自由现金流ETF分化：两家机构占规模近半，多只净值创新高

Core Insights - The A-share market has been fluctuating around the Shanghai Composite Index at 4000 points since Q4 2025, with a notable divergence in heavyweight sectors, while ETFs focused on free cash flow have emerged as a highlight, with several products reaching historical highs in net value [2][3] Group 1: Free Cash Flow ETFs Overview - As of November 7, 2025, there are 29 free cash flow ETFs launched by 25 fund companies, with a total scale exceeding 20 billion yuan [3][5] - All 29 products have shown positive returns since inception, with average returns around 21%, and some exceeding 20%, with the highest at 28.2% [2][8] - The leading funds, managed by Huaxia Fund and Guotai Fund, account for approximately 46% of the total scale of free cash flow ETFs, with sizes of 5.689 billion yuan and 3.777 billion yuan respectively [5][6] Group 2: Performance and Market Trends - The free cash flow index has outperformed traditional dividend indices over the past decade, with a 10-year annualized return of 16.6% compared to 7.91% for the dividend index [6] - Despite the initial popularity of free cash flow ETFs, many have faced significant declines in scale, with over 60% of products seeing a decrease since inception, and some funds shrinking by more than 90% [6][10] - The market has seen a shift in style, with cyclical stocks performing well, contributing to the rising returns of free cash flow ETFs [8] Group 3: Fund Management and Fees - The management and custody fees for the 29 free cash flow ETFs vary, with some funds charging lower fees (0.15% management and 0.05% custody) while others charge higher fees (0.5% management and 0.1% custody) [10][11] - Notably, some funds with higher fees, such as those from Wanji Fund and Huitianfu Fund, have underperformed their benchmarks, with returns lagging by 2.38 percentage points and 1.7 percentage points respectively [11]