**: Brokerage China.
In the first month or so of the year, some investors have been "sweeping" ETFs.
On February 2, ** ETF "attracted gold" in a single day, with a net inflow of up to 55 billion yuan, and only the CSI 300 ETF under the four ETF "big factories" of Huatai Berry, Huaxia, Harvest and E Fund attracted 32.9 billion yuan.
As of February 2, the share of ETFs for the year 2024 reached 21 trillion copies, an increase of 626%；The average daily turnover of ETFs reached 153.4 billion yuan, an increase of 1285%。Among them, the broad-based ETF represented by the CSI 300 ETF is the main product of this round of "sweeping".
However, judging from the current situation, the performance of many ETFs that have been "**" is not optimistic. Some people in the industry also reminded investors that although ETFs are a good "starting point", relevant operations should still pay attention to risk diversification and maintain rational investment.
Investors continue to "sweep" broad-based ETFs
Recently, due to the continuous influx of funds in the equity market, ETFs have become the preferred tool for funds. In January 2024, **-type ETFs attracted more than 150 billion yuan of capital inflows, especially broad-based ETF products that track indices such as CSI 300, SSE 50, ChiNext Index, and STAR 50, which have attracted the attention of investors.
Specifically, E Fund CSI 300 ETF has increased its position the most, with a share increase of more than 26 billion shares since the beginning of the year, and a share change rate of 895%, the current share of ** is about 5522.2 billion copies, with an estimated size of about 8566.1 billion yuan. It was followed by the Huatai Pineapple CSI 300 ETF at 114The share growth of 300 million ranked second, and the share change rate was 3053%, the current share of the ** is about 4887.4 billion copies, with an estimated size of about 1552$1.9 billion. The Harvest CSI 300 ETF is priced at 98The share growth of 4.8 billion ranked third, with a share change rate of about 8493%, * The current share is about 2144.3 billion copies, with an estimated size of 7080.6 billion yuan.
In addition to the above three CSI 300 ETFs, there are a number of other broad-based index ETFs that have also received great attention from investors. According to the data, ChinaAMC SSE 50 ETF, E Fund ChiNext ETF, and ChinaAMC Science and Technology Innovation 50 ETF are being actively adopted by investors. Among them, the AUM scale of ChinaAMC SSE 50 ETF as of February 2 was 9912.5 billion yuan, only one month at the beginning of the year, the new scale exceeded 18.8 billion yuan.
In addition to mainstream synthetic indices, a number of ETFs that track niche indices and specific themes have also gained traction among investors and are rapidly climbing in size, including some newer ETF products. One example is the Invesco Great Wall Nasdaq Technology ETF, which has grown rapidly since its inception in July 2023. At the end of the third quarter of 2023, the scale of this ** is only 6200 million yuan; As of February 1 this year, the scale has surged to 623.6 billion yuan, a 10-fold increase in scale. Similarly, the scale of Huatai Pinebridge Dividend Low Volatility ETF has also achieved a significant increase. As of February 2, its size reached 569.1 billion yuan, a record high since its issuance. At the end of 2023, the size of the ** will be only 25$2.8 billion.
Representative products are actively traded.
With the rise of **, the trading volume of representative ETFs continues to climb. On January 18, the single-day turnover of Huatai Pineapple CSI 300 ETF exceeded 15 billion yuan, ranking second in history, surpassing 11 billion yuan on August 28, 2023, and second only to 19.9 billion yuan on July 6, 2015.
In addition to Huatai Pineapple CSI 300 ETF, the other three mainstream ETFs tracking the CSI 300 Index are also actively traded, among them, Harvest CSI 300 ETF, E Fund CSI 300 ETF and ChinaAMC CSI 300 ETF have daily turnover of 5.9 billion yuan, 5.7 billion yuan and 4.4 billion yuan respectively, and the total single-day turnover of these four ETFs has exceeded 30 billion yuan.
In the face of the hot trading of CSI 300 ETF, Liu Jun, assistant general manager and director of the index investment department of Huatai Berry, believes that considering the policy side, the level of valuation and the market's reaction to the differentiation of large and small market capitalization, at the current point in time, some situations are not clear but the market has expectations, and the related products represented by the CSI 300 are worthy of market attention.
In recent years, the total turnover of the ETF market has continued to grow. According to the data, in 2023, the total turnover of ETFs will exceed 20 trillion yuan, accounting for nearly 10% of the total turnover of the A** market. China Merchants Research Institute believes that in the downward environment of the A**market** in 2023, ETFs can play the role of lubricants and stabilizers in the market.
It is worth mentioning that most of the ETFs that have been actively traded recently are mature products that have been issued for many years. This means that ETFs are less reliant on the "initial launch effect" than active equity**. According to the data of China Merchants ** Research Institute, if the scale increment of various types of ETFs in 2023 is disassembled, the scale increment of broad-based ETFs in 2023 will take the lead, with a total increase of 287.4 billion yuan. 57 billion yuan of the incremental scale came from the issuance of new products, and the remaining 230.4 billion yuan were contributed by the net ** and net value changes of investors after the issuance.
Open positions in batches to diversify risks.
However, while a lot of money is pouring into the ETF market in search of investment opportunities, not all ETFs have performed impressively.
Brokerage China reporters noticed that the performance of some ETFs was relatively flat due to the impact of **. For example, with the CSI 300 Index**733%, and many CSI 300 ETFs that are the focus of funds have also fallen by about 7%; SSE 50 Index**418%, causing ChinaAMC SSE 50 ETF to close down 369%。Against this backdrop, only a few ETFs have achieved positive growth, such as Invesco Great Wall Nasdaq Technology ETF and Huatai Pineapple Dividend Low Volatility ETF, respectively**998% and 372%。
In this case, some ETFs have experienced a contrarian decline in the relative share of scale. Taking ChinaAMC Science and Technology Innovation 50 ETF as an example, although the share of the ** increased by 4.2 billion yuan, the management scale as of February 2 was 7658.8 billion yuan, compared to 933.3 billion yuan under management at the end of 20237.8 billion yuan.
At the beginning of last year, ETFs were also used by investors as a tool product to chase hot spots. The data shows that in January last year, investors also had a large number of ETF products with the themes of real estate, chips, insurance and alcohol. However, the subsequent earnings of many products did not meet expectations. For example, last year's Penghua CSI Liquor ETF, which was sharply **, closed down 1870%。
Wu Yanni, a senior evaluator, said that since the beginning of this year, under the leadership of the "national team", the growth slope of ETF shares tracking the CSI 300 Index has been the fastest in history, and it has continued to grow significantly after three consecutive years of growth, reflecting the full confidence of institutional investors in the world. She believes that in the long run, ETF products are in line with the general trend of passive investment and low-fee investment; In the short term, ETFs also have a "place to play" in the environment of market bottoming. She suggested that investors can build positions in batches of undervalued varieties and maintain a rational investment attitude towards QDII-ETFs with high premiums on the market.