Yesterday, in a burst of laughter, a new history was ignored by everyone, since August 7, 2023, after the scale of Huatai Barry CSI 300 ETF exceeded 100 billionOn February 6, 2024, ChinaAMC SSE 50 ETF finally became the second ETF with a scale of more than 100 billion.
Many people may not know that at the beginning of 2022, when the ETF attention was not so high, the SSE 50 ETF with the largest scale was still 69.1 billion, and the CSI 300 ETF ranked second was only 56.8 billion.
It wasn't until the end of 22 that the CSI 300 ETF began to overtake, and in 23 years, it grew at a rate like an open listing, and the gap with the second place is getting bigger and bigger, and the scale has exceeded 160 billion yesterday! At this rate, it feels like this year is going to witness history again, with a 200 billion ETF appearing.
This chart is the top 10 ETFs as of February 6, and the ** above is the ranking change of the top 10 in the past year.
Last year, basically no one questioned the possibility of the scale of the Science and Technology Innovation 50 ETF exceeding 100 billion, and I suspect that when the share exceeded 100 billion, the good news of the scale exceeding 100 billion was made. As a result, the peak of the scale is fixed at 98.3 billion on September 4, 2023, which is indeed only one step away from 100 billion.
Due to the blessing of the national team, the scale of the SSE 50 ETF has been soaring since 24 years, and finally overtook it on January 22 to become the second largest ETF. Due to the continuous net value of the Science and Technology Innovation 50 ETF, the scale has also fallen from one person last year to the fifth place on February 6.
Changes in net value and shares will affect the scale, and the primary and secondary markets can affect the net value, but the change in shares is only determined by the redemption of the primary market.
As mentioned before, the threshold for applying for and redeeming ETFs in the primary market is very high, and only institutions and large investors can participate. Therefore, the recognition of professional investors for tracking the index determines the increase or decrease of the product share.
Why did the STAR 50 ETF fail to break through the 100 billion mark, we can compare the valuation levels of the SSE 50 and CSI 300 in the past year.
The chart shows the fluctuations of the price-earnings ratios of the three indices in the past year, and it can be seen that the valuation levels of the SSE 50 and CSI 300 are relatively stable, with the SSE 50 fluctuating around 9-10 times and the CSI 300 fluctuating around 10-12 times.
The elasticity of the STAR 50 is significantly larger, fluctuating around 36-46 times.
As a result, 65 institutions will disclose CSI 300 ETFs in their 2023 interim reports36%, and the SSE 50 ETF is 6873%, and only 3601%。Due to the blessing of the national team, after the disclosure of the 23 annual report, the proportion of the first two institutions may be further increased.
The entry of the national team has had a great impact on the ETF landscape, and the share of CSI 300, SSE 50, CSI 500, CSI 1000 and ChiNext products has increased significantly.
E Fund CSI 300 ETF, which benefited the most, had a scale of only 16.6 billion at the beginning of 23, ranking tenth. Who would have thought that now Bu Bu Si is about to become the third product with a scale of more than 100 billion!
It's really good luck and luck, just as the national team can't do it in the secondary market. When it comes to the ETF market, it has obviously become the most powerful thigh, and the fate of the products that catch this wave of wealth and wealth has been directly changed.
As the favorite allocation direction of individual investors, the scale of the Science and Technology Innovation 50 is still following the ups and downs of the market. However, I believe that the National Games and the Science and Technology Innovation 50 will definitely wait for the day when they will be heavily held by institutions.