In recent years, ETF has maintained a rapid development trend. As of the end of November, the total size of ETF has exceeded 1 trillion yuan, a record high, with an increase of more than 300 billion yuan compared with the end of last year, according to Oriental Wealth choice. Among them, the scale of equity ETFs was 775.4 billion yuan, an increase of 166.7 billion yuan compared with the end of last year.
At the same time, the scale of ETF in some industries has also leapt. For example, the latest scale of Cathay Pacific Securities ETF was 39.131 billion yuan, an increase of 25.163 billion yuan compared with the end of last year, ranking among the top three stock type ETFs for the first time. In addition, the ETF scale of Huaxia chip ETF, Huabao securities company ETF, Huaxia 5getf and other industries is more than 20 billion yuan.
This year, many new ETFs have also been snapped up. Taking Kechuang 50ETF as an example, Kechuang 50ETF of four fund companies including Huaxia, e-fund, ICBC Credit Suisse and Huatai Bairui were all sold out on one day, with a total of more than 100 billion yuan. Among them, Huaxia Kechuang 50 ETF raised more than 45 billion yuan in a single day, breaking the record of the highest initial subscription scale of ETF.
It is worth mentioning that the enthusiasm of individual investors to subscribe is high. According to statistics, the total number of 4 Kechuang 50ETF holders exceeded 1.7 million, and individual investors became the main force. Specifically, the proportion of shares held by individual investors of e-fund Kechuang 50ETF, Huaxia Kechuang 50ETF and ICBC Credit Suisse Kechuang 50ef accounted for more than 90% of the shares of listed trading funds.
From the trend of scale change in recent years, we can see the signs of the rapid rise of Chinas index investment. In addition to institutional investors, more and more individual investors begin to invest in index, which indicates that Chinas index fund is ushering in a historic development opportunity Zheng Fushi, vice president of China Securities Investment Fund Association, said.
Cold thinking on blowout growth
Behind the popularity of ETF is the calm and rational attitude of the regulators to the development of the whole market.
The guidelines mainly strengthen the professional competence requirements of fund managers, strengthen the quality management of the underlying index, and put forward clear requirements for index component bonds and compilation institutions; regulate the investment operation of index funds, require fund managers to strengthen the participation of index funds in the management of non component bonds investment, and improve the emergency adjustment mechanism for major negative events of component bonds; and clarify that fund managers should strengthen ETF Subscription, listing and feeder fund management shall ensure that the interests of fund unitholders are given priority and all kinds of investors are treated fairly.
In the view of many industry insiders, index funds have become an important asset allocation tool and an important participation force in the capital market. The promulgation of the guidelines is conducive to the long-term development of ETF industry.
At present, the homogenization competition of ETF is intensifying, and the regulatory authorities have also noticed this problem. Therefore, the guidelines have been issued, hoping that index investment can develop more healthily and achieve high-quality development. Ye Wu, deputy general manager of Shanghai Stock Exchange product innovation center, said.
Zhou Guoyou, director of the fund management department of Shenzhen Stock Exchange, said that the guidelines have standardized the index design level, requiring certain verification of the stability, dispersion and liquidity of products in the operation process, which further standardizes index products and strengthens investor protection.
So, how should institutions grasp the general trend of index investment and promote the steady and healthy development of the industry?
Zhou Xiaoming, deputy general manager of Tianhong fund, said: on the one hand, ETF is an important carrier for long-term capital to enter the market, and investors can share the development dividend of equity market by investing in ETF. On the other hand, the current industry theme ETF performance is relatively bright, due to the difficulty of individual stock investment, many mature investors take it as a substitute for stock speculation.
This requires us to develop products comprehensively and multilayered according to the needs of different customers, so as to have the power of subsequent development. If ETF is limited to the development of the industry theme, it is bound to face the problems of market fluctuation and inadequate customer base in the future, so each asset class has its product value. Zhou Xiaoming said.
Zhang Wei, assistant to the general manager of Cathay Pacific Fund Management Co., Ltd., believes that in the past, ETF product design may be more in the point, that is, to seize the market stage hot spots, but also should be connected into a line. He explained that it is a general trend for bank financial management funds to enter the capital market. In the future, the proportion of institutional investors will be higher and higher, so we should provide a wealth of tool products for institutional investors to allocate. To be specific, there should be not only strategic allocation value type ETF suitable for long-term holding, but also tactical allocation type ETF, which can disperse risks and reduce correlation.
Zheng Fushi suggested that institutions should seize the opportunity of great development of index investment: first, do a good job in the design and planning of index products, deeply study the market and investor demand, carry out index product research and development according to its own strategic positioning and investment advantages, and not blindly issue index products for the purpose of pursuing market hot spots. Second, we should firmly adhere to the bottom line of risk, maintain the safe operation of the investment and operation system, avoid the occurrence of risk events, and effectively protect the interests of investors. Third, we should improve the talent echelon structure, strengthen the moral and cultural construction of employees, create a dedicated, practical and dedicated investment and research team, and improve the professionalism of index investment. Fourth, actively carry out investor education to help them establish the correct understanding of index products, and further cultivate the concept of long-term investment and value investment.
Source: Ren Hui, editor in charge of Shanghai Securities News_ NBJ9607