From March 30 to April 3, A-shares continued their adjustment, with major indices initially rising before falling. The CSI 300 Index fell 1.37% for the week, the CSI A500 Index dropped 1.76%, and the STAR 50 Index declined 3.42%. Meanwhile, Hong Kong's Hang Seng Index stabilized and rebounded, gaining 0.66% for the week, although tech stocks continued to decline, with the Hang Seng Tech Index falling 2.07%.
The ETF market this week experienced a classic "seesaw" effect. On one side, the continued adjustment of major indices like A-shares and Hong Kong tech stocks pushed the total scale of the entire ETF market below the 5 trillion yuan mark, with equity ETFs losing over one trillion yuan year-to-date. On the other side, risk-averse capital fled aggressively, once again flocking to gold and bond products.
Against this backdrop, the ETF market reverted to a "gold-rules" scenario, with gold-related ETFs taking the top four spots in the single-product net inflow ranking. Huaan Gold ETF alone attracted 8.6 billion yuan in one week. Additionally, bond ETFs continued to gain favor among risk-averse investors, with Harvest Fund pulling in 17 billion yuan over the past three weeks against the trend.
As equity markets continued to adjust this week, equity ETFs shrank by 78.801 billion yuan, bringing the year-to-date outflow to over one trillion yuan. Although both commodity and bond markets rebounded, the total scale of the entire ETF market fell below 5 trillion yuan, dropping to 4.98 trillion yuan. In terms of product count, Wind data shows that as of April 5, 16 new ETFs were added this week, 12 of which were equity ETFs and the remaining 4 were cross-border ETFs. This brings the total number of listed ETFs to 1,475.
In terms of specific scale changes, commodity ETFs and bond ETFs grew by 18.092 billion yuan and 10.503 billion yuan respectively this week, becoming the main safe havens for capital amid risk-off sentiment. However, due to the seesaw effect, capital continued to flow out of equity markets, with equity ETFs and cross-border ETFs shrinking by 78.801 billion yuan and 3.043 billion yuan respectively. Money market ETFs saw a slight decrease of 213 million yuan.
Year-to-date as of April 5, the entire ETF market has shrunk by 1,041.337 billion yuan, with equity ETFs alone losing over one trillion yuan. Bond ETFs saw their shrinkage amount fall to 61.927 billion yuan, while cross-border ETFs shrank by 33.933 billion yuan year-to-date. On the other hand, commodity ETFs grew by 72.912 billion yuan year-to-date, while money market ETFs saw a slight decrease of 249 million yuan.
Regarding ETF-linked indices, among the top 20 indices this week, only four saw scale growth, with broad-based index-linked ETFs experiencing the largest declines.
In terms of specific scale changes, the four leading indices whose linked ETFs saw growth this week were SGE Gold 9999, Nasdaq 100, HK Stock Connect Innovative Pharma, and Dividend Low Volatility Index. Among them, SGE Gold 9999 index-linked ETFs grew by 16.56 billion yuan, mainly due to the strong rebound in gold ETFs this week. HK Stock Connect Innovative Pharma index-linked ETFs also grew by over 5 billion yuan, performing the best among equity indices, thanks to the collective strength of Hong Kong biopharmaceutical stocks this week.
Conversely, two broad-based index-linked ETFs shrank by over 10 billion yuan this week. The CSI A500 Index became the "biggest loser" of the week, shrinking by over 13 billion yuan, while the CSI 300 Index shrank by 11.8 billion yuan. Additionally, HK Stock Connect Internet and CSI 500 index-linked ETFs shrank by 4.84 billion yuan and 4.789 billion yuan respectively, also showing relative weakness.
Looking at year-to-date changes, CSI 300 index-linked ETFs have shrunk by 634.941 billion yuan, with their latest scale at 550.617 billion yuan. CSI 1000 and SSE 50 index-linked ETFs have shrunk by 139.301 billion yuan and 111.352 billion yuan year-to-date respectively. On the other hand, SGE Gold 9999, Sub-sector Chemicals, and Hang Seng Tech index-linked ETFs have grown by over 10 billion yuan year-to-date, with increases of 58.687 billion yuan, 21.33 billion yuan, and 13.835 billion yuan respectively.
