Core Viewpoint - Tianhong Fund has launched the Sci-Tech Bond ETF Tianhong (159111), marking its second bond ETF following the Credit Bond ETF Tianhong (159398) [1] Group 1: ETF Overview - The Sci-Tech Bond ETF Tianhong (159111) closely tracks the CSI AAA Sci-Tech Innovation Company Bond Index, which selects bonds based on remaining maturity and credit ratings from the Shanghai and Shenzhen stock exchanges [1] - As of September 11, the CSI AAA Sci-Tech Innovation Company Bond Index covers 983 sci-tech bonds with a total bond balance of 1.29 billion [1] - The index has achieved an annualized return of over 4% in the past three years, with an annualized volatility of only 1.07% [1] Group 2: Investment Characteristics - The Tianhong Sci-Tech Bond ETF adopts a cash subscription and redemption model, making it more convenient for large fund subscriptions and redemptions compared to physical redemption bond ETFs [1] - The index constituents are primarily AAA-rated, with over 98% being central and local state-owned enterprises [2] - The ETF features low investment thresholds, T+0 trading mechanisms, flexible subscription and redemption, and market maker pricing, enhancing trading flexibility and arbitrage opportunities for investors [2] Group 3: Market Dynamics - The Credit Bond ETF Tianhong (159398) has seen significant growth, with an increase of 73.4 million shares year-to-date, representing a growth rate of over 244% [3] - Short-term risks of significant declines in the index constituents of the Sci-Tech Bond ETF are considered low due to continuous growth in ETF scale and new capital inflows from the issuance of additional ETFs [4] - The issuance of new Sci-Tech Bond ETFs is expected to improve the liquidity of underlying index constituents, potentially stabilizing excess yield spreads [4]
科创债ETF天弘（159111.SZ）今日重磅发行！指数久期可达3.71年，全现金申赎，支持“T+0”交易
2 1 Shi Ji Jing Ji Bao Dao·2025-09-12 03:52