In recent years, the yield of money funds has continued to decline, and the yield of more than 100 goods has fallen below 1.5%. For investors who pursue stability, although the risk of money fund is extremely low at present, the income is really unbearable and they need to find a new investment direction. Therefore, various "goods-based substitutes" have recently become popular, such as certificates of deposit funds, short-term debt funds and short-term financing ETFs.

How to play short-term ETF?

Short-term financing bill ETF refers to a transactional open index fund that mainly invests in short-term financing bills. At present, the short-term financing bond ETF refers to the "Haifutong CSI short-term financing bond ETF" issued and managed by Haifutong Fund, because it is the only on-site tool product with short-term financing bonds as the main investment target.

1

The fund is a passive bond fund that tracks the short-term financial index of CSI, and its expected income level is higher than that of money market funds, but lower than that of hybrid funds and equity funds.

In addition, since 20 16, short-term financing in yield to maturity has been affected by the overall downward trend of the interest rate center, and yield to maturity has reached a historical low, but it is still higher than yield to maturity, an interbank deposit certificate with the same maturity and grade, with a leading gap of about 5-6bp.

So overall, the short-term ETF's income is relatively stable, and it is also a good choice among many stable investment products.

2 Risk situation

Judging from the credit rating, about 60% of CSI short-term financial index bonds are AA+ and above high-grade credit bonds, and about 3 become AA or AA(2) medium-grade credit bonds, so the credit risk is relatively controllable.

In the bond bull market, short-term varieties take the lead, and the term spread will expand rapidly in stages. In the debt commitment stage, trading short-term financing bonds can meet the strategy of shortening the duration.

In short, short-term financial ETF, as a product with low risk and stable income under the background of market turmoil, is a good investment place, but this does not mean that the product is completely risk-free.

* Financial management is risky and investment needs to be cautious. The above contents are personal opinions, for reference only, and do not constitute any investment advice.