首批科创债ETF来了！科创债ETF招商（551903）今起正式发行！

Core Viewpoint - The launch of the first batch of Sci-Tech Innovation Bond ETFs is a significant development, providing investors with a new tool to invest in the technology innovation sector and capture bond market benefits [1][10]. Group 1: Market Overview - The Sci-Tech Innovation Bonds are issued by technology innovation enterprises, primarily to support financing in the technology innovation sector, playing a crucial role in promoting real economic development [2]. - The current balance of the Sci-Tech Innovation Bond market in China has reached 2.45 trillion yuan, with expectations for continued issuance and growth in the index under supportive policies [2]. Group 2: Index Characteristics - The AAA Sci-Tech Innovation Bond Index covers both Shanghai and Shenzhen markets, consisting of 810 bonds with a maximum single bond weight of 1%, effectively diversifying the risk of individual bond defaults [3]. - All bonds in the AAA Sci-Tech Innovation Bond Index are from issuers with an AAA rating, with over 99% of the bonds issued by central state-owned enterprises, highlighting their high credit quality [4]. Group 3: Historical Performance - The AAA Sci-Tech Innovation Bond Index has shown a cumulative return of 14.05% since inception, with an annualized return of 4.63%, outperforming other bond indices [7]. - In the past year, the index achieved a return of 3.76% with a volatility of only 0.23%, indicating stable performance amid declining market interest rates [7]. Group 4: ETF Features - The Sci-Tech Innovation Bond ETF offers high liquidity, tracking an index with over 800 component bonds and a market value exceeding one trillion yuan, with a significant portion being market-making bonds [10]. - The ETF is designed to minimize trading costs through a physical redemption model, which reduces price uncertainty and transaction friction [12]. - The ETF allows T+0 trading with a comprehensive fee rate of 0.2%, facilitating flexible trading for investors [13]. - The management team of the ETF has extensive experience, managing over 690 billion yuan in public offerings, with a strong historical performance in fixed income investments [14].