From February 2 to February 6, major A-share indices experienced volatile adjustments. The CSI 300 Index fell by 1.13%, while the CSI A500 Index declined by 1.8%. The ChiNext Index dropped 3.28% for the week, and the STAR 50 Index plummeted by 5.76%. Hong Kong's market also moved downward, with the Hang Seng Index falling 3.02% and the Hang Seng Tech Index dropping 6.51% over the week. Amid recent market fluctuations, the ETF landscape is undergoing significant changes.

As of February 7, the scale of equity ETFs has shrunk by more than 700 billion yuan since the beginning of the year, leading to a sharp reduction in the number of products in the "trillion-yuan club"—only three now remain. Additionally, previously popular gold ETFs halted their gains and declined this week, with several products dropping in the rankings.

A reshuffle in fund scale is underway. ChinaAMC maintained its position in the top five, while Huabao Fund entered the top ten against the trend. Although giants like China Asset Management and E Fund saw no change in ranking, their ETF scales have each decreased by over 100 billion yuan this year. However, the pace of large capital outflows has slowed considerably compared to earlier periods. Some savvy investors have begun buying into securities and chemical sectors contrarily. What changes are taking place in the market? Data reveals the trends.

The scale of equity ETFs has decreased by more than 700 billion yuan year-to-date. Outflows of large capital weakened this week. Although broad-based ETFs shrank by another 51.572 billion yuan, the situation improved significantly compared to the previous week's outflow of 400 billion yuan. The total scale of ETFs across the market fell to 53.2 trillion yuan.

In terms of quantity, Wind data shows that as of February 7, 11 new ETFs were added this week, including 9 equity ETFs and 2 cross-border ETFs. This brings the total number of listed ETFs to 1,430. Regarding scale changes, the total ETF market shrank by over 132.3 billion yuan this week. Equity ETFs decreased by another 84.035 billion yuan, bringing their total scale down to 3,141.252 billion yuan. Bond ETFs continued to decline, falling by 4.148 billion yuan this week, marking the fifth consecutive week of losses since the start of the year. Cross-border ETFs and commodity ETFs decreased by 26.295 billion yuan and 24.303 billion yuan, respectively. The latter, in particular, saw gold-related products undergo a deep adjustment, halting their previous streak of growth. Meanwhile, monetary ETFs increased by 6.423 billion yuan this week.

Since the beginning of the year, as of February 7, equity ETFs have seen their scale shrink by more than 700 billion yuan, amounting to 700.566 billion yuan. Bond ETFs and monetary ETFs also faced challenges, declining by 99.16 billion yuan and 13.154 billion yuan, respectively. On the other hand, cross-border ETFs and commodity ETFs, despite outflows this week, have grown by 39.405 billion yuan and 71.752 billion yuan year-to-date.

In terms of ETF-linked indices, products tied to major indices generally saw scale reductions this week. Among the top 20 indices, only the Securities Company Index and the Sub-sector Chemical Index posted growth. Amid turbulence in commodity markets, the SGE Gold 9999 Index experienced the largest scale reduction among ETF-linked indices, shrinking by over 22 billion yuan. Although outflows from broad-based indices slowed, two indices still saw ETF scales decrease by more than 100 billion yuan: the CSI 500 Index and the CSI 300 Index. Additionally, ETFs linked to the Nasdaq Index and the CSI 1000 Index decreased by 7.405 billion yuan and 6.174 billion yuan, respectively. Conversely, ETFs tied to the Securities Company Index grew by 1.716 billion yuan, while those linked to the Sub-sector Chemical Index increased slightly by 160 million yuan, making them the only two indices among the top 20 to achieve positive growth.

