ETF Is A Double-Edged Sword: Follow The Trend And Not Blindly!

This is one of the series of evaluation of the twenty-first Century Capital Research Institute's public offering fund industry, which is "responsible for people's heart warming, and different in the mid-term exam". In the first half of the year, a wave of technology ETF made the whole market crazy and follow the crowd.

What is the experience?

According to statistics, as of the first half of this year, the research group ranked the top ten stock ETF products, with the exception of several wide base index products, two of which are ETF products of science and technology. One is the Chinese central bank 5G communication theme ETF, the other is the Cathay card semiconductor chip ETF, and the two ETF scales are 25 billion 624 million yuan and 15 billion 228 million yuan respectively.

In fact, from the point of view of turnover, ETF of science and technology has continuously topped the list in the first half of the year. With the tide of technology stocks, technology ETF has attracted much attention.

In terms of performance, in the first half of the year, the performance of medical theme ETF ranked the top. In the top ten of the stock ETF, medical ETF accounted for 5 seats.

"Since the beginning of this year, the technology sector has been performing well, and many agencies are continuing to promote technology related products. For ordinary investors, the ability to choose stocks is limited, and it is a good choice to configure them through technology ETF and investment index funds. A public fund worker in Southern China told the twenty-first Century business reporter.

ETF behind the wind

From this year's market situation, ETF has also achieved further development and expansion.

According to the statistics, the total ETF fund in the whole market was 695 billion 39 million yuan at the end of the first quarter, compared with 623 billion 46 million yuan at the end of last year, which continued to grow by about 70000000000.

If the stock ETF is calculated separately, the size of all stock ETF will total 623 billion 644 million yuan at the end of the first quarter of this year, accounting for 86% of the total ETF scale. Compared with the end of last year, the scale of 555 billion 736 million yuan continued to grow by 67 billion 900 million yuan.

However, compared with market volatility in the two quarter, the size of the stock market ETF at the end of the first half of this year has shrunk compared with the end of the first quarter, and the scale has been reduced by more than 30 billion yuan.

According to the net value and share data, in the first half of this year, the top three stock ETF were Huaxia 50ETF, South China card 500ETF, Huatai Barry Shanghai and Shenzhen 300ETF, and the scale of the 3 ETF exceeded 30 billion yuan, of which the largest Huaxia Shanghai 50ETF was 39 billion 512 million yuan.

Over the past six months, the number of technology ETF in the largest share of the fund has increased. In the case of Cathay card semiconductor chip ETF, Huaxia Zhong Zheng 5G communication theme ETF, Huaxia new energy vehicle ETF, 3 technology ETF grew more than 10 billion in the first half of this year. At the end of the first half of the year, the size of China's 5G communication theme ETF, the Huaxia card semiconductor chip ETF two products exceeded 10 billion yuan and ranked the top ten in the stock market ETF scale of the whole market.

It is worth noting that in the first half of the year, a lot of science and technology ETF was sought after by capital, and all agencies also stepped up the layout of new products.

According to the current data, this month, there are also Warburg Central Intelligence manufacturing theme ETF, Yinhua Guo Zheng new infrastructure ETF, Huaxia China Certification robot ETF, South China Certification Technology 100ETF and other technology ETF to submit application materials.

"ETF products have the characteristics of high transparency and high liquidity that other fund products do not possess. The clear and transparent position structure has a clear investment style, so the configuration process has strong attraction." The aforementioned public fund people said.

However, in the two quarter of the overall outflow of funds, the technology ETF has also shrunk dramatically.

In contrast, the size of the 5G communication theme ETF in China's central bank has exceeded 30 billion yuan at the end of the first quarter, but this scale has been reduced by 5 billion yuan at the end of the two quarter of this year.

In twenty-first Century, the economic news reporter found that the discussion of several large scale technology ETF fund posts is still active. Investors are discussing "looking for opportunities to enter the market", and some investors say that they have "lost a lot of time and are now coming back to sell quickly".

From the point of view of the current market organization, there are still many references to the investment line for the second half of the science and technology sector.

There are different feedbacks.

"Because the international game is going to exist for a long time, A high quality technology listed companies have become the investment targets favored by investors." A brokerage department of the public fund investment director pointed out.

This person believes that after the adjustment of technology stocks, the valuation level of science and technology index has gradually returned to a reasonable level. In the context of long-term good fundamentals, loose liquidity and long term inflow of foreign capital, investment in technology assets is expected to become the main line of investment in the A share market in the future.

According to the performance, several pharmaceutical topics ETF won the hot technology ETF.

However, from the perspective of scale increase, the effect is not obvious.

Data show that in the first half of the year, the top three of the 3 stock ETF funds, the largest is only Cathay Pacific biological medicine ETF, the fund in the first half of the scale of 2 billion 265 million yuan; and the smallest South China card 500 medical and health ETF, only 40 million 410 thousand and 600 yuan.

Compared with the end of the first quarter of the scale data, the three increase in the scale of the pharmaceutical ETF did not grow too much. Cathay Pacific's ETF increased only 1 billion 200 million yuan at the end of the two quarter, while the size of the ETF in the Warburg CSI increased by only about 200 million yuan. The scale of the medical certificate ETF in the South China card 500 increased by only less than ten million.

In comparison, a total of 2 ETF in the first half of the year ranked the top ten in the stock market ETF of the whole market, including the Cathay Pacific CES semiconductor chip ETF with a return of 44.58%, and the 43.41% in the League of nations, all semiconductor ETF.

"Many industries ETF investors in retail accounts for a relatively high proportion, but also easy to create a pattern of catching up and killing." A public offering agency in Beijing said.

"Just as stocks are frying." A fund investor in Beijing told the twenty-first Century business news reporter.

In fact, from the perspective of many investors' exchange platforms, in twenty-first Century, the business reporter from the economic report reported that the followers who were coerced into the ETF trend were not the same.

"Just sold at the high point", "bought for a long time and finally back to Ben", all kinds of emotions mixed up, for the current development of the industry theme ETF, added a little pressure.

"ETF should have been a configuration tool, and the participation structure based on institutional capital would be more stable. But there is obviously some guidance in the market. The aforementioned agency believes that.