赢了业绩输了规模！绩优主动权益基金遭ETF“偷袭”，什么情况？

Group 1 - The core viewpoint of the articles highlights a divergence in performance between actively managed equity funds and ETFs, where actively managed funds have outperformed in terms of returns, but ETFs have seen greater growth in scale [1][2][3] - The innovation drug sector has driven significant performance for both actively managed funds and ETFs, with a notable number of funds achieving double returns this year, particularly in the innovation drug theme [2][3] - Despite strong performance, actively managed funds have not attracted as much capital as ETFs, which have expanded significantly in scale, particularly in response to high-performing sectors like innovation drugs and humanoid robots [3][4] Group 2 - Data shows that 10 actively managed innovation drug funds had a total scale of only 9.4 billion yuan at the end of Q2, with a modest increase of 5.8 billion yuan during the quarter, while 7 ETFs saw an increase of 12.9 billion yuan, reaching a total scale of 28.4 billion yuan [3] - The rapid growth of ETFs is attributed to their passive tracking mechanism, which allows them to capture industry beta returns effectively, leading investors to prefer ETFs for quick exposure to high-growth sectors [4][5] - The management fees for ETFs are generally lower than those for actively managed funds, providing a cost and efficiency advantage that attracts investors, especially when returns are comparable [6][7] Group 3 - The increasing popularity of ETFs has pressured actively managed funds, as the latter struggle to attract new capital despite their strong performance, with many investors favoring the transparency and flexibility of ETFs [5][6] - The shift in focus towards passive investment strategies by fund companies further constrains the space for actively managed funds, as new ETF products are increasingly being launched in high-demand sectors [6][7] - The current trend indicates that ETFs are more appealing to investors compared to actively managed funds, prompting the latter to seek differentiated strategies for survival [7]