视频丨债券ETF系列（4） ：可转债ETF

Core Viewpoint - Convertible bond ETFs combine the stability of bonds with the growth potential of stocks, making them a unique investment option [2][3]. Group 1: Convertible Bonds Overview - Convertible bonds are a special type of bond that possess both "debt" and "equity" characteristics, allowing for both defensive and offensive investment strategies [2][3]. - As of April 14, there are 491 convertible bonds listed on the Shanghai and Shenzhen stock exchanges, indicating a limited but specialized market [3]. Group 2: Convertible Bond ETFs - Convertible bond ETFs track a basket of convertible bonds, allowing investors to hold multiple convertible bonds through a single investment [4]. - Currently, there are two convertible bond ETFs in the market, with one having a scale exceeding 37 billion yuan [4][5]. Group 3: ETF Characteristics - The two ETFs track different indices: one follows the CSI Convertible Bond and Exchangeable Bond Index, while the other tracks the Shanghai Stock Exchange Investment Grade Convertible Bond and Exchangeable Bond Index [5][6]. - The first index includes all convertible and exchangeable bonds listed on both exchanges, while the second is limited to those listed on the Shanghai Stock Exchange with a minimum credit rating of AA [8]. Group 4: Differences Between Convertible and Exchangeable Bonds - Convertible bonds can be converted into the issuing company's stock, whereas exchangeable bonds can be exchanged for stocks of other listed companies held by the controlling shareholder [9]. - The market currently has a limited number of exchangeable bonds, making convertible bonds the primary focus of the two indices [9]. Group 5: Investment Considerations - Convertible bond ETFs offer a flexible investment option that provides stable bond interest while also allowing investors to benefit from stock market movements [10].