[Introduction]p>
China Fund reporter Zhang Ling
Since the beginning of the ETF market, many "giants with a giant of more than 100 billion yuan have been born.Product.However, while the distribution market continues to be hot and multiple products are recruited in advance, the ETF market differentiation is increasing, and the number of ETF products clearing during the year increases by 31%year -on -year.
Industry insiders believe that industry competition is intensified and product homogeneity and other factors have caused the ETF market to differentiate. From the perspective of the fund companyInnovation and other aspects have worked hard to continuously enhance the attractiveness of the product.
Multi -product is raised in advance
The number of liquidation products increased by 31%year -on -year
Recently, the ETF distribution market has continued to become hot.Following CSI A500 series products under the CSS of many companies such as Castle, Cathay Pacific, Boshi, Huaxia Fund, etc., on November 13, Huitianfu Fund also issued an announcement to announce that its CSI A500ETF ended in advance.The original release date is from November 7th to November 15th, and the raising limit is 2 billion copies.
The scale of the release of the CSI A500ETF products that have been issued is also growing.As of November 12, Cathay CSI A500ETF, Jingshun Great Wall CSI A500ETF, CSI A500ETF Wells Country, China Merchants CSI A500ETF and other products have exceeded 10 billion yuan.
But on the other hand, many cases of ETF products fail or liquidation during the year.According to Wind data, as of November 12, there were 40 ETF products that failed and liquidated during the year (only the initial fund, the same below).
Specifically, there are two ETFs that have failed to issue.fail.The number of ETF products cleared during the year was 38, an increase of 31%year -on -year. Among them, the ETFs of the liquidation were mainly industry -themed products, involving consumer electronics, non -ferrous metals, low -carbon economies, smart electric vehicles, etc.
Multiple factors leadWang Tieniu, director of the Evaluation Center, said that on the one hand, the problem of homogeneity is caused by the problem of homogeneity. Due to the acceleration of ETF products in the past two years, while some fund companies are layout of broad -foundation ETFs, while some subdivided themes and industry ETFs are also scrambling to lay out the layout.Essence
"Because a large number of similar products appear in the market in a short period of time, some ETF products do not have competitive advantages in the distribution, promotion, and operation of some ETF products.Wang Tieniu said.
On the other hand, due to the exacerbation of the Matthew effect, the market has polarized.Wang Tieniu believes that the strong is Hengqiang.Fund companies at the head and some ETF products with large -scale and good liquidity are more vulnerable to market attention.Some of the relatively small scale, including some relatively unpopular industries ETF, are in a marginalized state due to lack of liquidity or low attention.
Sun Guiping, a senior analyst of the Shanghai Securities Fund Evaluation Research Center, analyzed that first of all, the overall growth of the ETF market this year mainly comes from the broad -based ETF. At present, the scale of the market exceeds 100 billion yuanETFs are also wide -based ETFs.The industry theme ETF has not increased much, and the number of quantities has increased significantly since this year. With the intensified market competition, it is easy to lead to the appearance and even liquidation of mini -fund.
Second, the characteristics of ETF products are easily differentiated.Sun Guiping said that ETF generally adopts a complete copy strategy. ETF performance of the same tracking index is often not much different. The scale and liquidity of ETF are easy to promote each other, resulting in a differentiation phenomenon, resulting in the appearance of mini ETFs.In the case, the fund company will liquidate the mini fund and configure the resources to other products.>
As "ETFs get the world" gradually become an industry consensus, interviewees believe that with the increasing competition between the ETF market, fund companies can be in differentiation layout, product holding products,Camp, product innovation and other aspects have worked hard to continuously enhance the attractiveness of the product.
Sun Guiping pointed out that first of all, the fund company should carry out ETF product design and distribution from the perspective of the long -term vitality of the product to avoid chasing market hotspots and highs from the source.Secondly, continue to do a good job of ETF camps. As the number of ETF products gradually increases, the growth of ETF is mainly due to the continuous marketing of stock products. ETF camp is also an important measure to respond to the unfavorable market environment.
"In the end, it is still necessary to do product innovation. In the case of increasingly fierce competition in product homogeneity, innovative ETFs are easier to attract market attention and have a certain first firstSaid. "Sun Gui said.
Wang Tieniu said that in terms of strategic aspects, the fund manager faces the white thermal competition in the ETF market, and the ETF differentiation layout should be carried out according to the advantages of its own brand, investment and research, and market.In terms of management, fund managers need to continue to increase investment and research investment, reduce the tracking errors of ETF products, and adopt more flexible strategies in terms of rates to improve the scale and liquidity of ETF products.
In the market, Wang Tieniu believes that fund managers should pay attention to both the new ETF products and the continuous operation and maintenance and services of the stock ETF products.In addition, for the new ETF products, we must not only pay attention to the short -term industry and market hotspots, but also consider the layout of ETF products from the current valuation advantages and future trend development.
Edit: Huangmei
Review: Chen Siyang
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