Coal ETF, steel ETF, energy ETF, material ETF. ETF of these industries occupies the top position in ETF's earnings ranking so far this year. Among them, coal ETF once became the first ETF to double this year. These instrumental fund products are becoming the "protagonists" of the structural market.
Around these industries ETF, no matter from the public offering fund industry or from the investor point of view, there have always been different voices. For example, with the surge in demand for tool fund products, fund companies will actively layout ETF, especially the industry ETF;. For example, the volatility of industry ETF is too large, sometimes even more than stock volatility, and the holding experience needs to be improved. However, it is undeniable that ETF products, including industry ETF, have become important participants in the market.
The ETF performance of the industry is eye-catching.
As of September 16, coal ETF topped the earnings list of equity ETF with a yield of 98.02 per cent, followed by steel ETF with an increase of 83.78 per cent over the same period, while commodity ETF ranked third with a rise of 75.01 per cent, according to Wind. It can be seen that in the earnings list of stock-based ETF, the industry ETF is at the top of the list.
However, the industry ETF "the road to the king" is not an easy road. Take coal ETF as an example, benefiting from the super boom of the coal industry, investment tools in this industry are favored by investors. Cheng Wenxiang, a researcher with Tonglian data, pointed out that coal prices have risen sharply in recent days, and prices continue to set new record highs. Under the mismatch between supply and demand, coal supply falls short of demand, which in turn pushes up the prices of thermal coal and double coke, and coal stocks also fall to a low level. Coal ETF rose 3.35 per cent in the first quarter and 20.49 per cent in the second quarter; since the third quarter, the fund has risen 59.02 per cent as of September 16. The chip ETF, which is rooted in the star track, is up 24.51 per cent so far this year.
The effect of making money appears.
The profit-making effect of industry ETF has attracted many investors. Statistics show that the share of coal ETF has increased by 906 million so far this year, with a change rate of 199.30%, while that of iron and steel ETF has increased by 724 million so far this year, with a share change rate of 359.79%. Of course, such share changes are also in line with the market. The total number of coal ETF at the end of the first quarter was 234 million, a decrease of 221 million compared with the end of last year; in the second quarter, the fund share soared by 338 million to 572 million; and since the third quarter, it has increased sharply by 789 million to 1.361 billion. The share of Iron and Steel ETF increased by 105 million to 306 million in the first quarter, 400 million to 706 million in the second quarter, and 219 million to 925 million in the third quarter. In other words, the pace of investors entering the market is highly consistent with the rising and falling trend of the fund.
Let's take a look at the chip ETF. In the first quarter, the fund's share fell by 1.203 billion to 18.369 billion. In the second quarter, the fund's share decreased by 8.063 billion. Since the third quarter, it has increased slightly by 100 million, and has decreased by 9.185 billion so far this year. Combined with the trend of the fund, most of the investors choose to "run away" at the time of rising.
Take coal ETF as an example, the fund semi-annual report shows that among the holders of coal ETF linked funds, institutional investors account for 33.00% and individual investors account for 67.00%. Individual investors should be the main beneficiaries of the rise in coal ETF.
However, it seems rare in ETF for individual investors to be able to handle it easily. In the investor discussion area of a chip semiconductor industry ETF, many messages lamented that ETF fluctuated more than the general stock, and their investment income went up and down a few times, riding a "roller coaster".
Reflect the change of market sentiment
In view of the situation that the holding experience of investors on the industry ETF needs to be improved, people in the industry have also put forward suggestions. "the volatility of industry ETF will not be small, especially when there are major changes in some growing industries or traditional industries, ETF based on these industries will be very volatile. And many institutions and individuals use ETF as a tool for short-term operation, so it will centrally and violently reflect the changes in market sentiment. " Said the head of the index investment department of a fund company.
In addition, some people in the industry have put forward different views on some phenomena in the development of industry ETF. "ETF is essentially an instrumental product, in which the role of fund managers is not active research and judgment, active adjustment. But now, many ETF fund managers with the short-term trend of the industry and plate forecast the market, guide investors to apply for redemption, this kind of phenomenon needs the correct guidance of regulatory authorities. " Said the fund manager of a fund company in Beijing.
At present, ETF, including industry ETF, has become an important participant in the market. As of Sept. 16, the market capitalization of the SSE fund market totaled 1.081687 trillion yuan, and the trading volume totaled 70.707 billion yuan on Sept. 16, according to data from the Shanghai Stock Exchange. The total number of all kinds of ETF is 371, with a total market capitalization of 1.076204 trillion yuan. Among them, there are a total of 286 stock ETF, with a total market capitalization of 579.286 billion yuan.