① The scale of China's ETFs has broken through 6 trillion yuan, crossing three trillion-yuan thresholds within the year; ② Policy-driven initiatives and product innovation have synergized, making bond and cross-border ETFs new engines of growth. ③ The leading effect and internationalization are proceeding in tandem, with the number of companies managing over 100 billion yuan in ETFs increasing to 16, showcasing global asset allocation capabilities.
Cailian Press, December 27 (Reporter Yan Jun) — China’s ETF market has officially entered the 6 trillion yuan era.
The latest data shows that as of December 26, the scale of China’s ETF market reached 6.03 trillion yuan, an increase of over 60% from 3.73 trillion yuan at the beginning of the year. During the year, the scale of China's ETFs successively crossed the 4 trillion, 5 trillion, and 6 trillion yuan marks, with each trillion-yuan growth interval shortening. The total number of ETFs is 1,381, an increase of 342 compared to the beginning of the year, representing a rise of nearly 33%.
Specifically, there are seven ETFs with a scale exceeding 100 billion yuan, and 125 ETFs with a scale above 10 billion yuan. Among them, Huatai Berui’s CSI 300 ETF leads with 427.067 billion yuan; E Fund’s CSI 300 ETF ranks second with a scale of 303 billion yuan; China AMC’s CSI 300 ETF and Jiasilu’s CSI 300 ETF follow closely with 230.29 billion yuan and 196.7 billion yuan respectively; China AMC’s SSE 50 ETF, Southern Asset Management’s CSI 500 ETF, and E Fund’s ChiNext ETF all exceed 100 billion yuan.
In terms of fund classification by scale, equity ETFs account for 3.84 trillion yuan, or 64%; bond ETFs and cross-border ETFs have approached 800 billion yuan and 1 trillion yuan respectively, both reaching record highs.
Regarding tracked indices, the scale of ETFs linked to the CSI 300 remains far ahead. Since returning to the 1 trillion yuan mark in April, it has continued to see net inflows, with the latest scale reaching 1.19 trillion yuan, an increase of 205.773 billion yuan during the year. The ETF with the largest scale increase this year is the newly issued Sci-Tech Innovation Bond ETF, which grew by 217.442 billion yuan; ETFs tracking the Hang Seng Tech Index also saw significant growth of over 100 billion yuan, adding 112.713 billion yuan.
In addition, the 'club' of ETFs with a scale exceeding 100 billion yuan has expanded further. So far this year, 16 fund management companies have surpassed the 100 billion yuan threshold in ETF management scale. China AMC, E Fund, and Huatai Berui continue to lead, while Huitianfu, HFT Fund Management, Penghua, and Tianhong have newly joined the 100 billion yuan club.
Standing at the new starting point of 6 trillion yuan, under the strong impetus of top-level policies, the ETF market has achieved leaps in both scale and quality. Product innovation has flourished across the board, transitioning from being mere investment tools to becoming part of the capital market infrastructure. They have become core tools for individual investors and institutional asset allocation, helping preserve and increase household wealth while guiding medium- to long-term funds toward national strategic sectors.
Looking back at 2025, here are the ten key words summarizing the development of ETFs this year:
Key Word One: Crossing the 6 trillion yuan threshold, with shorter intervals between trillion-yuan increments
On the fourth-to-last trading day of 2025, China's ETF market reached a milestone of 6 trillion yuan.
Wind data shows that as of December 27, the scale of China's ETFs reached 6.03 trillion yuan, increasing by more than 60% from 3.73 trillion yuan at the beginning of the year; the number of ETFs reached 1,381, an increase of 342 from the beginning of the year, representing a growth of nearly 33%. Among them, the scale of ETFs listed on the Shanghai Stock Exchange reached 4.24 trillion yuan, an increase of 1.51 trillion yuan from the beginning of the year; the scale of ETFs listed on the Shenzhen Stock Exchange reached 1.51 trillion yuan, an increase of 0.79 trillion yuan from the beginning of the year.
