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SSE's Yang Feng: Shanghai Market ETF Scale Reaches 4.2 Trillion Yuan, Dividend Strategy Leads the Way
By the end of 2025, the total scale of ETFs listed on the Shanghai Stock Exchange reached 4.2 trillion yuan, with stock ETFs exceeding 2.7 trillion yuan. The number and scale of broad-based, dividend, and other ETF products have grown significantly.
As the domestic ETF market ecosystem continues to improve, long-term funds are accelerating their entry.
On March 13, Yang Feng, Deputy Director of the Innovation Products Department at the Shanghai Stock Exchange, stated at the 2026 Spring Index Investment Strategy Conference hosted by China Merchants Fund that the domestic ETF market has achieved leapfrog development. By 2025, the scale of domestic ETFs surpassed 6 trillion yuan, making it the largest ETF market in Asia.
Yang Feng further mentioned that as the core platform, the Shanghai Stock Exchange had 797 ETFs listed by the end of 2025, with a total trading volume of 61 trillion yuan for the year. The total ETF scale on the Shanghai Stock Exchange was 4.2 trillion yuan, with stock ETFs exceeding 2.7 trillion yuan. The number and scale of broad-based and dividend ETFs have grown substantially.
Especially, long-term capital participation remains high. By the end of 2025, long-term funds held 1.5 trillion yuan in Shanghai ETFs, an increase of 70% within the year, contributing over 40% of the ETF scale growth on the Shanghai Stock Exchange, with insurance holdings growing by 35%.
On the product level, dividend ETFs have become a market highlight. In 2025, cash dividends paid by listed companies on the Shanghai Stock Exchange first exceeded 2 trillion yuan, an 11% increase year-on-year, accounting for 78% of the domestic market. During the same period, 70 ETFs on the Shanghai Stock Exchange paid dividends totaling 38.05 billion yuan, a 112% increase year-on-year. The total scale of dividend ETFs reached 166.2 billion yuan, up 63% from the end of 2024.
Yang Feng emphasized that in recent years, the Shanghai Stock Exchange has continuously promoted quarterly and monthly dividend distributions for ETFs. Dividend ETFs precisely match investors’ needs for stable allocation, aligning with the ecological construction of “long-term money for long-term investment.” Going forward, efforts will be made to enrich ETF product offerings, optimize market supporting mechanisms, and jointly promote the development of the index investment ecosystem.