--- title: "The ETF market has seen the emergence of trillion-yuan institutions, with over a hundred \"mini\" ETFs potentially facing liquidation crises" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/272981180.md" description: "China's ETF market will enter the 60 trillion era in 2025, with China Asset Management becoming the first institution to manage over 1 trillion yuan, reaching 1,007.778 billion yuan. The total scale of 1,399 ETF products in the market is 6.24 trillion yuan, with 16 institutions accounting for nearly 90% of the market share. Although most fund companies have seen growth in ETF management scale, 19 fund companies have experienced a shrinkage, indicating a trend of \"the strong getting stronger\" in the market" datetime: "2026-01-19T13:56:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/272981180.md) - [en](https://longbridge.com/en/news/272981180.md) - [zh-HK](https://longbridge.com/zh-HK/news/272981180.md) --- > 支持的语言: [English](https://longbridge.com/en/news/272981180.md) | [繁體中文](https://longbridge.com/zh-HK/news/272981180.md) # The ETF market has seen the emergence of trillion-yuan institutions, with over a hundred "mini" ETFs potentially facing liquidation crises ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OVOupQlJJn25PvBLViikzB-ivepibV7T4wtr4ZhcoHZIMAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) Data source: Economic Reference Daily The ETF market sees its first trillion-yuan institution, over a hundred "mini" ETFs may face liquidation crisis China's ETF market officially enters the 60 trillion era by the end of 2025, and recently the first ETF management institution with over one trillion yuan has emerged. According to Tonghuashun iFinD data, as of January 15, the total scale of 1,399 listed ETF products in the market reached 6.24 trillion yuan, with the ETF management scale of China Asset Management reaching 1,007.778 billion yuan, becoming the first domestic fund company to cross the trillion threshold. 16 institutions account for nearly 90% of the market In 2025, the ETF market started the year with a scale of 3.73 trillion yuan, broke through the 4 trillion yuan mark for the first time in April, surpassed 5 trillion yuan in August, and exceeded 6 trillion yuan in December, consecutively crossing three trillion-level thresholds within the year. The ETF management scale of fund companies has also risen significantly, with most fund companies showing growth in ETF management scale over the past year; 24 fund companies have increased by over 10 billion yuan, and 8 have exceeded 100 billion yuan. Specifically, China Asset Management ranked first with an increase of 344.999 billion yuan, followed closely by E Fund with an increase of 301.475 billion yuan, and Southern Fund, which grew by 201.530 billion yuan, ranked third. The top ten fund companies in terms of management scale increase have collectively grown by 1,717.733 billion yuan over the past year. 19 fund companies, including Guolian An Fund, have experienced a shrinkage in management scale. There is a significant gap in ETF management scale among different institutions. Currently, the average management scale of 58 fund companies in the ETF market is approximately 107.635 billion yuan, with only 16 fund companies having a management scale exceeding 100 billion yuan. These 16 companies collectively account for 5.59 trillion yuan, representing 89.58% of the ETF market scale. Meanwhile, there are 15 fund companies with management scales between 10 billion and 100 billion yuan, 8 with scales between 1 billion and 10 billion yuan, and 19 with scales below 1 billion yuan. The top 16 institutions hold nearly 90% of the market share, while 42 small and medium-sized institutions compete for the remaining 10% of the market, highlighting the "Matthew effect" of the ETF market where the strong get stronger. Yang Delong, chief economist of Qianhai Kaiyuan Fund, told reporters that investors tend to prefer trading more actively managed ETF products, and a smaller scale implies poorer liquidity, which inevitably leads to the emergence of institutional head effects. Despite the intensifying competition, many fund companies are still attempting to enter the market. In 2025, Xingzheng Global Fund, Chuangjin Hexin Fund, Xinyuan Fund, and Great Wall Fund entered the market, each issuing their first ETF products. Compared to the initial fundraising scale, the current fund shares of Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF, Xingquan CSI 300 Quality ETF, and Great Wall CSI Dividend Low Volatility 100 ETF have all seen significant declines In response to the intensifying competition among institutions, the scale of ETFs is also concentrating towards leading products. Currently, there are 7 ETF products in the entire market with a scale exceeding 100 billion yuan, namely Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, Huaxia CSI 300 ETF, Harvest CSI 300 ETF, Huaxia SSE 50 ETF, Southern CSI 500 ETF, and E Fund ChiNext ETF, totaling 1,613.258 billion yuan. Among them, 126 ETF products, including E Fund ChiNext ETF, have a scale between 10 billion and 100 billion yuan, while 79 products fall between 5 billion and 10 billion yuan, 275 products are between 1 billion and 5 billion yuan, and there are 608 products with a scale between 100 million and 1 billion yuan. There are 304 "mini" ETFs with a scale of less than 100 million yuan, with the lowest being Bosera Sustainable Development 100 ETF at only 0.007 billion yuan. 126 ETFs have a scale below 50 million yuan. The "scale is king" effect in the ETF market continues to be validated. Over the past year, the scale increment of the 7 "hundred billion" ETF products has exceeded 30 billion yuan, with a total growth of 421.349 billion yuan; the 126 "billion" ETF products have collectively grown by 1,541.384 billion yuan, with only 12 experiencing a scale shrinkage; the 304 "mini" ETF products with a scale of less than 100 million yuan have collectively decreased by 24.330 billion yuan, with 202 of them experiencing a scale shrinkage, accounting for 66.45%. "ETF products are ultimately passive funds that track indices. If similar products do not show significant performance differences, what reason do investors have to choose smaller-scale ETFs over those with larger scales and better liquidity?" According to Yang Delong, the survival space for small and medium-sized funds in the ETF market continues to be compressed, and larger-scale ETF products have stronger risk resistance in the market, while those small-scale, high-performing "mini" ETFs face liquidation risks. The reporter noted that since 2025, 7 ETF products in the entire market have been terminated, among which Guolian An CSI New Materials Theme ETF and Morgan CSI Carbon Neutral 60 ETF experienced significant declines during their listing periods, dropping by 36.36% and 24.88%, respectively; Invesco Great Wall MSCI China A-Share International ETF and Ping An MSCI China A-Share ETF saw significant increases during their listing periods, rising by 45.82% and 32.57%, respectively. Specifically, Guolian An CSI New Materials Theme ETF had an initial fundraising scale of 299 million yuan, and as of the last operating day of the fund (August 5, 2025), the scale was only 12 million yuan; Invesco Great Wall MSCI China A-Share International ETF had an initial fundraising scale of 1,534 million yuan, and as of the last operating day of the fund (June 19, 2025), the scale was only 49 million yuan According to the "Measures for the Operation and Management of Publicly Raised Securities Investment Funds," if the number of fund unit holders is less than 200 for twenty consecutive working days or the net asset value of the fund is below 50 million yuan, the fund manager must disclose this in the periodic report; if the aforementioned situation persists for sixty consecutive working days, the fund manager must report to the China Securities Regulatory Commission and propose a solution, such as changing the operation method, merging with other funds, or terminating the fund contract. Some fund contracts stipulate that if the net asset value of the fund is below 50 million yuan for several consecutive working days, the fund property will be liquidated and the fund will be terminated according to the provisions of the fund contract. Currently, there are 126 ETFs in the entire market whose scale has fallen below the 50 million yuan "liquidation line," with many products managed by leading institutions such as Huaxia Fund and Huitianfu Fund ## 相关资讯与研究 - [The 4 Questions Investors Should Ask Before Buying Any ETF](https://longbridge.com/zh-CN/news/281549873.md) - [What Happens Next After the QQQ ETF’s 3% Single-Day Move? 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