The scale of equity ETFs reached 3.84 trillion yuan, setting a new historical high and accounting for 64% of the total ETF scale, down from 70% at the beginning of the year; bond ETFs and cross-border ETFs approached 800 billion yuan and 1 trillion yuan respectively, also reaching record highs. In addition, the latest scale of commodity ETFs was 256.84 billion yuan, with 17 products; the total scale of 27 money market ETFs was 179 billion yuan.
Looking back at every trillion-yuan threshold that ETFs have crossed, the time required to achieve each has continuously shortened.
It took 16 years (December 2004 - October 2020) to reach the first trillion. The first ETF was launched in 2004, and in the first two years after its debut, the market only had one product: the Huaxia SSE 50 ETF. It took three years for the entire industry to surpass 10 billion yuan, eight years to exceed 100 billion yuan, and finally 16 years for the total scale of ETFs across the market to break through the first trillion.
The second trillion was achieved in three years (October 2020 - December 2023). During this phase, major players had already established scale barriers, with Huatai柏瑞's CSI 300 ETF becoming the first fund in the market to reach a scale of 100 billion yuan. Small and medium-sized companies also began expanding their ETF product lines, accelerating the pace of issuance, leading to a flourishing and diversified industry.
The third trillion was achieved in just 10 months (December 2023 - September 2024). This period marked the start of fierce competition among ETFs. Following the release of the new 'Nine Guidelines,' the direction and supportive measures for index-based investing were clarified. The CSRC implemented initiatives to vigorously develop index funds, streamlining the ETF registration and issuance process, speeding up product listings, and lowering market entry barriers. During this time, the CSI A50 ETF and CSI A500 ETF were successively launched, becoming phenomenon-level products in the ETF issuance market.
The fourth trillion milestone was achieved in just seven months (September 2024 - April 2025). While policy guidance drove the third trillion, market conditions fueled the fourth. Benefiting from the 'September 24' rally, ETF investors flocked to the market. By the end of 2024, the ETF market size and number of products experienced exponential growth, with the total scale reaching 3.72 trillion yuan and the number of products exceeding 1,000. During this phase, broad-based equity index ETFs and cross-border ETFs emerged as dual engines of growth.
The fifth trillion threshold was crossed in just four months (April 2025 - August 2025). During this phase, bond ETFs and thematic industry ETFs stood out. Within bond ETFs, two major tracks emerged with scales exceeding 100 billion yuan each: benchmark market-making credit bond ETFs and sci-tech innovation bond ETFs. In stock ETFs, thematic industry ETFs saw significant gains, with themes such as humanoid robotics, innovative pharmaceuticals, and Hong Kong-listed internet stocks taking turns in the spotlight.
The sixth trillion milestone was achieved in another rapid four-month span (August 2025 - December 2025). Cross-border ETFs and bond ETFs were the main drivers of net inflows, increasing by over 260 billion yuan and 230 billion yuan respectively. In the equity market, the A-share index once reached 4,000 points, heating up the issuance market. Both the net asset value and scale of existing ETFs grew, while key products like dual-innovation artificial intelligence ETFs were approved. New productivity remained a key focus of ETF development.
Keyword Two: Implementation of the Action Plan for High-Quality Development of Index-Based Investment
In 2025, top-level policy implementation for the development of ETFs has been achieved. On January 26, the China Securities Regulatory Commission (CSRC) issued the 'Action Plan for Promoting High-Quality Development of Capital Market Index-Based Investment,' which aims to continuously strengthen the supply of high-quality indices, enrich the index product system, accelerate the optimization of the index-based investment ecosystem, and reinforce comprehensive regulatory measures and risk prevention arrangements to drive the high-quality development of capital market indices and index-based investment.
