Since the beginning of this year, A shares have continued to fluctuate, and the roller coaster market has been staged since July. Plate acceleration rotation, as a structural market investment weapon of the stock exchange-traded index fund (ETF) ushered in a big expansion.
Data show that since the beginning of this year, 56 stock ETF have been established, the total issuance scale has doubled compared with the same period last year, and all kinds of ETF products have been expanded at the same time. No matter from the point of view of a single product or the main body of layout, the ETF market presents a situation that the strong are always strong.
Total size of stock ETF issuance
Double compared with the same period last year
Data show that according to the date of establishment, as of July 24, 56 stock ETF have been established so far this year, with a total issue size of 59.21 billion yuan. In the same period last year, 28 stock ETF were set up, with a total amount of 28.5 billion yuan, less than half of this year's.
From the perspective of sub-new stock ETF types, multi-category ETF has been expanded synchronously, and new products have been established in broad-based index ETF, industry theme ETF and factor strategy ETF.
A number of fund companies further improve the traditional broad-based index product line. Previously, the relatively unpopular CSI 800 Index has become the hot target of fund companies competing for layout this year. ICBC Credit Suisse, Bank of China, Yongwin, Jianxin, Figuo, Guangfa and other public offerings tracking the index of the ETF have been launched. Industry insiders said that in a market environment where A-share styles switch more frequently, the CSI 800 Index, which takes into account both value and growth, is better able to spread risks and meet balanced investment needs than a single style index.
It is understood that at present, among the major A-share indices, only several unpopular indices such as SSE 100,150,200,200,200,700 and Venture 300 have not yet issued relevant ETF products, and the performance of these indices is not inferior to the hot index. As the ETF tracks become increasingly crowded, the relevant ETF products may be released soon.
At the same time, as one of the main lines running through the market this year, the fine molecular field of the technology industry has become an important direction in the layout of new ETF products. Technology ETF accounts for most of the total issuance scale of stock ETF. Among them, Huaxia China Securities New Energy vehicle ETF has become the largest ETF set up this year with an initial public offering of more than 10 billion yuan, and Huaxia International Certificate Semiconductor Chip ETF ranks third with a scale of 4.916 billion. Huabao China Securities Electronics 50ETF, Guangfa Guo Zheng Semiconductor Chip ETF, Cathay Pacific China Securities New Energy vehicle ETF and other initial offerings are in the forefront.
In addition, the Yinhuazhong Securities Innovation New Pharmaceutical Industry ETF, Wells Fargo Chinese Medicine 50ETF and other pharmaceutical ETF, as well as the regional theme ETF aimed at the Greater Bay area, Zhejiang and other more developed areas have been steadily expanded.
In addition to the broad base index ETF and industry theme ETF, dividend, low volatility, high dividend, growth valuation and other factor strategies ETF emerge one after another, including South S & P China A-share dividend low-wave 50ETF, Guoshou Security National Certificate mid-market selection 88ETF, Shanxi Securities in the dividend potential ETF and so on.
ETF market
"Matthew effect" stands out
Whether it is fund companies or products, the Matthew effect of the ETF market is becoming more and more obvious. Large fund companies and pre-emptive fund companies have outstanding leading advantages. 56 newly issued stock ETF from 26 fund companies, Boshi, Wells Fargo, Cathay Pacific and other companies accounted for half of the products.
As far as ETF alone is concerned, the scale differentiation is also serious. Take CSI 500ETF as an example, 17 CSI 500ETF have been set up at present. According to the latest net worth estimate, as of July 24, CSC 500ETF in the south is the largest, nearly 40 billion yuan. Among the funds similar to its establishment time, the latest size of Huaxia CSC 500ETF is about 5.4 billion yuan, while that of Guangfa CSI 500ETF and Castrol 500ETF is 3.91 billion yuan and 2.9 billion yuan respectively. As the "latecomer" of the CSI 500ETF, the CSI 500ETF of China Finance Fund and ICBC Credit Suisse Fund is about 65 million yuan and 349 million yuan respectively, a similar situation has been shown in many mainstream broad bases, such as Shanghai and Shenzhen 300ETF, Shanghai 50 ETF and so on.
A person from a medium-sized public offering department in Shenzhen said that the full bloom of all kinds of ETF and the explosion of the new scale reflects the rapid layout of fund companies. ETF is more prone to Matthew effect than other types of fund products, because exchange-traded funds with good liquidity, large scale and large trading volume are more likely to attract institutions and large investors. With the head fund company actively issuing ETF, the product line is becoming more and more complete, and the competition in the industry is becoming more and more fierce.