涨得越猛被卖得越狠？这类ETF前三季度规模增超3200亿元 份额却狂掉2200亿份

Core Insights - The market for broad-based ETFs has seen significant growth in total scale, increasing from 2.19 trillion yuan to 2.51 trillion yuan, a rise of 320 billion yuan, while the number of shares has decreased by 224.15 billion [1][6][18] - The shift in investor behavior indicates a move from passive investment in broad-based ETFs to a more active strategy focusing on sector and thematic ETFs, as well as bond ETFs [1][7][18] - There is a notable internal differentiation within broad-based ETFs, with some maintaining steady growth while others, despite high returns, are experiencing significant redemptions [1][12][18] Market Performance - Major broad-based indices have shown strong performance in the first three quarters, with the CSI 300 index rising by 17.94%, the SSE 50 index by 11.33%, and the ChiNext index soaring by 51.2% [3][6] - As of September 30, the total number of broad-based ETFs reached 360, an increase of 98 since the beginning of the year [6] Investor Behavior - The decrease in shares despite the increase in scale is attributed to two main factors: significant net asset value increases leading to profit-taking, and a growing preference for sector-specific and thematic ETFs [1][6][18] - The trend reflects a broader market shift from "buy and hold" strategies to "precise targeting" of investment opportunities [7][18] Performance of Specific ETFs - 24 broad-based ETFs have recorded over 60% gains year-to-date, with the top performer being the Guotai Chuangye 50 ETF, which increased by 74.44% [8][10] - The top-performing ETFs are primarily linked to the ChiNext and STAR Market indices, indicating a strong preference for growth-oriented investments [12][18] Redemption Trends - Among the 29 broad-based ETFs with over 100 billion yuan in scale, 17 have experienced net redemptions, highlighting a trend of investors cashing in on profits [13][18] - Notably, three ETFs with over 50% gains have seen substantial redemptions, reflecting a cautious approach among investors amid market volatility [14][18] Strategic Recommendations - Fund companies are encouraged to enhance investor education on the long-term value of broad-based ETFs, optimize product offerings to match varying risk appetites, and improve services to help investors understand the benefits of long-term investment strategies [18]