With structural market trends defining the first half of 2026, the technology sector emerged as the dominant theme, reinforcing the growing value of ETF-based investing. As all fund semi-annual reports were released, the full scope of Guotai Fund's ETF business has come into view.
As of June 30, 2026, Guotai's non-money ETF assets reached RMB 371.8 billion, ranking 3rd in the industry (3/57), while its sector and thematic ETF scale hit RMB 241.9 billion, securing the No. 1 position among peers (1/47). A comprehensive product lineup, stellar performance, and a rapidly expanding investor base have defined Guotai's ETF growth trajectory.
Scale Expansion: The 100-Billion Club Continues to Grow
The core competitiveness in the ETF space lies in the breadth of product coverage and accumulated scale. Only by building a complete product matrix spanning different asset classes, styles, and sectors can a firm meet the diversified allocation needs of both institutional and retail investors—offering core broad-based exposure while also enabling flexible sector positioning and hedging across bonds, commodities, and cross-border markets.
After years of development, Guotai Fund has built a well-rounded ETF ecosystem. By June 30, the number of ETFs under Guotai's umbrella with assets exceeding RMB 10 billion reached 10, spanning A-share equities, cross-border markets, rate bonds, sci-tech innovation bonds, and commodities. Among these mega funds, several are exclusive market listings. The 10-Year Treasury Bond ETF Guotai and the Coal ETF Guotai are both unique offerings that fill gaps in their respective niches. The former (511260) provides investors with a standardized rate bond trading tool, serving as an effective hedge and core allocation during equity market volatility, while the latter (515220) offers an efficient vehicle for cyclical sector investment, capturing the industrial cycle dividend of the energy sector.
Driven by the technology rally in the first half of the year, high-beta tech ETFs attracted significant capital inflows. Specifically, the Communications ETF Guotai (515880) saw scale expand by RMB 45.4 billion, and the Semiconductor Equipment ETF Guotai (159516) grew by RMB 35.2 billion during H1 2026—ranking first and second, respectively, among all 1,399 ETFs in the market. The massive inflows reflect both the industry's upward fundamentals and market recognition of product liquidity, tracking accuracy, and brand reliability.
On the broad-based front, the CSI A500 ETF Guotai (159338) is positioned as a "next-generation large-cap benchmark," enhancing mid-cap index tools, while the Sci-Tech Innovation & Entrepreneurship ETF Guotai (588360) focuses on the tech innovation growth track. For cross-border exposure, the Nasdaq ETF Guotai (513100) offers domestic investors a convenient channel to access overseas tech leaders. Beyond the 100-billion tier, Guotai's ETF lineup fully covers six major segments: broad-based, technology, cyclical, consumer & healthcare, bonds & commodities, and Hong Kong/overseas markets—ranging from large-cap blue chips to small-cap sci-tech, from high-volatility hard-tech to dividend and cash-flow strategies, and defensive assets like government bonds. Investors with varying risk appetites can all find suitable index tools, forming the foundational infrastructure that enables Guotai ETFs to absorb sizable capital flows.
Performance Realized: The Sci-Tech ETF Lineup Shines
Scale is the market's vote, but performance is the true test of index tool capability. In H1 2026, the acceleration of AI large-model iteration, continued progress in semiconductor self-sufficiency, and the ramping up of communications and computing infrastructure together created a powerful catalyst for the tech sector. Guotai's tech-themed ETFs delivered concentrated returns during this period.
Looking at performance, 15 ETFs under Guotai's management achieved returns exceeding 100% over the past year, forming a notable "doubling fund corps." Among them, the Semiconductor Equipment ETF Guotai posted a one-year return of 270%, the Communications ETF Guotai returned 269%, and the Sci-Tech Chip ETF Guotai gained 215%—all three surpassing the 200% threshold. Notably, the Semiconductor Equipment ETF Guotai and Communications ETF Guotai are also the largest in their respective categories, combining high returns with high liquidity, making them practical choices for both retail and institutional investors.
