科创债ETF详解！跟踪指数年化收益4.3%，科创债ETF天弘（159111）12日发行

Core Insights - Tianhong Fund has launched the Sci-Tech Bond ETF (159111) on September 12, 2023, which features T+0 trading, low fee rate of 0.2%, transparency in holdings, high credit quality, diversified investment, and policy benefits, making it valuable for both trading and allocation [1][2][3] Group 1: Product Features - The Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Innovation Company Bond Index, which has an annualized return of 4.37% since June 2022, with a low annualized volatility of 1.05% and a maximum drawdown of -1.41% [1] - The ETF has a low comprehensive fee rate of 0.2% per year, significantly lower than traditional bond funds, which helps reduce long-term holding costs for investors [7] - The ETF allows for efficient trading with T+0 features, enabling investors to buy and sell on the same day, thus improving capital utilization [7] Group 2: Market Context - Since late June, the bond market has shown signs of stabilization, with institutions starting to position themselves in the Sci-Tech Bond ETF amid a favorable interest rate environment [2][9] - The total market size of Sci-Tech bonds has exceeded 1.6 trillion yuan, with the ETF's scale surpassing 120 billion yuan, making it the second-largest credit bond ETF [2][3] - The ETF is seen as a suitable vehicle for institutions to engage in left-side positioning due to its better yield elasticity in bull markets and stronger resilience in bear markets [2][9] Group 3: Investment Performance - The CSI AAA Sci-Tech Bond Index has shown a high annualized return of 5.04% since the beginning of 2023, outperforming other indices in the same category [6] - The index consists of 886 bonds, covering 64% of all Sci-Tech bonds in the market, which enhances liquidity and provides a stable trading environment [6] - The ETF's underlying assets are primarily high-rated bonds, with over 99% of issuers being state-owned enterprises, ensuring controlled credit and concentration risks [3][6]