Regulators stated that the main goal of this plan is to significantly increase the scale and proportion of index-based investment in the capital market, expedite the establishment of a new development paradigm where active and passive investments within the mutual fund industry develop synergistically and mutually promote each other, enhance the asset allocation function of index funds, steadily improve long-term returns for investors, provide more convenient channels for medium- and long-term capital inflows, contribute to building a 'long-term money for long-term investment' ecosystem in the capital market, and strengthen rational and mature medium- and long-term investment forces.
On the policy front, in July, the Shanghai and Shenzhen stock exchanges revised and released the 'ETF Risk Management Guidelines,' strengthening risk management requirements for ETF operations by fund managers, clarifying risk management requirements for ETF trading behavior by member clients, enhancing ETF self-regulation, continuously studying and optimizing ETF institutional mechanisms, and promoting high-quality development of the ETF market.
Keyword Three: New ETF Issuance Reaches Record High
New issuance has experienced explosive growth. According to Wind data, with the subscription start date as the statistical dimension, a total of 546 ETFs and ETF-linked funds were newly issued this year, with a combined issuance scale reaching 350.5 billion yuan. This figure not only sets a historical record but also surpasses the total issuance amount of the previous two years.
Among these, equity ETFs remain the main focus, with a total new issuance of 255.23 billion yuan this year, accounting for over 70%. Theme ETFs such as the Sci-Tech Composite Index ETF, robotics-themed, artificial intelligence, Hong Kong Stock Connect technology, and free cash flow have seen significant issuance. The issuance of 32 bond ETFs stands out as a major highlight, with eight benchmark credit bond ETFs and two batches totaling 24 Sci-Tech debt ETFs becoming important areas for bond ETFs, with a combined issuance scale of 91.483 billion yuan.
This year, eight cross-border ETFs were issued. Outside of the Hong Kong stock market, China Merchants Asset Management launched the Asian Selection ETF, while Huaxia and E Fund simultaneously issued Brazil ETFs, with domestic mutual funds continuing to expand their reach through cross-listed funds.
Keyword Four: Seven 'Giant' ETFs Reach Over 100 Billion Yuan, 125 ETFs Achieve Over 10 Billion Yuan in Scale
The lineup of giant ETFs remains stable, while the number of ETFs exceeding 10 billion yuan continues to grow. The latest data shows that veteran ETFs tracking the CSI 300, SSE 50, CSI 500, and ChiNext indices maintain robust vitality during the bull market. Seven giants continue to lead the rankings in individual ETF scales, with Huatai-PineBridge CSI 300 ETF at 427.067 billion yuan taking the lead; E Fund CSI 300 ETF follows in second place with a scale of 303 billion yuan; China AMC CSI 300 ETF and Harvest CSI 300 ETF follow closely with 230.29 billion yuan and 196.7 billion yuan respectively; China AMC SSE 50 ETF, Southern CSI 500 ETF, and E Fund ChiNext ETF all exceed 100 billion yuan.
The number of ETFs at the billion-yuan level or above has expanded, with the latest count reaching 125. The surge in precious metals prices has fueled investors' enthusiasm for buying gold, and the latest scale of Huian Gold ETF has reached 97.19 billion yuan, nearing the 100-billion-yuan threshold. This ETF has also seen a year-to-date increase of nearly 63%. In addition to money market ETFs, funds such as H-share Connect Internet ETF, CSI 1000 ETF, STAR 50 ETF, Hang Seng Technology ETF, and A500 ETF rank among the largest in scale.
Keyword Five: The number of fund companies managing over 100 billion yuan in ETFs increased to 16.
The 'club' of ETF managers overseeing more than 100 billion yuan continues to expand. So far this year, 16 fund companies have managed ETFs exceeding 100 billion yuan in scale. Among them, China AMC, E Fund Management, and Huatai Berley continue to lead, while four other companies—HFT Fund Management, HFT Asset Management, Penghua Fund, and Tianhong Asset Management—have newly joined the 100-billion-yuan threshold.
