如何通过指数增强ETF，抓住市场的β和α？

Core Viewpoint - The recent volatility in the A-share market indicates that merely following market beta may not yield ideal returns, suggesting the need for products that capture alpha to navigate through fluctuations effectively [1]. Group 1: Performance of Enhanced ETFs - The Hu-Shen 300 Enhanced ETF (SH561990) has consistently outperformed the index since its inception, regardless of market conditions [2]. - From 2019 to 2024, only 75.29% of Hu-Shen 300 enhanced funds managed to outperform the index on average, with a notable drop in 2023 and 2024 where only 60% did so [4]. - The Hu-Shen 300 Enhanced ETF adopts a balanced style, focusing on cash flow and valuation to achieve superior performance without excessive style exposure [4]. Group 2: Annual Performance Data - The annual performance of the Hu-Shen 300 Enhanced ETF since inception shows the following net value growth percentages: - 2022: -17.69% (benchmark: -21.63%, excess return: 3.94%) - 2023: -9.59% (benchmark: -11.38%, excess return: 1.79%) - 2024: 18.19% (benchmark: 14.68%, excess return: 3.51%) - 2025 (projected): 0.44% (benchmark: -2.11%, excess return: 2.55%) - Since inception: 7.00% annualized excess return [5]. Group 3: Market Dynamics - The Hu-Shen 300 index is a core broad market index with significant capital inflow, leading to a total ETF scale of 10,442.67 billion, the largest among all indices [5]. - The Hu-Shen 300 index-linked ETFs have seen a 356% increase in scale since the central government announced its first increase in holdings [5]. Group 4: Alternative Investment Opportunities - The CSI 2000 Enhanced ETF (SZ159552) has outperformed the Hu-Shen 300 index by 11.58% since April 8, with a cumulative increase of 19.27% [9]. - The CSI 2000 Enhanced ETF achieved a year-to-date return of 22.93%, outperforming the Hu-Shen 300 index, which had a return of -1.76% [10]. - The top three performing sectors from April 8 to date are Beauty Care (22.01%), Media (17.65%), and Communication (16.88%), all of which did not surpass the CSI 2000 Enhanced ETF's performance [11]. Group 5: Strategic Recommendations - To capture both market beta and alpha, a combination of the balanced Hu-Shen 300 Enhanced ETF (SH561990) and the more volatile CSI 2000 Enhanced ETF (SZ159552) is recommended as a strategic approach [12].