China's Onshore ETFs Enter the “Investor-Driven Era” At the end of 2004, ChinaAMC launched China’s first onshore ETF. By the end of 2025, China had become the largest ETF market in Asia. Over the past two decades, ETFs in China have grown from scratch, driving passive investment and index-based investment into the mainstream. Recently, ChinaAMC, Straight Flush, and Shanghai Advanced Institute of Finance jointly released the 2026 ETF Market Development and Investor Trends White Paper. Let’s take a look at how China’s onshore ETF market has evolved, and where ETFs may be headed next. Data Source: China Asset Management Co., Ltd., Wind, as of 2025.12.31 Full report available at: Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.