鹏扬30年国债ETF规模突破200亿！全市场规模最大超长期债券ETF诞生

Core Insights - The Pengyang 30-Year Government Bond ETF has achieved a significant milestone, with its scale increasing from 292 million to 20 billion in just over two years, making it one of the standout products in the bond ETF market [1][2]. Fund Performance - The Pengyang 30-Year Government Bond ETF (511090) was established on May 19, 2023, and has seen its scale grow to 200.48 billion by July 24, 2025, reflecting a remarkable ability to attract capital [2]. - The fund's performance has been mixed; it reported a profit of -356 million in Q1 2025, with a net value growth rate of -2.52%, underperforming its benchmark [4]. - Since its inception, the ETF has delivered a cumulative total return of 28.83%, slightly underperforming its benchmark but significantly outperforming the average of 332 similar funds [4]. Market Dynamics - The strong inflow of funds into the ETF indicates a high demand from institutional investors for ultra-long government bond ETFs [2]. - The correlation between the fund's quarterly scale growth and its Sharpe ratio is notably high at 0.83, suggesting that scale growth is closely linked to risk-adjusted returns [6]. - The fund managers anticipate continued market support due to potential easing of monetary policy and a stronger RMB, although they remain cautious about unexpected economic stimulus measures that could impact the bond market [6].