As of the end of 2025, the total scale of ETFs on the Shanghai market reached 4.2 trillion yuan, with equity ETFs exceeding 2.7 trillion yuan. Both the number and size of broad-based and dividend ETFs saw substantial growth. With the continuous improvement of the domestic ETF market ecosystem, long-term capital is accelerating its entry. On March 13, Yang Feng, Deputy Director of the Innovative Products Department at the Shanghai Stock Exchange, stated at the China Merchants Fund 2026 Spring Index Investment Strategy Conference that the domestic ETF market has achieved leapfrog development. By 2025, the scale of domestic ETFs surpassed 6 trillion yuan, making it the largest ETF market in Asia.

Yang Feng further noted that as a core market, the Shanghai market had 797 listed ETFs by the end of 2025, with annual turnover reaching 61 trillion yuan. The total scale of Shanghai-listed ETFs stood at 4.2 trillion yuan, with equity ETFs accounting for over 2.7 trillion yuan. Products such as broad-based and dividend ETFs experienced significant growth in both quantity and scale. In particular, medium- to long-term capital showed strong participation enthusiasm. By the end of 2025, medium- to long-term capital held 1.5 trillion yuan worth of Shanghai-listed ETFs, a 70% increase for the year, contributing over 40% of the total scale growth. Insurance holdings alone grew by 35%.

At the product level, dividend ETFs emerged as a market highlight. In 2025, cash dividends from Shanghai-listed companies exceeded 2 trillion yuan for the first time, an 11% year-on-year increase, accounting for 78% of the domestic market. During the same period, 70 ETFs on the Shanghai market distributed 380.5 billion yuan in dividends, a surge of 112% year-on-year. The total scale of dividend ETFs reached 166.2 billion yuan, a 63% increase from the end of 2024. Yang Feng emphasized that the Shanghai Stock Exchange has been actively promoting quarterly and monthly ETF dividends in recent years. Dividend ETFs precisely meet investors' needs for stable allocation and align with the requirements of building a "long-term investment" ecosystem. Moving forward, efforts will focus on enriching the ETF product supply, optimizing supporting market mechanisms, and collaborating with stakeholders to advance the index investment ecosystem.