Nearly one month, institutional subscriptionETFThe heat is not reduced. At present, the overall scale of the equity ETF has stood at a threshold of 300 billion yuan, of which the size of the stock ETF has soared by 24.4 billion. At the same time, the enhanced index fund was “disgusted” by the organization due to poor performance.
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Stock ETFs soared 24.4 billion copies
Since the beginning of this year, the A-share market has continued to break ground, but some institutions have actively reversed the configuration of ETFs, among which stock ETFs are particularly popular. In the third quarter, various funds including insurance, securities, Huijin, and social security were purchased against the market.SSE 50,Shanghai and Shenzhen 300, CSI 100, GEM and many other ETFs.
Relevant data show that as of November 7, the 142 equity ETFs in the whole market were 303.966 billion yuan, standing at a threshold of 300 billion yuan. It is worth noting that in the past month, the stock ETF has soared by 24.42 billion shares in various funds.
In the past month, the better-performing GEM ETF has been favored by many funds. Huaan GEM 50 ETF, E Fund ETF and Guangfa GEM ETF are all subject to large net purchases. According to the exchange data, the Huaan GEM 50 ETF only received 1.415 billion net purchases on the 5th of November. The fund's share surged nearly 70 times during the year and exceeded 20 billion, making it the largest ETF in the market.
A large public fund manager in Beijing said that there were two main reasons for the surge in ETF share in the past month: on the one hand, the current valuation of A-shares continued to decrease, and the valuations of major indices such as SSE 50, CSI 300 and CSI 500 were all Entering the historical low position, it shows a high investment cost performance, and the long-term configuration demand of various investors rises. On the other hand, the current A-share market has a large number of stocks. It is difficult for investors to choose stocks, and the risk of holding a single stock is relatively high. ETF and other index products are portfolio investments. Buying more than one stock in a basket can effectively diversify investment risks. .
Reflection behind the skyrocketing scale
The same fund that tracks the index, why does the institution madly sweep the passive index fund ETF instead of the enhanced index fund?
The industry believes that insurance-based large-scale factory ETF is one of the main reasons for its rapid growth. Insurance companies are better at asset allocation, which places more emphasis on the security of asset allocation. Enhanced index funds have an actively managed alpha risk. In contrast, passive index funds are more in line with the allocation of insurance funds. At the same time, as a configuration tool, ETFs also have the advantages of low cost and good liquidity.
“The first is that the ETF tracking index is more efficient and the tracking deviation is smaller. At present, most of the enhanced index fund returns are not ideal. Second, the ETF transaction is more efficient. The ETF can directly trade in the secondary market, enhancingIndex fundCan only apply for redemption on the off-site, management fees and redemption fees are higher. Third, the market style changes rapidly, and individual stock investment is difficult. Fourth, as A-shares are included in the MSCI index and foreign capital is stationed, the proportion of institutional investors is increasing, and the allocation requirements of ETFs are also growing. ”Debon FundWang Qunhang, head of FOF, said.
On the other hand, the active investment capacity of the enhanced index fund is not optimistic and the agency has chosen the passive index fund. The fund manager of a large public fundraising investment department in Beijing even confessed that the performance of most of the enhanced index funds was not satisfactory, and the lack of balance between performance and scale was the reason for hindering its development.
The data shows that since the beginning of this year, the overall performance of 103 index-enhancing funds in the market has lost an average of 17.9%, and 25% of the index funds have even underperformed the benchmark rate of return. At present, the largest scale of the enhanced index fund is Huatai Bairui, followed by the Invesco Great Wall, and other companies are smaller.
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The agency chose the passive index fund because of concerns about the active management ability of the index fund, and the ETF obtained huge funds.Net inflowAnd released a certain positive effect for the market. But behind this, when the market adjustment is large, how to obtain active management income and investor trust is also a problem worthy of attention.
|Fund code||Fund abbreviation||Unit net value||Handling fee||operating|
|460300||Huatai Bairui CSI 300ETF connection A||1.26||1.00% 0.10%||buy Account opening|
|110026||E Fund Access Co., Ltd. ETF Connection A||1.40||1.20% 0.12%||buy Account opening|
|160119||Southern CSI 500ETF Connection A||1.12||1.20% 0.12%||buy Account opening|
|001051||China SSE 50ETF Connection A||0.86||1.20% 0.12%||buy Account opening|
|160420||Huaan GEM 50 Index Classification||0.89||1.20% 0.12%||buy Account opening|
(Article source: Shanghai Securities News)