China AMC maintained its leading position in ETF scale this year and further widened its advantage, with its current scale reaching 960.138 billion yuan, approaching the trillion-yuan threshold for a single company’s ETF management. E Fund Management follows closely behind with a scale of 888.333 billion yuan, while Huatai Berley Fund Management ranks third with a scale of 628.297 billion yuan.
In terms of changes in scale rankings, the year-to-date growth almost mirrors the absolute scale rankings. China AMC and E Fund Management have seen respective increases of 284.981 billion yuan and 265.198 billion yuan. Huatai Berley and Southern Asset Management both surpassed 150 billion yuan in growth, while Harvest Fund, GF Fund, Guotai Fund, and Fubon Fund each recorded growth exceeding 100 billion yuan.
Keyword Six: ETFs linked to CSI 300, CSI A500, and AAA Sci-Tech Innovation Bonds rank at the top in scale.
Which index-linked ETFs rank at the top in scale? The CSI 300, CSI A500, and AAA Sci-Tech Innovation Bond Index occupy the top three positions.
The CSI 300 Index remains the undisputed leader, with the latest ETF-linked scale reaching 1.19 trillion yuan, increasing by 205.773 billion yuan year-to-date. Notably, during the April US-China trade black swan event, various state-backed entities entered the market to stabilize it, contributing to the scale through long-term capital inflows.
The CSI A500 Index emerged and grew alongside the '924' market trend. Its current scale stands at 298.437 billion yuan, still below the peak of 300 billion yuan projected by the end of 2024, with an increase of 28.298 billion yuan year-to-date. Competition among linked ETFs intensified towards the end of the year, with their scale increasing by 105.3 billion yuan in the past month. Huatai Berley A500 ETF and Southern A500 ETF are leading the pack, with respective scales of 48.556 billion yuan and 47.324 billion yuan.
ETFs linked to the AAA Sci-Tech Innovation Bond Index currently rank third in scale, with a total of 264.884 billion yuan. As a new type of ETF launched this year, competition among the 24 Sci-Tech Innovation Bond ETFs is fierce, with their scale increasing by 75.659 billion yuan in the past month.
Currently, there are 11 indices with挂钩ETF规模exceeding 100 billion yuan. In addition to the aforementioned three, other products include CSI 500, SSE 50, CSI 1000, STAR 50, and Hang Seng Tech, among others. The top three indices in terms of挂钩scale increase this year are AAA Sci-Tech Bonds, CSI 300, and Hang Seng Tech.
Keyword Seven: Bond ETFs Approach a New Record of 800 Billion Yuan
Bond ETFs are the brightest spot in this year's ETF market. As of December 26, the latest scale reached 798.594 billion yuan, marking the first time that domestic bond ETFs approached 800 billion yuan.
As mentioned above, in 2025, a total of 32 new bond ETFs were issued, bringing the overall number to 53. Key newly issued products included benchmark market-making credit bond ETFs and sci-tech bond ETFs. Among existing products, HFT Short-term Financing ETF, Bosera Convertible Bond ETF, and Fullgoal Government Bond ETF have each held the title of largest bond ETF by scale. By the end of the year, Harvest Sci-Tech Bond ETF emerged prominently, with its latest scale rising to the top three.
Bond ETFs account for the highest proportion of individual products exceeding 10 billion yuan in scale. Of the 53 bond ETFs, 36 have a scale surpassing 10 billion yuan, accounting for nearly 70%.
Since the beginning of this year, 521.3 billion yuan in net inflows have been directed towards bond ETFs. Institutions such as Huatai Berley, Yongying, Wanji, Taikang, JPMorgan Asset Management, and Yinhua have become new entrants in the bond ETF market.
The bond market has experienced fluctuations throughout 2025. Factors such as increasing difficulty in generating returns from actively managed bond funds and potential increases in redemption fees for off-exchange bond funds are expected to further drive capital towards passive on-exchange bond ETFs. A scale exceeding one trillion yuan is within expectations.