Year-to-date, ETFs linked to the CSI 300 Index have shrunk by a staggering 588.384 billion yuan, with their latest scale falling below 600 billion yuan to 597.173 billion yuan. Meanwhile, ETFs tied to the CSI 1000, SSE 50, CSI 500, and ChiNext indices have decreased by 121.039 billion yuan, 98.729 billion yuan, 51.84 billion yuan, and 39.161 billion yuan, respectively. In contrast, ETFs linked to the SGE Gold 9999, Sub-sector Chemical, Hang Seng Tech, and STAR Chip indices have each grown by over 100 billion yuan year-to-date, with increases of 60.015 billion yuan, 30.614 billion yuan, 14.554 billion yuan, and 11.532 billion yuan, respectively.

Five institutions saw their ETF scales shrink by more than 100 billion yuan this week, while Huabao Fund advanced into the top 10 against the trend. After broad-based ETF outflows stabilized, rankings among top institutions saw little change. Only Huaan Fund, affected by gold market volatility, fell from 10th to 11th place, allowing Huabao Fund to enter the top 10. Other rankings remained unchanged from the previous week, with ChinaAMC holding its position in the top five.

In terms of scale changes, five institutions still experienced ETF outflows exceeding 100 billion yuan this week. Southern Fund's ETF scale decreased by 26.853 billion yuan, while China Asset Management's ETF scale shrank by over 26 billion yuan. Additionally, Harvest Fund, Huaan Fund, and E Fund saw declines of 14.956 billion yuan, 11.951 billion yuan, and 11.638 billion yuan, respectively. On the other hand, Huabao Fund and Fullgoal Fund both increased their ETF scales by over 3 billion yuan this week, demonstrating strong performance against the trend. Tianhong Fund, Yinhua Fund, and Penghua Fund also achieved positive growth.

Year-to-date, the divergence among managers continues. ChinaAMC, Bosera Fund, and Huaan Fund ranked top three in scale growth, increasing by 32.216 billion yuan, 18.49 billion yuan, and 16.334 billion yuan, respectively. Conversely, China Asset Management's ETF scale has shrunk by over 210 billion yuan year-to-date, while E Fund and Huatai-PineBridge Fund both saw declines exceeding 180 billion yuan. Harvest Fund and Southern Fund decreased by 97.933 billion yuan and 89.899 billion yuan, respectively.

Among the top 20 products, only two achieved scale growth this week, and the number of "trillion-yuan ETFs" dropped to just three. Rankings shifted as Southern Fund's CSI 500 ETF fell two places to sixth, while other changes were mainly driven by gold and nonferrous metals ETFs. Bosera Gold ETF and E Fund Gold ETF dropped one and two places, respectively, and Southern Fund's Nonferrous Metals ETF fell out of the top 20.

In terms of scale changes, Southern Fund's CSI 500 ETF shrank by 13.768 billion yuan, making it the only product to decrease by over 100 billion yuan this week. This product also exited the "trillion-yuan club," alongside Harvest Fund's CSI 300 ETF, which also fell below the trillion-yuan mark. Additionally, Huaan Gold ETF, Huatai-PineBridge CSI 300 ETF, and Fullgoal Fund's Hong Kong Stock Connect Internet ETF decreased by 9.821 billion yuan, 8.664 billion yuan, and 6.385 billion yuan, respectively, ranking among the largest declines.

On the positive side, only two products among the top 20 saw scale growth this week: ChinaAMC's Securities ETF and Huatai-PineBridge's Hang Seng Tech Index ETF, which increased by 875 million yuan and 636 million yuan, respectively. Year-to-date, Huatai-PineBridge's CSI 300 ETF has shrunk by over 200 billion yuan, totaling 201.405 billion yuan. E Fund's CSI 300 ETF and China Asset Management's CSI 300 ETF decreased by 153.285 billion yuan and 134.95 billion yuan, respectively. Additionally, China Asset Management's SSE 50 ETF and Harvest Fund's CSI 300 ETF both approached declines of 100 billion yuan year-to-date.

Amid widespread reductions in gold ETF scales this week, only Huaan Gold ETF remains as the sole product with year-to-date growth exceeding 100 billion yuan.