Consistently strong rank-ings across multiple lines—cross-market, cross-style, and cross-sector—are no accident. The core capability of an ETF lies in precision index tracking and liquidity management, a set of meticulous operational tasks. This is especially true for rapidly expanding flagship ETFs, which face frequent large subscriptions and redemptions, placing greater demands on the manager's operational capabilities. During periods of market turbulence and heavy share turnover, minimizing tracking error and ensuring on-exchange liquidity directly tests the manager's operational excellence. Leading ETF issuers tend to have more mature systems, greater resource reserves, and richer experience in handling extreme scenarios, all of which enhance product stability.
Of course, it's important to note that tech-themed ETFs closely track industry cycles—while they offer substantial upside during bull phases, the drawdown risk can be significant if industry expectations shift. This is a critical consideration for investors positioning in sector ETFs.
Profit Growth: Three Products Rank Among the Top 20 ETFs by Investor Earnings
For fund investors, net asset value growth is just a number; the actual profit data disclosed in fund reports more accurately reflects the real returns delivered to holders. According to the 2026 semi-annual fund reports, Guotai Fund's ETFs generated a combined RMB 34 billion in profits for investors during H1, a year-on-year surge of 389%. Among the 1,489 non-money ETFs that disclosed earnings data, three Guotai products ranked in the top 20 by single-ETF profits.
High profitability stems from the convergence of industry beta and tool alpha. The semiconductor equipment, communications, and chip sectors benefited from import substitution and the AI wave, with improving industry fundamentals driving significant index gains. ETFs, as tools, efficiently replicate index performance, lowering the barrier for investors who can avoid complex stock picking and instead capture the growth of entire industry chains through a basket of holdings.
Investor Base Surpasses 14.21 Million: On- and Off-Exchange Growth in Tandem
Rising scale, delivered performance, and profit growth have translated directly into a rapidly expanding investor community. Semi-annual report data shows that Guotai's ETFs and feeder funds together reached 14.21 million holder accounts, an increase of 4.1 million from end-2025, representing a 41% growth rate. (Note: Money market ETFs are excluded; holder counts are the direct sum of accounts disclosed in ETF and feeder fund reports.)
Breaking down the holder structure, both on-exchange and off-exchange segments grew in sync. On-exchange ETFs saw total holders reach 3.17 million, adding 1.04 million in H1, up 48%. Off-exchange feeder funds reached 11.03 million holders, adding 3.06 million, up 38%. On-exchange accounts primarily involve direct ETF trading through stock accounts, typically held by experienced investors, while off-exchange feeder funds reach broader retail savers through fund distribution channels. The faster on-exchange growth suggests more stock investors are adopting ETFs as trading and allocation tools, while the large off-exchange base indicates that index-based investing is increasingly penetrating the general public.
Shifts in representative product holder numbers reveal differentiated demand. The Guotai Gold ETF Feeder Fund A (000218) saw its total accounts reach 6.664 million, adding 1.4352 million in H1, making it the fastest-growing fund in this regard. Gold, as a hedging asset within major asset classes, attracts widespread retail savers seeking portfolio diversification amid market uncertainty. On the tech side, the Communications ETF Guotai (515880) added 426,700 holders, and the Semiconductor Equipment ETF Guotai (159516) added 266,200 holders in H1, with many investors using tech ETFs to position in hard-tech sectors.
Behind these massive holder numbers lies a structural shift in ETF investor demographics. In earlier years, ETFs were dominated by institutional capital; now individual investors have become a formidable force. Many retail investors are abandoning complex stock picking in favor of index tools—a philosophy that acknowledges the difficulty of individual stock selection and instead embraces basket-based sector or broad-market positioning to share in economic and industrial growth.
Anchored in National Strategy: Continuously Refining High-Quality ETF Offerings
The current ETF market is not short of homogenized products that simply replicate existing indices. What is truly scarce are distinctive index tools that align with national industrial direction, fill market gaps, and offer practical allocation value. While scaling up its existing products, Guotai Fund continues to drive product innovation around strategic national priorities such as hard-tech self-sufficiency, food security, and biopharmaceutical innovation.
In the STAR Market series, the Sci-Tech 200 ETF Guotai (589220) focuses on small and mid-cap hard-tech enterprises, the STAR 50 ETF Guotai (589360) targets large-cap tech leaders, and the Sci-Tech Chip Design ETF Guotai (589260) targets chip design in the AI era. All three products have a 20% daily price limit, covering different market cap tiers on the STAR Market with a view to chip self-sufficiency and AI opportunities. For Hong Kong, the Hang Seng Biotech ETF Guotai (520930) focuses on the innovative drug sector, gathering leading biopharma names. In thematic innovation, the Food Security ETF Guotai (159033) covers the full grain industry chain—seeds, planting, and fertilizers—offering a standardized investment tool aligned with food security.