Keyword Eight: Cross-border ETFs Poised to Surpass the One Trillion Yuan Mark, ETFs Actively Expand Overseas
China’s capital markets continue to open up, with ETFs demonstrating steady development both in attracting foreign investment and expanding overseas.
First, cross-border ETFs are about to surpass the one trillion yuan threshold.As of the latest data, the scale of cross-border ETFs has reached 951.17 billion yuan, with 395.3 billion yuan flowing into cross-border ETFs since the beginning of this year, reflecting investors' enthusiasm for global asset allocation.
Second, Chinese ETFs are going global.In May, the Bradesco China AMC ChiNext ETF, a collaboration between Brazil's Bradesco Asset Management and China AMC, was successfully listed on the Brazilian Stock Exchange. This marked the first ETF product under the ETF connectivity program between the Shenzhen Stock Exchange and the Brazilian Exchange. In the same month, the first product under the ETF connectivity initiative between the Shanghai Stock Exchange and the Brazilian Futures Exchange began formal trading in Brazil. This product, issued by Bradesco Asset Management, tracks the SSE 300 ETF listed by Huitianfu on the Shanghai Stock Exchange. On July 15, Itaú Asset Management of Brazil successfully launched an ETF tracking the China A50 ETF, further deepening capital market cooperation between China and Brazil.
Third, foreign ETFs are being introduced domestically.At the beginning of this year, China Merchants Fund launched the Asia-Pacific Select ETF; in November, both China AMC and E Fund Management launched Brazil ETFs, setting a new record for the lowest subscription confirmation ratio since 2022. On the 15th of the same month, a depository receipt based on the Invesco Great Wall ChiNext 50 ETF was officially listed on the Thailand Stock Exchange. This marks the first time a Chinese A-share listed ETF has been traded in Thailand through a depository receipt format and also represents Thailand’s first listed product tracking the Innovation 50 Index, symbolizing the entry of China’s core technology assets into the Southeast Asian market.
Keyword Nine: China’s ETF surpasses Japan to become the largest ETF market in Asia
Another milestone event for China’s ETF market occurred in July this year, when the scale of China’s ETFs surpassed Japan’s for the first time, reaching $611.7 billion in assets under management (AUM) compared to Japan’s $610.9 billion, making it the largest ETF market in Asia.
Institutional forecasts suggest that in the coming years, China may set new records in terms of AUM, fund flows, liquidity, and product offerings for ETFs in the Asia-Pacific region. The main supporting factors include the following: First, China’s large population could drive ETF growth from a relatively low base. Second, the approval process for products is accelerating. Third, China is still in the early stages of ETF supply and currently lacks actively managed, derivative-based, leveraged or inverse, and cryptocurrency-related products. Over time, more products are likely to be approved, unlocking further potential for AUM and trading activity.
Keyword Ten: The trend of ETF name changes
With nearly 1,400 ETFs available, the rapid increase in homogeneous products has led to issues of similar or redundant names, creating certain challenges for investor decision-making.
In 2025, several leading firms, including E Fund, Harvest, Huatai Berley, GF Fund, Tianhong, and China AMC, took the initiative to change the abbreviations of their ETFs. They adopted a naming convention of 'Underlying Index + ETF + Manager' to enhance product recognition. This adjustment benefits investors by enabling them to make precise investments in relevant index products, allowing them not only to understand the index tracked by the ETF abbreviation but also to recognize the manager behind it.
On November 24, the Shanghai and Shenzhen Stock Exchanges issued revised notices on fund business processing, standardizing fund naming conventions. Regulatory requirements stipulate that the extended abbreviations of ETF funds should follow the structure of 'Core Elements of Investment Target + ETF' and include the fund manager's abbreviation; for enhanced ETF funds, the extended abbreviations should adopt the structure of 'Core Elements of Investment Target + Enhanced + ETF' and include the fund manager's abbreviation. Existing ETF fund extended abbreviations must include the fund manager, and product renaming must be completed by March 31, 2026.
