On November 29, Financial Associated Press reported (by journalist Zhou Xiaoya) that with the rapid growth of the csi A500 ETF scale, the landscape of core broad-based index ETFs has changed.

Wind data shows that since this week, ETFs linked to the csi A500 have seen significant net subscriptions for two consecutive trading days; meanwhile, ETFs linked to the csi 300 index have been net redeemed continuously.

Although the trend of net redemption for the csi 300 index ETF reversed on November 27, since November, the csi 300 index ETF has been net redeemed over 5 billion shares, marking the second instance of monthly net redemption since September; ETFs of many core indices such as chinext 50, sse science and technology innovation board 50 index, chinext price index, sci-tech 100, and csi 1000 index have also experienced net redemptions this month; however, the csi A500 ETF has been net subscribed over 100 billion shares since the beginning of this month.

The number of shares for the csi A500 ETF has increased by more than 100 billion shares.

From the establishment of the first csi A500 ETF to November 27, the scale of the csi A500 ETF has increased to 196.738 billion yuan over the past two months, during which 9 funds with a scale of over 10 billion yuan have been created. The largest one remains the GF csi A500 ETF, with a scale of 27.851 billion yuan as of November 27.

In addition, the scale of the Southern csi A500 ETF and invesco Great Wall csi A500 ETF has also surpassed 15 billion yuan, respectively reaching 16.361 billion yuan and 15.563 billion yuan; the scales of the fuguo csi A500 ETF,招商csi A500 ETF, guangfa csi A500 ETF, Morgan csi A500 ETF, huaxia csi A500 ETF, and jia shi csi A500 ETF have also exceeded 10 billion yuan.

Since September, on one hand, new products for the csi A500 ETF have been continuously established in the fund issuance market; on the other hand, existing products have continued to see growth in fund shares after their listing. As a result, the total number of shares for the csi A500 ETF has shown a month-by-month increasing trend.

Data shows that as of November 22, the csi 500 index etf increased by 20 billion units, 45.157 billion units, and 116.113 billion units in September, October, and November respectively.

Since this week, the fund shares of the csi 500 index etf have continued to grow for three consecutive days, during which the net subscription shares of the csi 500 index etf under Guotai Fund, Southern Fund, Guangfa Fund, and E Fund have exceeded 1 billion units.

Several other core broad-based indexes have experienced redemptions.

As the scale of the csi 500 index etf rises, the 300etf has experienced consecutive redemptions. Data shows that since November, the 300etf has been net redeemed by more than 5 billion units, marking the second occurrence of net redemptions since September. However, unlike the profit-taking exits in September, the csi 300 index has shown fluctuating trends this month, with a slight decline of only 0.48% as of November 28.

Although there was a small net subscription for the 300etf on November 27, during the previous two trading days, while the csi 500 index etf saw an inflow of funds, the 300etf continued to experience net redemptions. Since November, the csi 500 index not only replaced the csi 300 as the most popular index but also exhibited a divergence in capital trends between the two.

Amid the fluctuating market and continuous net redemptions, as of November 27, the total scale of the etfs linked to the csi 300 reached 981.715 billion yuan. Previously, at the end of September, this scale had briefly surpassed the 1 trillion yuan mark.

Apart from the csi 300, several other core broad-based indexes experienced net redemptions this month. For example, the etfs tracking the sse science and technology innovation board 50 index have seen net redemptions exceeding 10 billion units since the beginning of the month, and the etf linked to the sse science and technology innovation board 100 index has been net redeemed by more than 4 billion units; the etfs tracking the chinext price index, chinext 50, and csi 1000 index have also been net redeemed by more than 5 billion units in November.

Additionally, etfs linked to the chinext 50, csi 100, and csi 50 have also experienced varying degrees of net redemptions. However, the etf linked to the sse 50 index has seen more than 1 billion units in net subscriptions since the beginning of the month.

Behind the capital trend, there is discussion in the market about who is buying the csi 500 index etf and who is selling the 300etf. Previously, some selling viewpoints mentioned that as of November 21, 2024, the net inflow into the csi 500 index etf has reached as high as 129.8 billion yuan. The secondary market for the A500 index etf is also quite active. Recently, the second batch of A500 index etfs completed their placement, and multiple enhanced index funds and linked funds have been approved, indicating that more capital may be on the way.

From the perspective of investor structure, individual investors account for a high proportion of the csi 500 index etf. According to data from the first listing day, among the 14 listed or announced csi 500 index etfs, the average holdings of personal/institutional investors are 73.5% and 26.5%, respectively.

Currently, the scale pattern of various core broad-based index etfs has also changed. As of November 27, the csi 300 index remains the largest index in terms of linked etf scale; the scale of etfs tracking the sse science and technology innovation board 50 index has reached 196.523 billion yuan; the scale of etfs linked to the csi 500 index follows closely; the scale of etfs tracking the sse 50 index is 165.188 billion yuan.