---
title: "Huaan Gold ETF Surpasses CSI 300 ETF in Market Cap as \"National Team\" Support Wanes"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/291761409.md"
description: "Huaan Gold ETF has surpassed the CSI 300 ETF to become mainland China's largest ETF by market cap, reaching RMB90 billion against the CSI 300's RMB83 billion. This shift signals a significant reduction in 'national team' support for A-shares, as state-backed capital previously injected into CSI 300 ETFs to stabilize the market is being withdrawn to curb bubbles. Consequently, the CSI 300 Index lags behind regional peers."
datetime: "2026-07-06T06:20:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/291761409.md)
  - [en](https://longbridge.com/en/news/291761409.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/291761409.md)
generator: "portal-rs"
---

# Huaan Gold ETF Surpasses CSI 300 ETF in Market Cap as "National Team" Support Wanes

Huaan Gold ETF has overtaken the CSI 300 ETF to become the largest ETF by asset size in mainland China, indicating that policy support from the central government and the "national team" for the A-share market has weakened significantly.

Huaan Gold ETF currently has a market capitalization of as much as RMB90 billion, higher than the RMB83 billion of the CSI 300 ETF. Since early 2024, the "national team" had injected massive capital into CSI 300 ETFs in order to stabilize the A-share market, with the ETF's size once climbing to RMB440 billion at its peak. However, the "national team" has been reducing some ETF holdings since the beginning of this year, with market analysts believing the move is aimed at curbing market bubbles.

The weakening support from the "national team" may also pressure the CSI 300 Index, which has risen only 4.9% year to date, lagging behind the 21% gain in the MSCI Asia Pacific Index.(mn/da)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**