Across its full suite, Guotai Fund has established a multi-layered ETF supply system: broad-based ETFs cover the SSE Composite, CSI 300, CSI 500, CSI A500, CSI 2000, and the full STAR Market series; tech sector offerings span AI, chips, semiconductor equipment, communications, Xinchuang, industrial mother machines, and robotics; cyclical sectors include coal, non-ferrous metals, steel, chemicals, and infrastructure; consumer and healthcare cover biopharma, innovative drugs, vaccines, gaming, and aquaculture; bonds and commodities include treasury bonds, sci-tech bonds, and gold; cross-border products cover the Nasdaq, S&P 500, and Stock Connect; and strategy ETFs include dividend state-owned enterprises and cash-flow themes.
For index managers, innovation goes beyond launching new products—it also involves diligent maintenance of existing ones. This means continuously ensuring liquidity and tracking precision for flagship ETFs to serve millions of holders, while also researching industry trends to identify valuable index directions and fill tool gaps—achieving "enhancing existing products, innovating new ones."
Looking Ahead
Standing at the midpoint of 2026, the ETF market is expanding rapidly, and the value of these tools is being increasingly recognized. From broad-based indices to sector, cross-border, commodity, and bond funds, nearly every asset class now has a corresponding ETF. Index-based investing is reaching households with unprecedented density.
More investors are using ETFs to express their vision of the future. Some place their bets on gold, believing in permanence and scarcity; others ride the waves of communications and semiconductors, confident that technology will redefine boundaries; still others quietly hold a broad-based index, planting a tree and waiting for time to make it flourish. Guotai ETF's role is to refine those 14 million-plus visions into practical tools within a comprehensive "ETF toolbox," enabling every individual to participate in their own way in the most significant narratives of our time.
With semi-annual reports now complete, the second half begins. The journey of technological self-reliance is long, and the wave of household wealth migration continues. There is reason to believe that ETFs, as a bridge connecting ordinary people to the era's dividends, are far from reaching their climax.
Risk Disclosure
Historical performance of the mentioned funds: ① Communications ETF Guotai: Fund contract effective August 16, 2019; benchmark is CSI All-Share Communications Equipment Index; returns/benchmark for 2021-2025 and H1 2026: 7.37%/5.62%, -26.70%/-27.81%, 25.83%/24.27%, 31.56%/30.18%, 126.13%/125.73%, 74.68%/75.61%. Data source: fund periodic reports. Fund manager: Ai Xiaojun (since August 16, 2019). ② Semiconductor Equipment ETF Guotai: Fund contract effective July 19, 2023; benchmark is CSI Semiconductor Materials & Equipment Theme Index; returns/benchmark for 2024-2025 and H1 2026: 10.43%/9.68%, 53.56%/53.70%, 153.53%/155.42%. Data source: fund periodic reports. The fund operated less than 6 months in its inception year, so that period is not separately disclosed. Fund manager: Ai Xiaojun (since July 19, 2023). ③ Sci-Tech Chip ETF Guotai: Fund contract effective March 26, 2025; benchmark is SSE STAR Market Chip Index; returns/benchmark for 2025 and H1 2026: 50.11%/52.41%, 109.50%/110.24%. In its inception year, returns are calculated based on actual operating period. Fund manager: Ma Yiwen (since March 26, 2025). Please refer to fund legal documents for specific fee rates. Data sources: Wind, fund periodic reports. Scale data as of June 30, 2026.
Past performance does not guarantee future results; fund scale data is subject to fluctuation and does not indicate on-exchange activity or future performance. Views expressed are for reference only, subject to change with market conditions, and do not constitute investment advice or commitments. The fund manager is committed to managing fund assets with integrity and diligence but does not guarantee profitability or minimum returns. Funds have varying risk-return profiles; investors are advised to carefully review fund legal documents, understand product features, risk levels, and return distribution principles, and choose products matching their risk tolerance. Invest with caution.