As of June 3, E Fund Management's ETF assets under management reached 618.519 billion yuan, surpassing China Asset Management's 616.613 billion yuan for the first time, making it the largest fund company in the market in terms of ETF assets under management. This change in ranking is mainly due to the continued redemptions of broad-based ETFs this year.

Huaxia Broad-Based Fund Redemption Drags Down Scale

Looking at the changes this year, the pressure on China Asset Management mainly comes from several core broad-based ETFs. The size of the China Asset Management CSI 300 ETF decreased by RMB 155.437 billion this year, and the size of the China Asset Management SSE 50 ETF decreased by RMB 151.491 billion, with the two products shrinking by more than RMB 300 billion in total.

In addition, the ChinaAMC CSI 1000 ETF, ChinaAMC CSI A500 ETF, ChinaAMC SSE STAR Market 50 ETF, and ChinaAMC CSI 500 ETF also experienced varying degrees of net outflows. These six broad-based ETFs have seen a total net redemption of 399.705 billion yuan since the beginning of the year.

E Fund's themed products will attract incremental growth.

E Fund also faces redemption pressure on broad-based ETFs. Data shows that the E Fund CSI 300 ETF has seen redemptions of 193.933 billion yuan this year, while the ChiNext ETF, SSE STAR Market 50 ETF, and CSI A500 ETF have also recorded net outflows.

However, E Fund saw significant growth in some thematic ETFs. Its Semiconductor Materials & Equipment Thematic ETF and Dividend Low Volatility ETF saw their assets under management increase by RMB 6.207 billion and RMB 6.087 billion respectively this year. Dividend ETFs, CSI Value 100 ETFs, Hang Seng Tech ETFs, STAR Market Chip ETFs, and Gold ETFs also saw net inflows exceeding RMB 3.5 billion this year.

In addition to existing products, the increase in the number of newly issued ETFs also provided support. At the beginning of the year, China Asset Management and E Fund Management had 118 and 117 ETFs respectively; as of June 3, E Fund had increased to 133, with 16 new ETFs issued this year, while China Asset Management had issued 11 new ETFs.

The rankings of top mutual funds continue to adjust.

Changes in ETF size are not limited to the top two. Huatai-PineBridge Fund's ETF size shrank by 274.996 billion yuan this year, making it one of the largest declines among institutions with assets exceeding 100 billion yuan; while Guotai Fund's increased by 46.123 billion yuan, with the increase mainly coming from ETFs themed around communications, semiconductors, gold, power grid equipment, and coal.

Among the ETFs with assets exceeding 200 billion yuan, Bosera Asset Management increased its holdings by 21.646 billion yuan this year, while Southern Asset Management and Harvest Fund Management saw their holdings shrink by 170.197 billion yuan and 145.788 billion yuan, respectively. Market analysts believe that the ETF industry still exhibits a concentration among leading companies, and smaller institutions will need to rely more on niche themes, cross-border products, or specialized strategy products to gain market share.