Recently, the previously "quickly approved" enhanced ETFs have been launched one after another, with the shortest release time of only 5 days. Many institutions said that the enhancement strategy ETF basically covers mainstream broad-based indexes, providing investors with more abundant on-site tools for configuring index enhanced fund .
Since the second half of this year, stock ETF funds have been very active. Statistics show that as of October 31, the net inflow of A-share stock ETF funds exceeded 100 billion yuan since July. With the continuous net inflow of funds and the frequent "new products", the proportion of stock ETF holding market value to A-share circulating market value hit a new high at the end of the third quarter.
stock ETF allocation value highlights
According to Galaxy Securities statistics, as of October 31, the net inflow of A-share stock ETF funds has reached 103.388 billion yuan since July. Among them, in September, when the market pulled back to , the net inflow of funds reached 60.054 billion yuan, and the net inflow of funds reached 30.879 billion yuan in October.
Specifically, the broad-based index ETF is the most valuable, tracking the ETF of Shanghai and Shenzhen 300 Index net capital inflows of 13.851 billion yuan in September, and the net capital inflow in October was 6.539 billion yuan; tracking the ETF of CSI 500 Index net capital inflows of 7.925 billion yuan in September, and the net capital inflow in October was 2.924 billion yuan.
It is worth noting that the proportion of stock ETFs holding Shanghai and Shenzhen A-share market value has reached a new high. According to statistics from Galaxy Securities, as of the end of the third quarter of 2022, the stock ETFs under Galaxy Securities Fund classification held a market value of 900.405 billion yuan, accounting for 1.47% of the Shanghai and Shenzhen A-share circulation market. At the end of the second quarter of 2015, the shareholding value of stock ETFs accounted for only 0.37% of the Shanghai and Shenzhen A-share market.
Galaxy Securities said that in recent years, stock ETFs have received more and more attention as active trading varieties in the secondary market, and their share has increased significantly during the stock market fluctuations and adjustments, reflecting their value as an important allocation tool.
multiple enhanced ETFs were successively released
. Recently, many products were released for sale, including Jiashi GEM enhancement strategy ETF, Yinhua CSI 1000 enhancement strategy ETF, Huatai-Prudential CSI 1000 enhancement strategy ETF, Penghua Shanghai Stock Exchange Science and Technology Innovation Board 50 component enhancement strategy ETF, China Merchants CSI 1000 enhancement strategy ETF and other products were released for sale announcements.
CSI 1000 Enhanced Strategy ETF has been launched on publicly from November 9, only 13 days after its product was approved. The other enhancement ETFs are issued starting from November 14, and the fundraising period ranges from 5 to 12 days. The shortest fundraising period are the Jiashi ChiNext Enhanced Strategy ETF and the Yinhua CSI 1000 Enhanced Strategy ETF, which are only issued for 5 days.
Among them, the upper limit of the first fundraising scale of three products, including Yinhua CSI 1000 Enhanced Strategy ETF, Penghua Shanghai Stock Exchange Science and Technology Innovation Board 50 Component Enhanced Strategy ETF, and China Merchants CSI 1000 Enhanced Strategy ETF, are 1.5 billion yuan, 2 billion yuan and 3 billion yuan respectively.
It is understood that several enhancement strategy ETFs released this time are the second batch of enhancement strategy ETFs after the first batch of five enhancement strategy ETF products in November last year. In addition, there are many approved products that have not yet been released for sale.
Since the beginning of this year, innovative ETFs such as index-enhanced ETFs have been successively "new" and major fund companies are rushing to make plans. Regarding this phenomenon, a quantitative fund manager of a public fund in Beijing said: "At present, fund managers are exploring innovation directions. This is a manifestation of the healthy development of the industry. New products fill the gap in investment tool varieties in the market and provide investors with new tools."
differentiated breakthrough direction
Huitianfu Fund said that under the fierce competition in the traditional ETF market, fund managers try to provide convenient investment tools with active management services, which may become the differentiated breakthrough direction of the ETF market.
It is understood that index enhancement ETF refers to in-party trading products using index enhancement strategies. This type of product combines index enhancement funds and ETF trading models. On the basis of following the index, it actively exerts the fund manager's ability to actively invest and research, and enhances the returns of products such as position allocation and stock selection, which is an active management ETF.
Fufacturing Fund said that in addition to the beta returns of the underlying index, enhanced strategy ETFs also pursue active management of the generated alpha returns.
GF Fund believes that the second batch of enhanced strategy ETFs have further enriched the tracking index targets. For passive broad-based products with larger scale and active trading volume in the ETF market, enhanced strategy ETFs have basically achieved the coverage of corresponding indexes, providing investors with more abundant on-site tools for allocating index-enhanced funds.
Boshi Fund believes that compared with ordinary index enhanced funds, enhanced ETF management fees and custody fees are generally lower, which can significantly reduce investor costs; in addition, enhanced ETFs disclose holdings in the subscription and redemption list announced on each trading day, which is conducive to investors to timely grasp the information of the investment target.
Edited by: Yu Hongbo
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