The Head Effect is Pronounced

　　From the perspective of the scale of ETFs under management by fund managers, the head effect is evident. Wind data shows that as of August 25, a total of 14 public fund companies had ETF scales exceeding 100 billion yuan. Among them, China Asset Management's ETF scale reached 858.787 billion yuan, leading other institutions.

　　E Fund, Huatai-PineBridge Fund, and Southern Fund followed closely, with ETF scales of 795.701 billion yuan, 564.099 billion yuan, and 347.807 billion yuan, respectively. The combined ETF scale of the top four public fund companies reached 2.57 trillion yuan, accounting for half of the total market. In addition, Harvest Fund, GF Fund, Fullgoal Fund, Bosera Fund, and Guotai Fund also had ETF scales exceeding 200 billion yuan. Five other public fund companies—Hwabao, Huaan, Haitong, Yinhua, and China Universal—also had ETF scales exceeding 100 billion yuan.

　　Some leading public fund companies recently announced that their ETF scales had reached new highs. For example, Penghua Fund stated that its "Science and Innovation ETF Investment Toolkit," covering broad-based, enhanced strategy, sector theme, and innovative bond ETFs, had surpassed 26 billion yuan in total scale. Looking ahead, as the STAR Market system continues to optimize, the quality of listed companies improves, and investors deepen their understanding of science and innovation themes, the science and innovation ETF market will remain vibrant.

　　Recently, Bosera Fund also announced that the total scale of its five bond ETFs had exceeded 100 billion yuan, with the convertible bond ETF scale surpassing 57 billion yuan. Additionally, several other bond ETFs frequently broke through the 10 billion yuan mark, providing investors with diversified bond index investment tools.

　　Overall, as of August 25, there were seven ETFs in the market with scales exceeding 100 billion yuan. Among them, Huatai-PineBridge CSI 300 ETF led other products with a scale of 418.28 billion yuan. The CSI 300 ETFs under E Fund and China Asset Management had scales exceeding 200 billion yuan, at 296.865 billion yuan and 219.106 billion yuan, respectively.

　　Bai Wenxi, Chief Economist of the China Enterprise Capital Alliance in China, believes that after the ETF scale exceeds 5 trillion yuan, the advantages of leading fund companies will become more apparent. At the same time, as the market scale expands, fund managers may increase product innovation efforts and launch more niche thematic ETFs, making competition more intense.