Scale Expected to Continue Growing in the Future

However, against the backdrop of持续震荡 market conditions in recent years and significant drawdowns in actively managed equity products, ETFs have also entered a fast lane of development, with their scale rapidly climbing. In August 2023, the scale of ETFs首次突破2 trillion yuan, taking nearly three years to grow from 1 trillion to 2 trillion yuan.

By September 2024, the scale of ETFs突破3 trillion yuan, accelerating further compared to the previous milestone and taking one year. In April 2025, the scale of ETFs首次突破4 trillion yuan, achieving another leap in just six months. The growth from 4 trillion to 5 trillion yuan took only four months. It is evident that the growth rate of ETF scale is accelerating.

Regarding the reasons for the rapid growth of ETF scale, Yang Delong, Chief Economist of Qianhai Kaiyuan Fund, analyzed that ETFs have become an important channel for the shift of household savings into the capital market. Simultaneously, as the stock market rises, investors' willingness to invest increases, and investing in ETFs is also an important way to participate in the stock market.

Bo Wenxi also believes that the recent sustained strength of the A-share market has made ETFs a core channel for capital inflow, attracting significant funds and driving rapid scale growth. Moreover, in recent years, the "national team" has frequently increased its holdings in broad-based ETFs, not only boosting their scale but also raising investors' attention to ETFs. Additionally, ETFs offer advantages such as high transparency, strong tool attributes, and low fees, meeting the actual needs of the current market.

In May of this year, the "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission (CSRC) optimized the registration arrangements for equity funds, explicitly launching more on-exchange and off-exchange index funds and medium-to-low volatility equity-containing products to promote the innovative development of equity funds. Throughout the year, several new types of ETFs have been introduced and well-received by the market.

For example, the first batch of free cash flow ETFs, Sci-Tech Innovation Composite Index ETFs, and Sci-Tech Innovation Bond ETFs were approved successively during the year. Among them, the first 10 Sci-Tech Innovation Bond ETFs were all sold out on the first day, raising a total of 30 billion yuan in a single day. Additionally, the second batch of Sci-Tech Innovation Bond ETFs has been submitted for approval and is awaiting regulatory clearance.

Yang Delong also mentioned that the substantial growth in ETF scale has brought incremental funds to the capital market. For fund companies, it has increased management fee income. For investors, it means sharing the benefits of stock market gains through ETF investments. It is expected that the ETF market will continue to grow and expand in the future, especially as the current market trend gradually confirms a bull market, with most investors likely to continue increasing their ETF holdings to participate in the stock market.