Today's market was incredibly lively! Rumors circulated that a certain DB fund received over 10 billion in single-day subscriptions, which were later refuted with claims that a zero was missing from the figure. Nevertheless, it's evident that many participants profited. On January 12, 2026, the public fund industry witnessed a landmark moment. According to the latest Wind data statistics available before this report, the circulating market value of exchange-traded funds under China Asset Management Co., Ltd. reached 1,014.680 billion yuan, making it the first fund company in China to achieve a trillion-yuan scale in ETF management. This milestone event signifies that a single company's ETF management scale has surpassed the trillion-yuan threshold, marking a new phase of development for China's ETF market.
Behind China Asset Management's pioneering breakthrough lies the rapid development of ETF products across the entire industry. Data shows that as of the same date, the total circulating market value of ETFs across the entire market had reached 6,273.039 billion yuan, representing significant growth compared to the same period in history. The competitive landscape is now established, with China Asset leading the industry. The latest data clearly illustrates the current competitive structure of China's domestic ETF market. China Asset Management leads by a wide margin with a scale of 1,014.680 billion yuan, becoming the first ETF management company in the industry to break the trillion-yuan barrier, indicating a further increase in industry concentration. E Fund Management follows in second place with a scale of 927.006 billion yuan, forming the industry's top tier together with China Asset Management. Huatai-PineBridge Fund and Southern Asset Management rank third and fourth with scales of 650.625 billion yuan and 455.621 billion yuan respectively, creating a pronounced leading group effect. The combined ETF scale of the top five management companies has reached 3,427.545 billion yuan, accounting for 54.6% of the industry's total scale. The aggregate scale of the top ten fund companies occupies over seventy percent of the entire market share, demonstrating an increasingly evident trend of concentration at the top. As the saying goes, the ETF market is a game for a select few companies; most are merely accompanying the race, yet no one is willing to be the first to leave the table. Competition is fierce, with clear differentiation among industry tiers. Looking at the complete rankings, a total of 15 fund companies have ETF management scales exceeding 100 billion yuan, constituting the core force of the industry. These 15 companies manage the vast majority of ETF assets in the market and serve as the backbone driving the industry's development. There are 11 fund companies with scales between 10 billion and 100 billion yuan, forming the solid middle tier of the industry. Although there is a significant gap compared to the leading companies, they still maintain a certain degree of market influence, with differentiated development becoming a common strategic choice for these firms. Notably, 31 fund companies on the list have ETF management scales below 10 billion yuan, with 15 of these companies even having scales under 1 billion yuan. Many of these companies are either in their early development stages or have chosen specific niche segments, facing intense market competition pressure. It is worth noting that some traditionally strong bank-affiliated fund companies have shown relatively subdued performance in the ETF domain. Conversely, some securities-affiliated fund companies have achieved leading positions in this area by leveraging their advantages in equity investment and product innovation. Driving forces behind the scale expansion. The rapid development of China's domestic ETF market is propelled by multiple factors. ETF products offer characteristics such as low fees, high transparency, and flexible trading, aligning with the demands of both institutional and individual investors for cost sensitivity and operational convenience. As the reform and opening-up of the capital market continue to deepen, and the investor structure becomes increasingly diversified, the demand for passive products continues to grow steadily. In particular, increased allocation from long-term funds such as pensions and insurance capital has brought stable incremental funding to the ETF market. Product innovation also serves as a crucial driver for industry development. From traditional broad-based index ETFs to sector-theme ETFs, Smart Beta ETFs, and further to cross-border ETFs and commodity ETFs, the continuous enrichment of product types meets the diverse allocation needs of investors. Index funds are undoubtedly a vast blue ocean; their competitors are not active funds—their real rivals are stocks, given that everyone now trades ETFs as if they were stocks! China Asset Management's breakthrough past the trillion-yuan scale may only be the prologue to the industry's development.
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