ETF margin financing accelerated in June as A-share turnover picked up. Wind
data show ETF margin balances on the Shanghai and Shenzhen markets reached
116.09 bln yuan as of June 30, up 5.26 bln yuan from end‑May. Semiconductor and
telecom thematic ETFs were the main recipients of new leverage, while gold ETFs
financing remains the largest single exposure, suggesting leveraged investors
are adding growth bets while keeping hedge positions.
