机构：建议采取“逆向布局”策略，低费率的自由现金流ETF（159201）迎布局良机

Market Overview - On June 12, A-shares opened lower with the Shanghai Composite Index down 0.13%, Shenzhen Component Index down 0.37%, and ChiNext Index down 0.23% [1] - The National Index of Free Cash Flow fluctuated downwards, dropping over 0.5%, with constituent stocks showing mixed performance [1] ETF Performance - The low-fee Free Cash Flow ETF (159201) followed the index decline and was actively traded, leading in scale and share among similar products [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both being the lowest in the market, maximizing benefits for investors [1] Investment Strategy - According to Zhongtai Securities, the index remains in a dense trading area, suggesting that the oscillating market may continue [1] - Funds are rapidly rotating around four mid-term trending sectors: dividend assets, safe assets, technology chains, and new consumption [1] - A "reverse layout" strategy is recommended, where significant sector gains indicate a time for profit-taking, while sector adjustments present opportunities for positioning [1] Index Characteristics - The Free Cash Flow ETF (159201) closely tracks the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability [1] - The index is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1]