Wind data shows that as of September 30, the total market-wide ETF scale had decreased by approximately 1.1 trillion yuan compared to the start of the year, yet the internal structure displayed significant divergence.

Broad-based products contracted sharply, while thematic track products expanded against the trend, making the structural shift in capital flows the most prominent feature of the third-quarter ETF market.

Data reveals that scale index ETFs fell from 2,566.095 billion yuan at the beginning of the year to 1,073.875 billion yuan as of September 30, a reduction of 1,492.220 billion yuan, a decline of nearly 60%.

As the traditional mainstay of the ETF market, the scale decline of broad-based products exerted a clear drag on the total ETF market scale.

In contrast to broad-based products, thematic index ETFs grew from 822.386 billion yuan during the same period to 1,018.718 billion yuan, an increase of 196.332 billion yuan, a rise of more than 20%.

Against the backdrop of overall scale contraction, track-based products maintained their expansion momentum.

On one hand, broad-based product scale decreased by nearly 1.5 trillion yuan; on the other hand, thematic track products increased by nearly 200 billion yuan.

The opposite directions of these two changes reflect that ETF market capital allocation is shifting from broad coverage to segmented tracks, further deepening the divergence in product structure.

Looking at individual ETFs, the Sci-Tech Semiconductor ETF Huaxia saw its scale surge by 38.3 billion yuan, of which net subscription and redemption inflows brought 41.9 billion yuan, while net value fluctuations caused a shrinkage of 3.7 billion yuan.

Ranking second, the Semiconductor Equipment ETF Guotai (159516) had a scale of 39.46971 billion yuan in Q3 2026, with a year-to-date scale increase of 30.45848 billion yuan.

Of this, net subscription and redemption inflows brought 26.65079 billion yuan, and net value fluctuations brought 3.80769 billion yuan, with capital inflows and net value gains working in tandem, making it one of the few "dual-driven" products at the top of the list.

Ranking third, the Yinhua Rili ETF (511880) reached a scale of 107.39461 billion yuan in Q3 2026, with a year-to-date scale increase of 30.00894 billion yuan.

Net subscription and redemption inflows brought 29.32013 billion yuan, while net value fluctuations contributed only 688.82 million yuan, with scale expansion almost entirely from net capital subscriptions, consistent with its product characteristics as a money market product with minimal net value volatility.

Ranking fourth, the Communications ETF Guotai (515880) had a scale of 41.85507 billion yuan in Q3 2026, with a year-to-date scale increase of 28.21711 billion yuan.

Net subscription and redemption inflows brought 32.68784 billion yuan, while net value fluctuations dragged down by 4.47073 billion yuan, presenting a pattern of "surging capital inflows, shrinking net value," with scale growth entirely supported by subscription capital.

Ranking fifth, the Urban Investment Bond ETF Haifutong (511220) had a scale of 55.55843 billion yuan in Q3 2026, with a year-to-date scale increase of 27.04883 billion yuan.

Net subscription and redemption inflows brought 26.10676 billion yuan, and net value fluctuations brought 942.07 million yuan, with capital inflows dominating and a small positive net value contribution, reflecting the overall steady performance of bond-type products.

Ranking sixth, the Short-Term Financing ETF Haifutong (511360) had a scale of 94.09205 billion yuan in Q3 2026, with a year-to-date scale increase of 23.86865 billion yuan.

Net subscription and redemption inflows brought 23.02156 billion yuan, and net value fluctuations brought 847.09 million yuan, similar to the Urban Investment Bond ETF, with scale growth mainly relying on subscription capital and limited net value contribution.

Ranking seventh, the Sci-Tech 50 ETF Huaxia (588000) had a scale of 94.13116 billion yuan in Q3 2026, with a year-to-date scale increase of 18.10979 billion yuan.

Net subscription and redemption inflows brought 8.30916 billion yuan, and net value fluctuations brought 9.80063 billion yuan, making it a rare product at the top of the list where "net value contribution exceeds subscription and redemption," with scale growth driven more by net value appreciation.

Ranking eighth, the Semiconductor Equipment ETF E Fund (159558) had a scale of 19.51117 billion yuan in Q3 2026, with a year-to-date scale increase of 17.90459 billion yuan.

Net subscription and redemption inflows brought 18.96734 billion yuan, while net value fluctuations dragged down by 1.06276 billion yuan, forming a contrast with Guotai's similar product, with capital inflows being the core driver of scale growth.

Ranking ninth, the Huabao Tianyi ETF (511990) had a scale of 95.79844 billion yuan in Q3 2026, with a year-to-date scale increase of 15.49954 billion yuan.

Net subscription and redemption inflows brought 15.49954 billion yuan, with the net value fluctuation column left blank, as scale growth was entirely contributed by net subscription and redemption capital inflows.

Ranking tenth, the 30-Year Treasury Bond ETF Pengyang (511090) had a scale of 39.23078 billion yuan in Q3 2026, with a year-to-date scale increase of 14.6483 billion yuan.

Net subscription and redemption inflows brought 13.30989 billion yuan, and net value fluctuations brought 1.33841 billion yuan, with capital inflows and net value appreciation jointly driving scale expansion.