The growth style has made a strong comeback this year, with sectors like CPO, PCB, and semiconductor equipment rallying in turn, bringing indices labeled "growth" into the spotlight. However, a quick look at market software reveals a plethora of indices bearing the "growth" name, making the choice far from straightforward. The "growth factor" essentially assesses how quickly a company's earnings are accelerating—the faster and more solid the increase, the greater its weight within the index. As of September 9, 2026, the top three single-style growth factor ETFs by net inflow this year are the Growth ETF E Fund (159259), tracking the Guozheng Growth 100 Index, the STAR Growth ETF E Fund (588020), tracking the STAR Growth Index, and the ChiNext Growth ETF E Fund (159597), tracking the ChiNext Growth Index, which have seen net inflows of 7.06 billion yuan, 810 million yuan, and 570 million yuan respectively this year.
Shared Core: Driven by "Growth Factor," Not Market Cap
The stock selection methodology for these three growth indices is fundamentally similar: they score stocks based on revenue and profit growth rates, giving higher weight to companies with faster growth and more certain earnings, while reducing weight for those with slowing momentum. The key design here is prioritizing "growth potential" over "market size"—looking first at earnings acceleration, then at company scale. This means that in market conditions driven by fundamentals and clear industry trends, these indices often show more pronounced elasticity compared to broad-based benchmarks. Looking at historical performance since 2013, their long-term annualized returns have all exceeded 10%, demonstrating strong offensive characteristics.
However, despite sharing this common genetic code, they evolve differently based on their specific stock pools and factor designs, leading to distinct positioning and suitable investor profiles.
Three Growth Indices, Each with Its Own Strengths
The Guozheng Growth 100 Index serves as the "all-market benchmark" for the growth style and is the only one of the three that selects stocks from the entire A-share market. It scores companies using four growth indicators, with three focused on future expected growth rates and only one on current-period performance. This gives it the highest "expectation quality" among the trio, allowing it to position in advance when industry trends are just emerging. As of August 31, 2026, based on Shenwan Level-1 industry classification, its largest weights are in Electronics (58.6%), Power Equipment (9.5%), Machinery (7.4%), and Communications (6.9%), heavily concentrated along the AI computing power mainline.
With its gaze fixed on the STAR Market, the STAR Growth Index is the choice for higher-purity hard tech and sharper elasticity. It selects 50 companies from the STAR Market with leading revenue and net profit growth rates, considering both the latest quarter's sequential acceleration and the sustainability of growth over the past twelve quarters. In terms of industry allocation, Electronics holds a dominant half with a 55.6% weight, followed by Machinery (14.9%), Pharmaceuticals & Biotech (11.6%), and Power Equipment (8.3%). This index focuses on computing power chips and suits investors who favor hard tech and can withstand high volatility.
Eyeing the ChiNext board, the ChiNext Growth Index adopts a more aggressive yet balanced approach within that market. Its stock selection framework comprises two dimensions—"earnings growth" and "expected profitability"—across four indicators, with three measuring achieved growth data and one focusing on future expectations, placing greater emphasis on current earnings delivery. The industry structure features a three-way pillar: Electronics (31.0%), Communications (24.8%), and Power Equipment (19.6%), providing balanced coverage of communication, chip, and new energy mainlines. Looking at the historical aggregate net profit growth of constituent stocks, all three indices maintain a consistently high growth rate for their samples, validating the effectiveness of "growth factor" selection—companies capable of delivering earnings growth are prioritized for inclusion in the index.
Returning to the initial question: with so many growth-labeled indices available, how do you choose? The answer lies at the intersection of your own preferences and each index's positioning. If you seek a growth allocation across the entire market without being confined to a single track, consider the Growth ETF E Fund (159259) tracking the Guozheng Growth 100 Index (Feeder Fund A/C: 027858/027859). If you are drawn to hard tech on the STAR Market and can tolerate high volatility, the STAR Growth ETF E Fund (588020) tracking the STAR Growth Index (Feeder Fund A/C: 019702/019703) is worth attention. And if you prefer the ChiNext board while aiming for balanced exposure to high-prosperity mainlines, the ChiNext Growth ETF E Fund (159597) tracking the ChiNext Growth Index (Feeder Fund A/C: 021749/021750) is also a solid option. The ETFs are exchange-traded and accessible via brokerage apps, while the feeder funds are off-exchange products available through bank apps or fund company direct sales platforms; both track the same index, so simply choose the channel that suits you. These three indices share the same root but possess distinct characteristics due to their different positioning. Recognizing their divergences is the key to identifying the investment tool that best aligns with your needs.
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