China's "national team": a daily ETF creation tracker
When China's state stabilization funds — nicknamed the national team, led by Central Huijin, an arm of the sovereign wealth system — support the stock market, they do not buy shares the way retail investors do. They subscribe to broad-index ETFs in the primary market: they hand a fund company cash or a basket of stocks and receive newly created ETF units. Trading between ordinary investors never changes an ETF's units outstanding, so when units outstanding jump, someone created new ones. On Shanghai's flagship broad-index ETFs, sustained large-scale creation during a drawdown has historically been attributed to these funds — publicly announced in July 2026 by Central Huijin, China Guoxin and China Chengtong, and confirmable with a lag when fund reports name their holders. This page tracks that footprint daily, from the exchange's own share registry.
Free No key, no login. Rebuilt nightly from the Shanghai Stock Exchange daily ETF share disclosure (published T+1). Latest data on this build: 2026-09-01. Descriptive statistics only — this page attributes nothing to any specific buyer beyond what public announcements and fund reports state, and none of it is investment advice.
Combined units outstanding, eight watched ETFs
The eight Shanghai-listed broad-index ETFs watched here are the funds named in state buyers' own announcements and fund-report disclosures: three CSI 300 funds, SSE 50, CSI 500, CSI 1000, CSI A500 and STAR 50. Units are exchange-registered totals, not estimates. Reading scale: this page labels a five-trading-day rise above 7.5% in the combined total "large-scale creation", above 2% "elevated", and a fall below −2% "net redemption" — thresholds chosen for description, not prediction.
Where the creation landed
Change in units outstanding per fund since 2026-07-01. Which indexes receive creation is itself information: creation concentrated in the STAR 50 (Shanghai's technology board, semiconductor-heavy) and in small-cap indexes during a drawdown reads very differently from creation parked only in mega-cap benchmarks.
| Fund | Tracks | Units 2026-07-01 (bn) | Units 2026-09-01 (bn) | Change |
|---|---|---|---|---|
| CSI 1000 ETF (Southern) (512100) | small caps | 3 | 6.2 | +107.1% |
| STAR 50 ETF (ChinaAMC) (588000) | STAR Market tech board, semiconductor-heavy | 30 | 51.1 | +70.7% |
| CSI A500 ETF (563360) | newer broad benchmark | 22.2 | 31.4 | +41.3% |
| CSI 500 ETF (Southern) (510500) | mid caps | 4.1 | 5.2 | +26.3% |
| CSI 300 ETF (Huatai-PineBridge) (510300) | large-cap benchmark | 18.4 | 23 | +25.0% |
| CSI 300 ETF (ChinaAMC) (510330) | large-cap benchmark | 7.5 | 8.4 | +11.6% |
| SSE 50 ETF (510050) | mega-cap blue chips | 6.4 | 6.5 | +2.3% |
| CSI 300 ETF (E Fund) (510310) | large-cap benchmark | 11.3 | 11.3 | -0.4% |
Backdrop gauges
Three context series for the same window. They are separate measurements, shown together because creation episodes historically cluster with drawdowns.
SSE Composite, distance to its 250-day average
The 250-day moving average is the line Chinese market commentary treats as the bull/bear boundary ("the year line"). Distance is (close ÷ 250-day average) − 1.
Margin financing balance, Shanghai + Shenzhen combined
The sum both exchanges disclose daily (T+1) of outstanding margin loans. A fast-falling balance records leveraged positions being unwound; a rising one records leverage returning.
KOSPI, drawdown from its one-year high
South Korea's KOSPI — where semiconductors carry roughly half the index weight — has been the epicenter of the July 2026 Asian technology drawdown. Shown as percent below the one-year high; the "basing" label requires no new five-day low.
