Following last Friday's record of exceeding 2.2 billion yuan in a single day, Huaxia CSI 1000ETF( 159845) remained popular yesterday, with a turnover of14.82 million yuan and a turnover rate of 6 1.98%, ranking first among all ETFs in Wonder. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
The listing of derivatives has brought many new ways of playing.
Yet we called and urged a thousand times before she started toward us's CSI 1000 stock index futures and stock index options were officially listed last Friday, and small-cap stocks have another safe-haven weapon. On the first day of listing, the four CSI 1000 stock index futures contracts totaled 36,487 lots, with a total turnover of 5,049.1100 million yuan and a total position of 30,326 lots. The proportion of trading positions (obtained by dividing trading volume by positions) exceeds 100%, far exceeding the Shanghai and Shenzhen 300 stock index futures (IF) and the Shanghai and Shenzhen 50 stock indexes.
CSI 1000 stock index futures and options are officially listed and traded, which has attracted much attention from the private equity community. Many private placements said that they are actively studying in the near future, and intend to add new tools to strategies such as hedging, index enhancement, CTA and arbitrage, and also consider launching the CSI 1000 market-neutral product line.
Industry insiders predict that CSI 1000ETF is expected to become another important broad-based product after index products such as SSE 50ETF, CSI 300ETF and CSI 500ETF.
The constituent stocks of CSI 1000 stock index futures are mainly small-cap stocks, and it is easier to obtain excess returns. Up to now, the ability of CSI 1000 index to enhance the fund to obtain excess returns has obviously surpassed that of CSI 500 index and CSI 300 index funds. After the listing of CSI 1000 stock index futures, it will attract more incremental funds and have more room for future development.
Throughout history, after the introduction of stock index futures and option derivatives, the overall scale of the corresponding stock index ETF funds will increase substantially, not only the fund share will increase substantially, but also the number of funds will increase substantially, with an increase of 23%-38%. As a result, related sectors were driven and capital inflows increased.
Zhao Zongting, fund manager of Huaxia CSI 1000ETF, believes that after the introduction of CSI 1000 stock index futures, the investment strategies now applied to CSI 300, CSI 500, SSE 50 and other futures can be directly applied to CSI 1000 varieties. For example, the spot arbitrage strategy of stock index futures uses CSI 1000ETF as a spot tool to carry out arbitrage transactions in which stock index futures are sold and stock index futures are bought at the same time; After CSI 1000 joins, it can do 50/300/500/ 1000 cross-species arbitrage, with more choices and more investment opportunities; Because the volatility of CSI 1000 index is higher than that of CSI 500 index, CTA strategy based on CSI 1000 index will be more popular; In the market-neutral strategy of CSI 1000 index, CSI 1000 index can hedge the systemic risk of CSI 1000 index more accurately.
CSI 1000, Small-cap Investment Tools
CSI 1000 is a representative broad-based index with outstanding growth style attributes of small-cap stocks. The CSI 1000 index consists of 1000 stocks with smaller scale and better liquidity, which are complementary to the CSI 300 and CSI 500 indexes.
Component stocks are concentrated in the small market value range, focusing on the allocation of new economic fields. The average total market value of the components of CSI 1000 index is1200 million yuan, and the industry allocation is scattered as a whole, and it is more inclined to the manufacturing industry with cyclical properties, among which the high-end manufacturing industry with high correlation with the new economy accounts for a relatively high proportion. The top five industries are power equipment, medicine and biology, electronics, basic chemicals and computers, with a total weight of 47.29%.
The P/E ratio is at a low historical level, and the historical performance is more flexible. As of July 15, the price-earnings ratio (TTM) of CSI 1000 index was 29.66 times, which was at the historical score point of 1 1.08%. Indexes tend to perform relatively well in bull markets and relatively poorly in bear markets, and the characteristics of high volatility and high elasticity are relatively obvious.
Since April 27, the market has rebounded with the superposition of valuation repair and emotional repair as the main logic. Under the background that the policy continues to focus on "specializing in innovation" and "little giant" enterprises, small and medium-sized stocks, combined with their growth style flexibility, are obviously dominant during the period. Small-cap stocks are expected to rise in the second half of the year. Small-cap stocks represented by CSI 1000 index still have high investment value in terms of the monetary environment pattern of "loose inside and tight outside", the stable growth policy from overweight period to validity period, the gradual improvement of the credit environment of private enterprises, and the trend of industrial cycle.
The most comprehensive product line layout of ETF manufacturers is CSI 1000.
As a recognized ETF manufacturer in the industry, Huaxia Fund has built a complete product line around CSI 1000 index, which can provide investors with various investment tools. . There are not only broad-based ETFs for on-market investors, but also connected funds for off-market investors, as well as corresponding index enhancement products and SmartBeta products.
Zhao Zongting said that Huaxia Fund launched CSI 1000ETF( 159845) as early as 202 1 when the growth style of the big market switched to the small market style. The product was listed on Shenzhen Stock Exchange in March last year, which attracted the attention of many investors. At present, the product has also been included in two financial goals. Huaxia CSI 1000ETF has been listed and operated for more than a year. In order to actively respond to the new investment opportunities brought by the introduction of CSI 1000 stock index futures and options, Huaxia Fund is also striving to do a good job in product investment and liquidity management, and provide investors with a mature, convenient and fast spot investment tool for CSI 1000 index. As a listed CSI 1000ETF product, Huaxia CSI 1000ETF( 159845) has matured and established a good customer base. Facing the investment opportunities brought by CSI 1000 stock index futures, this is our natural advantage.
In addition to launching Huaxia CSI 1000ETF, Huaxia Fund launched CSI 1000 Index Enhancement at the end of last year, and this year it also took the lead in launching CSI 1000 Index SmartBeta products. In the first quarter of this year, CSI Smart Select 1000 Growth Innovation Strategy ETF was established, and recently, CSI Smart Select 1000 Value Steady Strategy ETF was issued. CSI 1000ETF Linked Fund (Class A: 0 13922, Class C: 0 13923) is a good tool for OTC investors to grasp the long-term opportunities of small-cap stocks.
As the largest ETF manager with rich management experience in China, Huaxia Fund is also the first ETF manager in China. As early as 2004, Huaxia Fund launched the first ETF product in China-Huaxia SSE 50ETF, which promoted the development of China Public Offering of Fund industry into the ETF era. Over the years, Huaxia Fund has been deeply involved in the ETF field. Driven by its strong investment and research capabilities, ETF products have been constantly innovating and have remarkable advantages. According to Wind's statistics, Huaxia Fund, which has the largest number of ETF products in the industry, has 67 ETF products, including not only broad-based ETFs, but also industry ETFs and theme ETFs, covering A-shares, Hong Kong stocks and overseas markets, with a management scale exceeding 300 billion yuan, ranking first among similar fund companies for 17 years. With rich ETF management experience, Huaxia Fund has been rated as "passive investment of Jinniu Fund Company" by china securities journal for six consecutive years, and has been recognized by authoritative organizations for many times.
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