The major A-share indices experienced a volatile week from June 22nd to June 26th, rising initially before falling back. The Shanghai Composite Index fell 1.55% for the week, the CSI 300 Index dropped 1.48%, and the CSI A500 Index declined 1.16%. The ChiNext Index fell 1.37% weekly, while the STAR 50 Index bucked the trend with a significant 6.32% gain. Hong Kong markets continued their deep correction, with the Hang Seng Index falling 5.24% and the Hang Seng Tech Index plunging 7.57% over the week.
Against the backdrop of this volatile market, massive capital exited the ETF market this week, triggering a significant structural reshuffle. ETFs tracking the CSI 300 Index saw their combined assets shrink by over 90 billion yuan, causing the rankings of major related products to slip. In stark contrast, products focused on the STAR Market, semiconductors, and chips continued to attract inflows, leading to a collective rise in the rankings of Sci-Tech Innovation sector and thematic ETFs.
Market Overview and Fund Flows
The pattern of rising and then falling stock indices often coincides with large-scale capital outflows, a trend clearly reflected in this week's ETF market activity. With bonds outperforming stocks, the total assets of all ETFs in the market decreased by 122.426 billion yuan to 4.63 trillion yuan, primarily due to significant shrinkage in equity ETFs. In terms of product count, Wind data shows that as of June 27th, 8 new ETFs were listed this week, 6 of which were equity ETFs and the remaining 2 were cross-border ETFs, bringing the total number of listed ETFs to 1,574.
Regarding specific asset changes, equity ETFs and cross-border ETFs saw their assets shrink by 68.046 billion yuan and 48.147 billion yuan respectively this week, indicating clear profit-taking in risk assets. Commodity ETF assets decreased by 23.223 billion yuan, and money market ETF assets also fell by 7.679 billion yuan.
Bond ETFs were the only major category to see asset growth this week, increasing by 24.668 billion yuan, reflecting a noticeable rise in risk-averse sentiment among investors.
Year-to-Date Performance and Index Focus
From the beginning of the year to June 27th, the total assets of all ETFs in the market have decreased by 1,392.982 billion yuan. Equity ETFs have seen assets shrink by 1,291.418 billion yuan year-to-date, while cross-border ETFs have decreased by 175.609 billion yuan. On the growth side, bond ETF assets have increased by 63.575 billion yuan this year. The year-to-date growth in commodity ETF assets has moderated to 6.534 billion yuan, and money market ETF assets have grown by 3.937 billion yuan.
In terms of the underlying indices, a clear divergence was evident this week. On one side, broad-based indices faced renewed substantial shrinkage, with ETFs tracking the CSI 300 Index seeing their combined assets fall by 93.469 billion yuan in a single week. On the other side, Sci-Tech Innovation sector and thematic ETFs continued their strong performance, with ETFs tracking the STAR Market Chip Index and the Semiconductor Materials & Equipment Index both seeing asset growth exceeding 10 billion yuan.
Key Index Movements
Looking first at indices experiencing asset shrinkage, following a 25.9 billion yuan decrease last week, ETFs tracking the CSI 300 Index saw their assets plunge by another 93.469 billion yuan this week, with their latest total falling below 300 billion yuan. Net fund redemptions contributed over 90 billion yuan to this outflow. Additionally, ETFs tracking the Hang Seng Index saw assets shrink by 15.053 billion yuan this week, though unlike the CSI 300, this decrease was mainly due to a 12.881 billion yuan drop in the net asset value of related products. It is also worth noting that ETFs tracking the SGE Gold 9999 Index saw assets shrink by over 20 billion yuan this week, indicating another cooling-off period for gold ETFs.
On the growth side, Sci-Tech Innovation sector and thematic indices remained the main drivers. The Semiconductor Materials & Equipment Index led again, with its linked ETF assets growing by 16.154 billion yuan this week. The STAR Market Chip Index followed closely, with its linked ETF assets increasing by 13.123 billion yuan. Furthermore, ETFs tracking the CNI Chip Index and the STAR 50 Index both saw asset growth exceeding 7 billion yuan, demonstrating strong performance against the market trend.
Year-to-date, as of June 27th, ETFs tracking the CSI 300 Index have seen their assets shrink by nearly 900 billion yuan, leaving a latest total of only 285.898 billion yuan. Additionally, the year-to-date asset shrinkage for ETFs tracking the SSE 50, CSI 1000, CSI 500, and CSI A500 indices are 158.955 billion yuan, 154.882 billion yuan, 124.28 billion yuan, and 118.101 billion yuan, respectively.
Conversely, the technology theme has absolutely dominated the year-to-date growth rankings. ETFs tracking the Semiconductor Materials & Equipment Index have seen asset growth of 53.024 billion yuan this year, while those tracking the Communication Equipment Index and the STAR Market Chip Index have grown by 41.948 billion yuan and 33.04 billion yuan, respectively. Furthermore, ETFs tracking the Nasdaq 100, Dividend Low Volatility, and CNI Chip indices have all seen year-to-date asset growth exceeding 10 billion yuan.