Among management institutions, five of the top 20 managers saw ETF scale growth this week: Huaan Fund, Harvest Fund, China Universal Fund, Bosera Fund, and Yinhua Fund. Ranking changes this week were mainly driven by these institutions. Huaan Fund re-entered the top 10 thanks to the strong rebound in its gold ETF, while HuaBao Fund fell to 11th place. Harvest Fund surpassed Yinhua Fund to rise to 12th place, with no other ranking changes.
In terms of specific scale changes, Harvest Fund's ETF scale continued to grow by 4.663 billion yuan this week. Although it did not retain the title of "weekly inflow champion," its growth momentum over the past three weeks remained strong, accumulating over 17 billion yuan in inflows, making it the institution with the largest year-to-date scale growth. Huaan Fund staged a "comeback," with its ETF scale growing by 6.878 billion yuan this week, once again becoming the weekly "inflow champion." Additionally, Yinhua Fund's ETF scale grew for the third consecutive week, though the cumulative increase was modest. China Universal Fund and Bosera Fund saw their ETF scales grow by 2.959 billion yuan and 1.564 billion yuan respectively this week.
On the other hand, ChinaAMC's ETF scale shrank by 11.673 billion yuan this week. Huatai-PB Fund, Southern Fund, and E Fund saw decreases of 9.529 billion yuan, 9.377 billion yuan, and 8.832 billion yuan respectively, as leading institutions continued to struggle with outflows. Additionally, HuaBao Fund and Harvest Fund (referring to scale decrease context) saw shrinkage exceeding 5 billion yuan this week.
Regarding year-to-date scale changes, three institutions have seen ETF scale growth exceeding 10 billion yuan: Harvest Fund, ChinaAMC (context suggests possible discrepancy; data indicates Harvest, Guotai, Huaan), Guotai Fund, and Huaan Fund, with increases of 34.46 billion yuan, 15.226 billion yuan, and 10.45 billion yuan respectively. Conversely, ChinaAMC, E Fund, and Huatai-PB Fund saw year-to-date shrinkage of 278.754 billion yuan, 250.795 billion yuan, and 220.218 billion yuan respectively. Additionally, Southern Fund and Harvest Fund (context suggests Jia Shi or similar for decrease) saw their ETF scales shrink by 136.503 billion yuan and 117.071 billion yuan year-to-date.
Among leading products, four of the top 20 products saw scale growth this week, all of which were gold ETFs. Ranking changes within the top 20 were also largely driven by gold ETFs. For example, Bosera Gold ETF rose from 14th to 13th place, E Fund Gold ETF rose one spot to 15th, and Guotai Gold ETF rose two spots to 16th.
In terms of specific scale changes, gold ETFs collectively rebounded this week. Huaan Gold ETF grew by 8.65 billion yuan, becoming the weekly "inflow champion." Additionally, Guotai Gold ETF, E Fund Gold ETF, and Bosera Gold ETF grew by 2.312 billion yuan, 2.143 billion yuan, and 2.013 billion yuan respectively.
Conversely, Huatai-PB CSI 300 ETF and Fullgoal CSI HK Stock Connect Internet ETF shrank by over 4 billion yuan each this week, while Southern CSI 500 ETF shrank by over 3 billion yuan, representing relatively large outflows.
Year-to-date, Huaan Gold ETF and Guotai Gold ETF have both grown by over 10 billion yuan, with increases of 22.617 billion yuan and 11.958 billion yuan respectively. Additionally, Bosera Gold ETF and E Fund Gold ETF grew by 8.156 billion yuan and 7.093 billion yuan respectively.
On the other hand, Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC CSI 300 ETF, ChinaAMC SSE 50 ETF, and Harvest CSI 300 ETF saw year-to-date shrinkage of 222.597 billion yuan, 163.614 billion yuan, 138.752 billion yuan, 109.236 billion yuan, and 105.053 billion yuan respectively.
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