Who can be the final winner in the public offering of ETFs?

Original title: Who can be the final winner in the public offering of ETF gun smoke?

Source: Shanghai Securities News Skull players meet each other and the second echelon accelerates to enter the game, which constitutes the “battle situation” of the current public fundraising ETF.

Since this year, the marketing focus of long-term fund companies has turned to ETFs. However, behind the glory, the cost of ETFs has become an “unbearable weight” for an integrated company.

  Is the ETF market Red Sea or Blue Sea?

How much does it cost to make a profit?

How to form a differentiated competitive advantage?

The above issues are not very important to some fund companies.

“The key is to keep up.

If this wave of ETF expansion is missed, the expansion of equity management will be more difficult.

“A vice president of the fund company told reporters.

  An indispensable battle benefited from the rebound of the A-share market in the first half of 2019, and the semi-annual profit of public funds was quite dazzling.

In essence, multiple ETFs appear at the forefront of the profit list and become the profit leaders of their companies.

Tianxiang data statistics show that more than half of the top ten product profit lists are ETF products, Huaxia 50ETF, Huatai 300ETF and Southern 500ETF have a profit of 110.

07 billion, 88.

3.2 billion and 73.

1.2 billion.

The profits of Huatai 300ETF account for more than half of the semi-annual profit of all the funds affiliated to the company.

For fund companies that have long been recognized and actively deploying ETFs, this year has begun to harvest “sweet fruits.”

  At the end of the third quarter ahead of time, 杭州桑拿网 the ETF issue maintained a blowout trend.

According to Choice data, a total of 42 stock-based ETFs have been issued this year, which is far more than the total of 31 last year.

Since 2005, the total number of stock ETFs is only 192.

Too many fund companies have said that they will accelerate the launch of more ETF products, with nominal assets covering stocks, bonds, commodities and other alternative assets, and tracking indexes including Broadbase, industry, and themed SmartBeta.

  Is the ETF market blue or red today?

Ye Wu, deputy general manager of the Product Innovation Center of the Shanghai Stock Exchange, recently released several sets of data: As of August 16, the number of ETFs listed on the Shanghai and Shenzhen Exchanges has reached 226, with a market size of 641.8 billion U.S. dollars, an increase of more than the end of 2018.10%.

The number of investors on the market has grown from more than 500,000 households a year ago to more than 1 million households today.

He said that the size of the US stock ETF accounts for about 10% of the total stock market value, and the data at this stage is only 0.


Compared with the international market index, the previous ETF market is still in its infancy, and there is a lot of room for development.

  Although the market has capacity, it is not easy to get products on the market.

To treat ETFs as a company’s strategic business, we must first face low cost pressures.

A deputy general manager of the investment department of a large fund company told reporters that starting from the purchase of the system, it will take about 350 million to launch an ETF, which does not include the costs of starters, market makers, registration and settlement fees, and staff salaries.

If it is 0.

To calculate the 5% management fee, the size of the ETF must be at least $ 300 million to fully cover the daily management costs.

Tianxiang data shows that of the 147 stock ETFs in the whole market, less than half of which are more than 300 million US dollars, only 67, and 47 are less than 100 million.

  A few people said that, with the exception of a few companies, most fund companies were in a “loss of money” status in ETF business.

  At the same time, the management risks of ETFs cannot be underestimated.

“ETF does not want to be able to do a good job. Its operation includes front, middle and back office integration processes, and it has high requirements for daily refined management.

The creation of daily purchase refund lists is prone to risk events, and fund companies that have never been involved in ETF product management will have potential pressure.”Another director of the quantitative investment department told reporters.

  Who can be the final winner?

  Looking at the current development pattern of publicly-funded ETFs, players are subdivided, and the head trend has become a little obvious.

  Tianxiang data statistics show that as of the first half of 2019, the size of the ETF affiliated ETF reached 1051.

It is the only public fund with an ETF size of more than 100 billion U.S. dollars, followed by the South Fund, E Fund and Huatai Perry Fund, which are 534 in ETF size.

1.3 billion, 430.

7.2 billion and 403.

At 9.4 billion yuan, the total scale of ETF product management of the four companies exceeds half of the scale of the entire industry.

  Several fund companies have launched a “brand + investment consulting” marketing method, with differentiated features as the expected increase in the size of the subsidiary ETF products.

In June this year, Harvest Fund launched the SuperETF brand and launched the SmartBeta business at full speed; Tianhong Fund recently launched the “National ETF” brand, and strives to build a “left-hand Yu’ebao, right-hand index fund” through the advantages of big data and investment consulting services.Closed loop to guide more investors in equity investment and portfolio investment.

  Too many small and medium-sized fund companies have brought more surprises to the market.

The wealthy China Securities Military Leader ETF, which was established at the end of July, has a scale of more than 7 billion U.S. dollars, and is the largest stock ETF established this year. The China Securities Technology Leader ETF that Huabao Fund is about to launch.Market sought after focus.

  ”We are happy to see more participants entering the ETF market so that the market will be more prosperous.

We work together to form a vibrant ecosystem.

“A person in charge of the investment department of a large fund company said,” Overall, although the head fund companies have certain advantages, they are actually only at the starting point of a huge market.It’s too early.

“The formation of the final winner and layout should be made by FinTech.

The person in charge said that the high probability of overwhelming advantages will appear in two major directions: one is how to allow more investors to participate in a more convenient way; the other is that the competitiveness of the product is different from other products.

In his view, products and technologies are the real “battlefield” of index investment. As an index fund manager, you must believe this and stay alert.

  Original Title: Gunfire ETFs Enter “Warring States Period”