2025上半年红利低波ETF盘点：华泰柏瑞红利低波ETF龙头地位稳固 景顺长城红利低波100ETF缩水最严重

Core Viewpoint - The performance of low-volatility dividend ETFs has shown a positive trend in the first half of 2025, with over 70% of the products experiencing growth in scale and overall net inflow of funds [1][3]. Group 1: ETF Performance - Among 14 major low-volatility dividend ETFs, the total scale reached 38.883 billion yuan, with a net increase of 6.846 billion yuan in the first half of the year [3]. - The Huatai-PB Low Volatility Dividend ETF (512890.SH) saw its scale surge to 18.741 billion yuan, contributing 73% of the total market growth for this type of ETF [3]. - Other notable performers include E Fund, Tianhong, and Harvest, with scale increases of 1.102 billion, 0.609 billion, and 0.480 billion yuan respectively [4]. Group 2: Market Dynamics - The expansion and differentiation of low-volatility dividend ETFs are primarily driven by investors' demand for yield certainty and risk control in a volatile market environment [7]. - Regulatory guidance on dividend ratios has reinforced the logic behind dividend strategies, making low-valuation assets with stable dividends more attractive [7]. - The concentration of funds towards well-recognized and larger-cap products is evident, as smaller or newer products struggle to attract significant investment [5][6]. Group 3: Product Differentiation - Despite being categorized under "low-volatility dividend," the specific tracking indices lead to varied fund flows, with mainstream broad-based indices seeing rapid growth while niche indices experience moderate inflows or even outflows [5][6]. - The Invesco Low Volatility Dividend ETF (515100.SH) faced a significant net redemption of 1.191 billion yuan, marking it as the most severely shrinking product in the market [6]. - The Huatai-PB Low Volatility Dividend ETF is noted as the first hundred-billion-level low-volatility dividend theme ETF, with a holder count exceeding 829,800, making it a standout in the market [7].