Broad-based ETF sizes shrink dramatically, and the number of hundred-billion-level ETFs drops to zero.

Broad-based ETF sizes have shrunk significantly, and the number of trillion-yuan ETFs has fallen to zero.

By the end of 2025, 7 broad-based ETFs had sizes exceeding 100 billion yuan. Over the past few months, these ETFs have continued to shrink in size, all dropping below 100 billion yuan by June 29. However, while broad-based ETFs have contracted, several industry-themed ETFs have seen substantial growth in size.

Trillion-yuan ETFs have fallen to zero

According to Choice data, as of June 29, the CSI 300 ETF (Huatai-PineBridge) had a size of 98.92 billion yuan, falling below 100 billion yuan. Thus, the number of trillion-yuan ETFs has dropped to zero.

A review shows that by the end of 2025, 7 broad-based ETFs had sizes exceeding 13.64B yuan. Among them, the CSI 300 ETF (Huatai-PineBridge) had a size of 56.22B yuan, the CSI 300 ETF (E Fund) had a size of 300.22 billion yuan, and the CSI 300 ETF (China Asset Management) was also above 200 billion yuan. In addition, the CSI 300 ETF (Harvest), SSE 50 ETF (China Asset Management), CSI 500 ETF (Southern), and ChiNext ETF (E Fund) all had sizes above 9.01B yuan.

Over the past few months, the sizes of major broad-based ETFs have continued to shrink. As of June 29, all 7 of the above ETFs had sizes below 100 billion yuan. Furthermore, the Gold ETF (Hua An) broke through 100 billion yuan on January 14 this year, but its latest size has also fallen below 100 billion yuan.

Below are the ETFs with the current largest sizes.

However, while broad-based ETFs have contracted, several industry-themed ETFs have seen substantial growth in size.

Specifically, as of June 29, the Science and Technology Innovation Chip ETF (Harvest) reached a size of 4.37B yuan, becoming the largest industry-themed ETF. By the end of 2025, the size of the Science and Technology Innovation Chip ETF (Harvest) was 4.06B yuan.

In addition, the Communication ETF (Guotai) grew from 16.08B yuan at the end of 2025 to 5.49B yuan, the Semiconductor Equipment ETF (Guotai) grew from 4.78B yuan to 40.67 billion yuan, and the Chip ETF (China Asset Management) grew from 100k yuan to 10k yuan.

Tech-themed ETFs attract capital

Based on recent capital flows, tech growth-themed ETFs continue to attract capital.

Judging from recent capital flows, semiconductor-themed ETFs have attracted tens of billions of yuan in continuous capital additions. From June 22 to June 29, semiconductor-themed ETFs saw net inflows of 35.419 billion yuan.

Specifically, the Semiconductor Equipment ETF (Guotai) had net inflows of 4.372 billion yuan, the Science and Technology Innovation Semiconductor ETF (China Asset Management) had net inflows of 4.059 billion yuan, and the Science and Technology Innovation Chip ETF (Harvest), Semiconductor Equipment ETF (GF), and Semiconductor Equipment ETF (E Fund) all had net inflows exceeding 3 billion yuan.

In addition to semiconductor-themed ETFs, communication-themed ETFs also had very high popularity. From June 22 to 29, communication-themed ETFs saw net inflows of 16.079 billion yuan. Among them, the Communication ETF (Guotai) had net inflows of 10.33 billion yuan, and the Communication ETF (China Asset Management) had net inflows of 3.66 billion yuan. Some broad-based ETFs also attracted relatively large capital inflows, with CSI 1000-related ETFs seeing net inflows of 5.489 billion yuan.

Additionally, some newly issued science and technology innovation thematic index funds have been highly sought after. On June 30, the Guotai SSE Science and Technology Innovation Board 50 Component ETF-linked fund issued a fund contract effective announcement, with an issuance size of 4.776 billion yuan.

High-performing funds frequently restrict purchases

In the latest developments, tech growth-themed ETFs are attracting capital, and high-performing funds frequently restrict purchases. On June 30, Dacheng Fund announced that starting from June 30, the cumulative amount for single-day single-account subscriptions (including regular fixed subscriptions) and conversions into the Dacheng Science and Technology Innovation Hybrid Fund would be adjusted from not exceeding 100k yuan to not exceeding 10k yuan.

Similarly, starting from June 26, the Huashang Balanced Growth Hybrid Fund suspended single-day single-fund-account single or cumulative large-value subscriptions, large-value regular fixed investments, and large-value conversion transfers exceeding 1,000 yuan. The Caitong Value Momentum Hybrid Fund, starting from June 26, suspended accepting single-day single-fund-account subscription, regular fixed investment, and conversion transfer applications exceeding 100 yuan.

Fullgoal Fund stated that the corporate earnings disclosure period will begin, and the window for verifying performance is opening again. The relative advantage of the high prosperity in the tech sector may be further verified, and technology is expected to remain the main theme. Focus on the AI industry chain, including liquid cooling, optical communications, PCB, semiconductors, energy storage, and power.

Huang Zhi, fund manager of CITIC Prudential Fund, believes that in the medium to long term, driven by factors such as the release of computing power demand, the recovery of the industry cycle, and the advancement of the supply chain, the fundamentals of the semiconductor industry are improving, and the sector has long-term growth logic. However, after the recent continuous upward trend, the market has accumulated a lot of profit-taking positions, and trading congestion has increased, which could amplify market volatility.

Source: Shanghai Securities News

Risk Warning and Disclaimer

Market risks exist. Investment requires caution. This article does not constitute personal investment advice and does not consider individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this article is at your own risk.