自由现金流指数获持续关注，鹏华中证全指自由现金流ETF 5月19日发行

Core Viewpoint - The increasing focus on free cash flow theme products by public funds and the emergence of related ETFs signify a growing trend in the market, with the launch of the Penghua CSI All Share Free Cash Flow ETF aimed at providing investors with new tools to capitalize on high cash flow quality companies [1][2]. Group 1: Market Trends - Public funds are actively increasing their investment in free cash flow theme products, with eight ETFs already listed as of May 15 [1]. - The ongoing application for more free cash flow-related products indicates a rich product spectrum emerging in the market [1]. Group 2: Investment Strategy - The free cash flow strategy is gaining traction due to rising market uncertainties, leading investors to prioritize companies' real profitability and financial stability [2]. - Free cash flow is becoming a key standard for selecting quality companies, as it reflects the company's fundamental changes more accurately than dividend yield [2]. - This strategy is particularly appealing in the context of low global interest rates and China's economic transformation, offering both defensive and growth attributes [2]. Group 3: ETF Details - The Penghua CSI All Share Free Cash Flow ETF tracks the CSI All Share Free Cash Flow Index, which includes 100 companies with high free cash flow rates [3]. - The index is heavily weighted towards large and mid-cap stocks, with over 40% of its components being companies with a market capitalization exceeding 500 billion [3]. - Historical performance of the index shows an annualized return of 19.45% since 2014, significantly outperforming other indices [3]. Group 4: Investment Logic - The free cash flow strategy embodies a clear value style, which, when balanced with growth strategies, can capture investment opportunities from both economic growth and stable value [3]. - A combination of the CSI All Share Free Cash Flow Total Return Index and the China Government Bond Index could enhance returns, achieving an annualized return of 6.74% [3]. - The Penghua Fund aims to meet institutional investors' demand for quality underlying assets by launching this ETF, focusing on companies with abundant free cash flow [3].