节前风格切换配置价值凸显，A500红利低波ETF（561680）备受挂住

Core Viewpoint - The 中证A500红利低波动指数 and its corresponding ETF have shown positive performance, with significant liquidity and low tracking error, indicating potential investment opportunities in low-volatility dividend stocks [1][2]. Group 1: Performance Metrics - As of September 26, 2025, the 中证A500红利低波动指数 increased by 0.43%, with notable gains from stocks such as 太阳纸业 (3.04%) and 宝钢股份 (2.80%) [1]. - The 中证A500红利低波ETF rose by 0.41%, with a latest price of 0.98 yuan [1]. - The ETF's average daily trading volume over the past year was 37.94 million yuan, ranking it first among comparable funds [1]. Group 2: Liquidity and Fund Flows - The 中证A500红利低波ETF experienced a net outflow of 4.86 million yuan recently, but had a total inflow of 28.76 million yuan over the last 10 trading days [1]. - The ETF's maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% [1]. Group 3: Tracking Accuracy and Valuation - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.149% year-to-date [2]. - The latest price-to-earnings ratio (PE-TTM) for the index is 9.76, indicating it is undervalued compared to historical levels, being below 88.71% of the time over the past year [2]. Group 4: Index Composition - The 中证A500红利低波动指数 consists of 50 stocks selected for their high dividend yield and low volatility, with the top ten holdings accounting for 31.13% of the index [2]. - The top ten weighted stocks include major banks and companies such as 农业银行 (1.45%) and 格力电器 (1.13%) [4].