Retail investors have not used ETFs to increase their positions in A-shares?

Recently, the scale of ETFs has surpassed 5 trillion, and everyone thinks that retail investors are no longer buying actively managed funds, but are using ETFs to increase their positions in A-shares.

That's a ridiculous conclusion; retail investors really have not used ETFs to increase their positions in A-shares, but saying they have used them to increase their positions in Hong Kong stocks is more plausible.

Let's look at the data:

Wind data is for the past year, and Bogt specifically marked the position at the beginning of 2025.

Stock ETFs (investing in A-shares) have had a net inflow that has basically been negative this year;

Bond ETFs (investing in bonds) have had a net inflow of nearly 350 billion this year;

Cross-border ETFs (investing in Hong Kong stocks) have had a net inflow of nearly 200 billion this year;

The main source of net subscriptions for all market ETFs comes from bond ETFs and cross-border ETFs.

Recent data released shows that the national team has increased its positions in A-share ETFs this year; the conclusion is that retail investors have not used ETFs to increase their positions in A-shares.