Diverging Fortunes on the Same Track: E Fund STAR 50 ETF Saw 3.924 Billion Units Redeemed in H1, While Harvest STAR Chip ETF Attracted 611 Million Units of Inflow

Deep News09-04

With the release of A-share interim reports for the first half of 2026, the list of heavyweight fund holdings by public-offered FOFs (funds of funds) has come to light. As "professional buyers," the shifts in FOF holdings often mirror the collective judgment of institutional capital on broad asset allocation. Wind data shows that during H1 2026, out of roughly 14,000 fund products on the market, 4,482 were held, with 2,620 of those being core holdings of FOFs. In terms of overall allocation, FOFs displayed a distinct layered strategy of "gold as the foundation, CSI 300 and dividend low-volatility strategies guarding the flanks, and technology leading the advance."

Among the top 20 funds by holding market value, gold ETFs occupied five slots and swept the top four positions. The combined market value of these four gold ETFs held by FOFs exceeded 123.9 billion yuan. Following gold, the fifth-largest holding was the E Fund STAR 50 ETF (SH: 588080), with a market value of 21.718 billion yuan. However, this fund saw its units slashed by 3.924 billion shares in H1, making it the most heavily reduced product among the top 20. China AMC STAR 50 ETF (SH: 588000), with a market value of 10.445 billion yuan, also faced a reduction of 2.162 billion units. Together, these two broad-based STAR Market ETFs saw combined redemptions exceeding 6 billion units.

Simultaneously, China AMC National Semiconductor Chip ETF (SZ: 159995) remained held by 23 FOFs, valued at 5.136 billion yuan, but its units declined by 1.901 billion shares during the half-year period. In stark contrast, Harvest STAR Chip ETF (SH: 588200) was retained by 139 FOFs with a market value of 18.417 billion yuan, experiencing an influx of 611 million units. These figures suggest that FOFs have not retreated from the tech sector; instead, they have executed a strategic pivot within the space—moving away from broad-based indices and toward more specialized segments. Additionally, E Fund ChiNext ETF (SZ: 159915) was held by 104 FOFs with a market value of 10.588 billion yuan, seeing a reduction of 805 million units for the period.

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