Daily history
| Date | ETF units (bn) | 5-day chg | SSE close | vs 250-day | Margin (trn) | KOSPI close | vs 1-yr high |
|---|---|---|---|---|---|---|---|
| 2026-07-01 | 103 | -12.3% | 4,112.4 | +4.85% | 3 | 8,303.4 | -8.9% |
| 2026-07-02 | 105.1 | -5.0% | 4,028.9 | +2.65% | 3 | 7,648.1 | -16.1% |
| 2026-07-03 | 102 | -7.5% | 4,043.6 | +2.96% | 3 | 8,088.3 | -11.3% |
| 2026-07-06 | 102.1 | -5.0% | 4,041.2 | +2.83% | 3 | 8,051.3 | -11.7% |
| 2026-07-07 | 103.3 | -0.4% | 3,990.2 | +1.48% | 3 | 7,656.3 | -16.0% |
| 2026-07-08 | 104.9 | +1.9% | 3,970.9 | +0.93% | 3 | 7,246.8 | -20.5% |
| 2026-07-09 | 105.8 | +0.6% | 4,036.6 | +2.54% | 2.9 | 7,291.9 | -20.0% |
| 2026-07-10 | 105.3 | +3.2% | 3,996.2 | +1.45% | 2.9 | 7,475.9 | -18.0% |
| 2026-07-13 | 111.1 | +8.8% | 3,913.8 | -0.68% | 2.9 | 6,806.9 | -25.3% |
| 2026-07-14 | 112.9 | +9.3% | 3,967.1 | +0.62% | 2.9 | 6,856.8 | -24.8% |
| 2026-07-15 | 113.9 | +8.6% | 3,955.6 | +0.27% | 2.9 | 7,284.4 | -20.1% |
| 2026-07-16 | 118.9 | +12.4% | 3,882.4 | -1.62% | 2.8 | 6,820.6 | -25.2% |
| 2026-07-17 | 128.1 | +21.7% | 3,764.2 | -4.65% | 2.8 | — | — |
| 2026-07-20 | 140.8 | +26.7% | 3,796.3 | -3.86% | 2.7 | 6,516.3 | -28.5% |
| 2026-07-21 | 140.7 | +24.6% | 3,864.4 | -2.17% | 2.7 | 6,747.9 | -26.0% |
| 2026-07-22 | 137.1 | +20.3% | 3,867 | -2.14% | 2.7 | 6,797.7 | -25.4% |
| 2026-07-23 | 139.4 | +17.2% | 3,876.8 | -1.93% | 2.7 | 7,096.9 | -22.1% |
| 2026-07-24 | 139.1 | +8.6% | 3,814.2 | -3.54% | 2.7 | 6,690.6 | -26.6% |
| 2026-07-27 | 142.1 | +0.9% | 3,858.2 | -2.46% | 2.7 | 6,755.8 | -25.9% |
| 2026-07-28 | 144.7 | +2.8% | 3,813.3 | -3.63% | 2.7 | 6,023.7 | -33.9% |
| 2026-07-29 | 151.1 | +10.2% | 3,828.5 | -3.28% | 2.6 | 5,663.2 | -37.9% |
| 2026-07-30 | 157.5 | +12.9% | 3,804.7 | -3.91% | 2.6 | 5,593.6 | -38.6% |
| 2026-07-31 | 156.1 | +12.2% | 3,832.3 | -3.24% | 2.6 | 6,595.4 | -27.6% |
| 2026-08-03 | 161 | +13.3% | 3,809.7 | -3.83% | 2.6 | 6,257.4 | -31.3% |
| 2026-08-04 | 159.7 | +10.4% | 3,822.3 | -3.53% | 2.6 | 6,358.9 | -30.2% |
| 2026-08-05 | 155.8 | +3.1% | 3,878.4 | -2.14% | 2.6 | 6,598.3 | -27.6% |
| 2026-08-06 | 153.3 | -2.7% | 3,900.4 | -1.62% | 2.6 | 6,296.4 | -30.9% |
| 2026-08-07 | 149.3 | -4.3% | 3,940 | -0.65% | 2.6 | 6,258.8 | -31.3% |
| 2026-08-10 | 148.1 | -8.0% | 3,966.6 | -0.02% | 2.7 | 6,299.7 | -30.9% |
| 2026-08-11 | 148 | -7.3% | 3,934.1 | -0.87% | 2.7 | 6,345.5 | -30.4% |
| 2026-08-12 | 145.5 | -6.6% | 3,946.7 | -0.59% | 2.7 | 6,579 | -27.8% |
| 2026-08-13 | 143.8 | -6.2% | 3,927 | -1.12% | 2.7 | 6,813.3 | -25.2% |
| 2026-08-14 | 143.8 | -3.7% | 3,927.2 | -1.15% | 2.7 | 6,977.9 | -23.4% |
| 2026-08-17 | 140.8 | -4.9% | 3,982.7 | +0.21% | 2.7 | — | — |
| 2026-08-18 | 139 | -6.1% | 3,990.3 | +0.36% | 2.7 | 6,869.8 | -24.6% |
