Fund to move up one spot to 15th place.
In terms of specific scale changes, five managers saw ETF outflows surpassing 10 billion yuan this week: China Asset Management, E Fund Management, Huatai-PineBridge Fund Management, Harvest Fund Management, and China Southern Asset Management. Additionally, GF Fund Management's ETF scale contracted by 9.876 billion yuan. Leading public fund managers typically have higher exposure to core broad-based products, making them more susceptible to market downturns.
Year-to-date, as of the latest data, Haitong Securities Investment Fund Management and Guotai Asset Management have seen the largest ETF scale growth, increasing by 47.706 billion yuan and 43.891 billion yuan, respectively, ranking first and second. Bosera Asset Management, Huaan Fund Management, and Tianhong Fund also posted significant gains of 15.968 billion yuan, 15.134 billion yuan, and 11.538 billion yuan, respectively.
On the other hand, China Asset Management, E Fund Management, and Huatai-PineBridge Fund Management have seen their ETF scales shrink by 300.668 billion yuan, 241.876 billion yuan, and 255.73 billion yuan year-to-date, respectively. Furthermore, China Southern Asset Management and Harvest Fund Management have experienced ETF outflows exceeding 100 billion yuan each, with reductions of 168.038 billion yuan and 129.117 billion yuan, respectively.
Among leading products, two CSI 300 ETFs saw outflows exceeding 10 billion yuan this week. The Huatai-PineBridge CSI 300 ETF shrank by 15.534 billion yuan, bringing its year-to-date reduction to 265.389 billion yuan. The E Fund CSI 300 ETF decreased by 12.066 billion yuan. In terms of product rankings, the China Southern CSI 500 ETF and the China AMC SSE 50 ETF saw notable declines. The former dropped from the top 10 to 14th place, while the latter fell from 15th to 20th. The Bosera Gold ETF and the Guotai Gold ETF improved their rankings due to relatively smaller declines.
Broad-based products continued to face challenges, with only a few leading products achieving scale growth this week. The E Fund ChiNext ETF and the Harvest SSE STAR Market Chip ETF grew by 996 million yuan and 592 million yuan, respectively. Additionally, the HuaBao CSI All Share Securities Company ETF increased by 293 million yuan.
Year-to-date, the Huaan Gold ETF and the Guotai Gold ETF have grown by over 10 billion yuan each, increasing by 16.887 billion yuan and 10.228 billion yuan, respectively. The Bosera Gold ETF, E Fund Gold ETF, and Huatai-PineBridge Hang Seng Tech ETF have also seen significant growth of 7.649 billion yuan, 5.891 billion yuan, and 5.065 billion yuan, respectively.
Conversely, several major ETFs have experienced substantial outflows year-to-date. The Huatai-PineBridge CSI 300 ETF, E Fund CSI 300 ETF, China AMC CSI 300 ETF, China AMC SSE 50 ETF, and Harvest CSI 300 ETF have shrunk by 265.389 billion yuan, 178.406 billion yuan, 144.146 billion yuan, 139.813 billion yuan, and 119.548 billion yuan, respectively.
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