GuShiio.com Fund managers: Broad-based ETFs often help with the participation of funds. In addition, institutions ‘large funds and investment managers all like to allocate, so it is easy for large shares to flow in and out.
A-share funds move: Broad-based ETFs encounter net redemption, and ETFs in industries such as robots are booming
Photo source: Visual China
Blue Whale News, February 21 (Reporter Ao Yulian)ETFs are embarking on a capital transfer: from buying a broad base even in rain and dew to accurately attacking the buying industry.
On the evening of February 20, SMIC (688981.SH) announced that it had been reduced in a placard manner, and the shareholding ratio of China Shanghai Securities Innovation Board 50ETF fell below 5%. The essential reason is that the ETF was redeemed with a large amount, and the total amount held by SMIC also declined.
Since February, 12.3 billion shares of the China SSE Science and Technology Innovation Board 50ETF have been redeemed, with a net redemption rate of 13.76%. This is not an exception. Wind data shows that 12 of the 13 SSE Science and Technology Innovation 50 ETFs in the market were sold off within a month, with a total redemption of 19.5 billion units, with a net redemption rate of 10.53%.
In fact, after the Lunar New Year, mainstream broad-based ETFs as a whole were obviously redeemed.
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505 million units of 14 China Securities 2000 ETFs (including indexed ETFs) were redeemed, with a net redemption rate of 10.65%; -
Of the 15 CSI 1000 ETFs, 2.530 billion were redeemed, with a net redemption rate of 4.95%; -
Nine GEM 50 ETFs received a net redemption of 2.638 billion, with a net redemption rate of 6.70%; -
Of the 40 Shanghai and Shenzhen 300 ETFs, 5.587 billion were redeemed, with a net redemption rate of 1.57%; -
Of the 12 SSE 50 ETFs, 656 million were net redeemed, with a net redemption rate of 1%.
Even the previously popular China Securities A500ETF experienced a net outflow of shares for the first time since its launch in September. Among the 29 listed China Securities A500 ETFs, 17.9 billion were net redeemed in the 13 trading days since February, with a net redemption rate of 6.27%.
Only E Fund and China A500 ETFs had additional funds during the month, increasing by 141 million and 66 million respectively. The other 27 were all redeemed. Among them, the largest Cathay Pacific A500ETF received the most redemption, reaching 4.020 billion units, followed by the China Merchants A500ETF, with 1.380 billion units redeemed.
Why did funds start selling A500 ETFs in February?
Some public investors analyzed to reporters that there may be three reasons: running away after returning capital, withdrawing funds to invest in growth assets, and helping to withdraw funds.
In October last year, after the first batch of China Securities A500 ETFs opened high positions, the net value has been below the face value of 1 yuan. Since February, the market has improved. Currently, 18 companies have a face value above 1 yuan. Some funds have stopped making profits in time, and it is a common mentality after recovering the capital.
In addition, many interviewees also mentioned helping to withdraw funds. The scale of the establishment of the A500ETF has set off a scale competition, and now it may involve the withdrawal of institutional impulse funds when due.
“It cannot be ruled out that the A500ETF helped withdraw funds, and some may have gone to help the Science and Technology Innovation Composite Index. rdquo; An ETF fund manager disclosed to reporters.
The above-mentioned fund manager said that because broad-based ETFs often involve helping funds, and because institutions ‘large funds and investment managers like to allocate broad-based ETFs, there is no mistake, so funds are easy to enter and exit in large quantities, and the share is unstable.
According to data from the Shanghai and Shenzhen Stock Exchanges, stock ETFs were sold off for nine consecutive trading days after the Lunar New Year opened. There was no small net inflow until February 18, but the broad base was still net outflow that day.
In the early days of the 924 market, the market generally rose, and buying broad-based ETFs with rain and dew could absorb the increase. Nowadays, the A-share market has shifted from general growth to divergence, and the flow of funds has also begun to change, either to imaginative robot ETFs and artificial intelligence ETFs, or to bottom-up dividends and medicines.
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The net inflow of 7 robot ETFs was 2.834 billion, an increase of 30.35% from the beginning of the month; -
The net subscription of 10 artificial intelligence ETFs was 4.620 billion, an increase of 26.86% from the beginning of the month.
Although the robot index rose 20% in the month and the artificial intelligence index rose 25%, funds are still pouring in.
At the same time, ETF’s rational bottom-hunting behavior still exists. For example, after dividend-related ETFs started a volatile correction in October, funds began to fall more and more. They have been buying net for four consecutive months. Since February, the net inflow of related ETFs has been 3.913 billion; in addition, 18 innovative drug ETFs have also received a net subscription of 3.998 billion.
As a tool for real-time trading, ETFs are obviously logically differentiated in investment behavior. Some people pursue concepts and do short-term, while others copy the bottom and do long-term.
In fact, the rotation of industry ETFs and broad-based ETFs takes time and effort, and institutions generally recommend core satellite strategies to balance the two.
For example, if the risk appetite is slightly higher, you can use the core broad-base ETF (such as the Shanghai and Shenzhen 300ETF) as the core and allocate 60%-90%, and the highly flexible broad-base ETF (such as the China Securities 1000ETF) and industry ETF as the satellite and allocate 10%-40%. If risk appetite is low, you can use bond ETFs as the core, and core broad-base ETFs and gold ETFs as satellites.