| 2026-08-19 | 145.1 | -0.3% | 3,894.4 | -2.07% | 2.7 | 6,471.2 | -29.0% |
| 2026-08-20 | 145.1 | +0.9% | 3,903.7 | -1.87% | 2.7 | 6,852.6 | -24.8% |
| 2026-08-21 | 143.6 | -0.1% | 3,905.2 | -1.85% | 2.7 | 6,912.9 | -24.2% |
| 2026-08-24 | 145.5 | +3.3% | 3,882 | -2.46% | 2.6 | 6,697 | -26.5% |
| 2026-08-25 | 147.4 | +6.1% | 3,889.4 | -2.29% | 2.6 | 6,742.7 | -26.0% |
| 2026-08-26 | 145.9 | +0.6% | 3,912.5 | -1.74% | 2.6 | 6,808.2 | -25.3% |
| 2026-08-27 | 144.5 | -0.4% | 3,956.6 | -0.66% | 2.7 | 6,912.4 | -24.2% |
| 2026-08-28 | 144 | +0.3% | 3,952.2 | -0.79% | 2.7 | 6,788.9 | -25.5% |
| 2026-08-31 | 144.4 | -0.8% | 3,986.3 | +0.04% | 2.7 | 6,820 | -25.2% |
| 2026-09-01 | 143.2 | -2.8% | 3,979.9 | -0.14% | — | 6,835.8 | -25.0% |
| 2026-09-02 | — | — | — | — | — | 6,598.8 | -27.6% |
Method, sources and limits
- Why units outstanding is the right series. Secondary-market trades move an ETF's price but never its unit count; only primary-market creation and redemption do. The Shanghai Stock Exchange publishes every listed ETF's units outstanding daily, one trading day in arrears. That registry — not fund-flow estimates — is what this page reads.
- What creation does and does not prove. Creation proves someone subscribed in size. It does not by itself prove who. Attribution to state funds rests on their own public announcements and, with roughly a quarter's lag, on fund reports that name top holders. Until a report confirms a period, attribution for that period is inference, and this page labels it that way.
- Shanghai only. The Shenzhen exchange's equivalent disclosure is not currently machine-readable in our pipeline, so ChiNext ETFs (Shenzhen-listed) are absent. The watched set covers the Shanghai-listed funds named in the July 2026 announcements.
- Sources. ETF units: Shanghai Stock Exchange daily ETF share table. Margin balance: Shanghai and Shenzhen exchange daily margin disclosures. Index levels: public end-of-day quotes (SSE Composite, ChiNext reference, KOSPI). All free public disclosures, read nightly; nothing here comes from a paid feed.
- Levels are labels, not signals. The thresholds on this page (7.5% / 2% / −2% over five trading days; the 20-day and 250-day averages) are fixed descriptive cutoffs so that consecutive days can be compared. No hold rate, no forward return and no predictive value has been measured for any of them, and none is claimed. State creation has historically appeared during drawdowns — it marks where officials saw stress, not where prices stopped falling.
Educational, descriptive market statistics. Nothing on this page is investment advice, a recommendation, or a forecast. Figures are stamped to their disclosure dates; quote them with the date attached.