Summary of the report:
Yi Fangda China Securities overseas Interconnection ETF (513050.SH) is a passive index fund owned by Yi Fangda Fund Management Co., Ltd., which closely tracks the CSI overseas China Internet 50 Index by adopting portfolio replication strategy and appropriate alternative strategy, and has similar risk-return characteristics to the underlying index. The assets of the index constituent stocks and alternative constituent stocks for which the fund invests shall not be less than 90% of the net asset value of the fund and not less than 80% of the non-cash fund assets.
The benchmark of performance comparison is: CSI overseas China Internet 50 Index. The current fund managers are Ms. Yu Haiyan and Mr. Fan Bing.
The CSI overseas China Internet 50 Index selects 50 Chinese Internet companies listed on overseas exchanges as sample stocks and uses the weighted calculation of free circulation market value to reflect the investment opportunities of well-known Chinese Internet companies listed on overseas exchanges. The fund mainly adopts the complete replication method to invest, that is, it constructs the stock investment portfolio with reference to the composition and weight of the CSI overseas China Internet 50 Index, and adjusts the stock investment portfolio accordingly according to the composition and weight changes of the CSI overseas China Internet 50 Index. When the lack of market liquidity makes it impossible for the fund to be combined according to the composition and weight of the index, the fund will be replaced by investing in derivatives of other component stocks, non-constituent stocks and constituent stocks. The target tracking error of the fund is less than 3%.
From a top-down perspective, the current overall global economic recovery, which is particularly good for emerging markets, the release of demographic and policy dividends and economic recovery continue to push emerging market stocks higher and attract capital inflows. The most representative emerging market is the Chinese market in Greater China, in which the subdivided industries in line with the future development direction of the new economy are the most promising, and these industries generally show the trend of the strong. Interconnected stocks, especially companies such as BABA, Tencent, JD.com and NetEase, Inc, have become leaders in China's Internet technology industry or segments; the enterprises in China have built a brand moat, further reflecting the leading effect, and are expected to continue to strengthen.
Investment suggestion: Yi Fang Da China Securities overseas interconnected ETF is a passive index fund with similar risk-return characteristics to the underlying index, and the expected risk and return level is higher than that of mixed funds, bond funds and money market funds. Investors with certain risk tolerance are recommended to subscribe.
Risk hint: the fund invests in overseas markets, the influencing factors are more complex, including economic development, policy changes and other factors will affect the rise and fall of the net value of the fund. In addition, the overseas securities market in which the fund mainly invests has no upper and lower limits on daily securities trading prices, which may lead to a sharp decline in the market and an increase in investment risk.