April twenty _ fifthJeopardycomAccording to the announcement of the Southern Fund, as of April 24th, the net asset value of its Southern CSC Electric Power Utility ETF has been lower than 50 million yuan for 30 consecutive trading days, which may trigger the termination of the fund contract.
This is a fund established on April 27 last year, and its net worth has grown by 12% since the beginning of this year.Jeopardycom.6796%, the highest performance among all the new ETF established within a year, but the "mini" scale has made the product a number of reminders of risk.
Since the beginning of this year, the difference between the first and last performance of the new ETF has been more than 50 percentage points, but many of the outstanding varieties are at risk of winding up, including Guangfa Zhong Zheng Zhong Zheng Cloud Computing and big data ETF, Huatai Bailui Zhong Zheng Nonferrous Metals Mining ETF and so on, which have recently issued announcements to remind the risks.
The difference between the beginning and the end of the new ETF performance is more than 50 percentage points.
Around dividends, Chinese prefixes, energy, electricity and other topics, theme funds reaped quite a lot in the first quarter. It is not uncommon for related funds to have a net growth rate of more than 10% in the first quarter, including a number of ETF funds, especially some of the new ETF in the tuyere, the performance is more eye-catching.
As of April 25, 2024, there were 174public ETF (non-listing dates) within one year after its establishment. According to statistics from the Daily Business News, following the hot investment industries in the first quarter, the net return of some ETF in the quarter has exceeded 30%, but at the same time, there are also many with large losses, with 10 falling by more than 20%, with a difference of more than 50 percentage points.
In the performance of these new ETF, the equity gold ETF is more prominent. According to WInd statistics, the net worth growth rate of Huaxia CSC Shanghai, Shenzhen and Hong Kong Gold Industry shares ETF recorded 31.46% as of April 25, while Yongsheng's 23.4077% of Shanghai, Shenzhen and Hong Kong Gold Industry shares ETF performed well in the same period.
At the same time, the performance of central enterprises and dividend ETF is also relatively excellent, such as Boshi China Securities New Central Enterprise Hyundai Energy ETF, Yi Fangda China Securities dividend low-wave ETF and other quarterly net returns of more than 14%. In addition, there are some QDII ETF with good performance, such as Rich Standard & Poor's oil and gas exploration and production selected industry ETF, Invesco Great Wall Nasdaq technology market capitalization weighted ETF and so on.
Many of these new products were founded after May last year, and many of the best-performing products were launched in July or even November. It was at the beginning of a sharp rebound in international gold prices, the industry focused on US inflation data and expectations of higher commodity prices, a lot of money began to avoid risk, mapped to domestic capital markets, and corresponding commodity and equity assets also began to rise.
In particular, some high-dividend sectors of energy and power superimposed the impact of the decline in the A-share market at that time, and many funds chose to pile up one after another, thus boosting the performance and scale of the relevant funds. However, unexpectedly, throughout the first quarter of this year, more and more such funds have come to the brink of liquidation.
The pressure of homogenization competition is great, and it is difficult for a high-performing ETF to keep a camp.
Like Southern CSC all refers to the electric power utility ETF, many excellent ETF have winding-up risks, including Guangfa CSC Cloud Computing and big data ETF, Huatai Bailui Zhong Zheng Nonferrous Metals Mining ETF (hereinafter referred to as "Nonferrous Mining ETF"), etc., which have recently issued announcements to prompt risks.
Not only is the performance of these funds not poor, many of them even far exceeded the minimum standard of 200 million yuan at the beginning of the fund-raising, but now they frequently sound the liquidation alarm after less than a year of operation. Before this, the electric power ETF has at least 5 announcements suggesting that the net asset value of the fund is less than 50 million yuan in a row, and the Huatai Berry card non-ferrous metals mining ETF has also suggested the same risk at least 3 times before.
However, although the performance of these ETF is OK, there is a great pressure of homogenization competition within the industry. Take the non-ferrous mining industry ETF as an example, tracking the non-ferrous mining index, Wind statistics show that there are currently 7 linked products, including ETF, linked funds and passive index funds of four fund companies.
Power ETF tracking in the card all refers to the power index, and the index linked to the ETF, there are 5 fund companies have the same type of products, of which 3 have linked funds to follow. According to the latest statistics on the scale of these products, only Guangfa CSC refers to electric power utilities whose ETF is more than 2.2 billion yuan, while the rest are less than 200 million yuan.
Source of public fund products linked to the CSI all Index of electricity (H30199.CSI): Wind
In the first quarter of this year, the funds of the "national team" participated in market management through ETF. According to statistics at the end of the quarter, the investment of Central Huijin alone in participating in several wide-based ETF exceeded 300 billion yuan, while the scale of all listed ETF is currently 2.41 trillion yuan. However, in terms of the public offering ETF linked to the broad-based index, the number of more than 10 billion yuan is relatively small, and the scale of less than 500 million can be found everywhere.
This precisely reflects the crowded industry and wide-based track, many products have seen liquidity decline or even dry up, and the main buying force of ETF is still institutional investors. From the perspective of industry development, fund companies should also formulate differentiated investment and product design ideas, pay more attention to some narrow-base indexes or other emerging indexes, and cover a wider range of investments. otherwise, it will inevitably lead to many uncertain risks caused by homogeneous competition.