Fund Manager Performance and Product Rankings
Regarding fund management institutions, dragged down by the shrinkage of broad-based products like those tracking the CSI 300, the ETF assets under the top 20 managers generally declined this week, with only 5 institutions achieving asset growth. The latest rankings among the top 20 saw little change, though Southern Asset Management and GF Fund Management swapped positions again, with the latter reclaiming the 5th spot. Additionally, Tianhong Asset Management and China Universal Asset Management exchanged places, with the former rising to 14th position.
In terms of specific asset changes, the five institutions that achieved ETF asset growth this week were Guotai Asset Management, GF Fund Management, Tianhong Asset Management, Penghua Fund, and China Merchants Fund. Among them, Guotai Asset Management stood out with an 8.9 billion yuan increase in ETF assets against the market trend. Penghua Fund and China Merchants Fund also saw their ETF assets grow by over 3 billion yuan each.
On the shrinkage side, three leading institutions saw their ETF assets decrease by over 25 billion yuan this week: Huatai-PineBridge (33.768 billion yuan), E Fund Management (27.705 billion yuan), and China Asset Management (25.798 billion yuan), primarily dragged down by their respective CSI 300-linked products. Huaan Fund and Southern Asset Management saw their ETF assets shrink by 9.829 billion yuan and 9.545 billion yuan, respectively. The former was also affected by broad-based product shrinkage, while the latter was mainly impacted by its gold ETFs.
Year-to-date, as of June 27th, Guotai Asset Management and Haitong Securities Investment Fund Management have seen their ETF assets grow by 68.787 billion yuan and 44.977 billion yuan respectively, ranking first and second. Additionally, Bosera Funds, Tianhong Asset Management, and Ping An Fund have grown by 9.663 billion yuan, 8.74 billion yuan, and 5.782 billion yuan, respectively.
On the other hand, China Asset Management, Huatai-PineBridge, and E Fund Management have seen their ETF assets shrink by 379.266 billion yuan, 321.164 billion yuan, and 305.679 billion yuan year-to-date, respectively. Furthermore, Southern Asset Management and Harvest Fund have also seen year-to-date ETF asset shrinkage exceeding 100 billion yuan, decreasing by 178.645 billion yuan and 151.994 billion yuan, respectively.
Top Product Shifts
The landscape of the top 20 ETF product rankings changed significantly this week. Several leading broad-based products saw substantial declines in their rankings. ChinaAMC CSI 300 ETF dropped from 4th to 9th place, while Harvest CSI 300 ETF fell out of the top ten altogether. Correspondingly, Sci-Tech Innovation sector and thematic products saw a collective surge in rankings. ChinaAMC SSE STAR Market 50 ETF jumped from 5th to 3rd place, Harvest SSE STAR Market Chip ETF climbed from 8th to 5th, and Guotai CSI All Share Communication Equipment ETF rose from 9th to 7th.
In terms of specific asset changes, CSI 300-linked products were again the hardest hit. Huatai-PineBridge CSI 300 ETF shrank by nearly 30 billion yuan this week, with its latest size at just 101.947 billion yuan, putting its status as one of the market's only trillion-yuan ETFs in jeopardy. E Fund CSI 300 ETF, ChinaAMC CSI 300 ETF, and Harvest CSI 300 ETF saw their assets shrink by 25.516 billion yuan, 22.016 billion yuan, and 15.847 billion yuan, respectively. Additionally, Huaan Gold ETF also shrank by over 9 billion yuan this week.
On the growth side, the top three performers were Harvest SSE STAR Market Chip ETF, Guotai CSI Semiconductor Materials & Equipment Theme ETF, and Guotai CSI All Share Communication Equipment ETF, with increases of 8.166 billion yuan, 7.678 billion yuan, and 6.421 billion yuan, respectively. Furthermore, ChinaAMC CNI Semiconductor Chip ETF also saw its assets grow by over 5 billion yuan this week.
Year-to-date, Guotai CSI All Share Communication Equipment ETF has seen its assets grow by 41.948 billion yuan, leading the pack by a significant margin. Additionally, Guotai CSI Semiconductor Materials & Equipment Theme ETF, Harvest SSE STAR Market Chip ETF, and ChinaAMC CNI Semiconductor Chip ETF have grown by 27.216 billion yuan, 18.333 billion yuan, and 8.414 billion yuan, respectively, since the start of the year.
On the other hand, Huatai-PineBridge CSI 300 ETF has shrunk by 320.313 billion yuan year-to-date, and E Fund CSI 300 ETF has decreased by 233.844 billion yuan. Furthermore, ChinaAMC CSI 300 ETF, ChinaAMC SSE 50 ETF, Harvest CSI 300 ETF, and Southern CSI 500 ETF have all seen year-to-date asset shrinkage exceeding 100 billion yuan.
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