TREE NEWS reports: More than 140 private funds appeared among the top ten holders of nearly 200 ETFs listed in 2025, holding over 2.2 billion shares combined as of September 20. Hong Kong Stock Connect and STAR Market thematic ETFs drew the heaviest buying. Industry participants expect the market’s structural rally to shift toward earnings realization, with opportunities broadening across sectors and individual stocks.
Over 140 Private Funds Hold 2.2B Shares in Nearly 200 ETFs
AI take
The concentration of private-fund ownership in thematic ETFs tied to Hong Kong and STAR Market exposure suggests institutional positioning is now a meaningful force in these vehicles' holder bases, which matters for liquidity and flow dynamics. The stated expectation of a shift from structural rally to earnings realization implies the next phase rewards stock selection over broad beta. Whether private funds rotate out of these ETF positions or deepen them as earnings confirm is the open question worth tracking.
Generated by AI for reference only.
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