市场回归谨慎叙事，红利加强版——现金流ETF（159399）吸金超12亿元

Core Viewpoint - The market is returning to a cautious narrative, with a focus on high free cash flow strategies, particularly highlighted by the cash flow ETF (159399), which has attracted over 1.2 billion yuan in net inflows since its launch [1] Group 1: Cash Flow ETF Performance - The cash flow ETF (159399) has seen continuous net inflows since its launch on February 27, with a total exceeding 1.2 billion yuan as of March 26, bringing its current scale to over 2.7 billion yuan, making it the largest in its category [1] - The ETF closely tracks the FTSE China A-Share Free Cash Flow Focus Index, reflecting the performance of stocks with ample free cash flow, which is a key indicator of a company's profitability and financial health [1] Group 2: Historical Performance and Composition - The FTSE Cash Flow Index has shown outstanding long-term performance, with an annualized return exceeding 20% and a cumulative increase of 602.17% since the base date of December 31, 2013, significantly outperforming the CSI 300 and the CSI Dividend Index [2] - The ETF excludes financial and real estate sectors, selecting 50 stocks with "sufficient cash flow," making it more concentrated compared to other indices, and features a significant proportion of state-owned enterprises [2] Group 3: Dividend Mechanism and Investor Appeal - The cash flow ETF (159399) has a "monthly assessment of dividends" mechanism, with its first dividend announced on March 11, amounting to 0.1%, enhancing the investment experience for investors [3] - Given the volatility in tech stocks, the cash flow ETF (159399) is positioned as a stable and growth-oriented investment option, appealing to investors looking for a balanced asset allocation [3]