Core Viewpoint - The ETF market is experiencing a retention crisis, with a significant number of newly issued ETFs facing declining share volumes, indicating challenges in maintaining investor interest and capital inflow [1][3][6]. Group 1: ETF Issuance and Performance - As of July 22, 2025, out of 164 ETFs issued in the first half of the year, 144 have seen a decrease in share volume, with 113 experiencing declines of over 50% [1]. - The performance of ETFs is heavily influenced by the initial funding structure, where many funds rely on informal networks for initial capital, leading to a loss of funds once the lock-up period ends [3][4]. - ETFs tied to trending sectors, such as innovative pharmaceuticals, have shown growth due to market performance, while those lacking clear industry characteristics have struggled [5][6]. Group 2: Competitive Landscape - Fund companies are attempting to create "flagship products" to establish a competitive edge, but this strategy is challenging due to the lack of a sustainable moat in the ETF market [7][8]. - The leading ETF, Huatai-PB's CSI 300 ETF, has seen its market share threatened by increasing competition, with significant narrowing of scale differences among top competitors [11][12]. - The ETF market's competitive nature means that single product advantages are often temporary, as the standardized nature of ETFs leads to intense competition and potential obsolescence [20]. Group 3: Strategic Approaches - Fund companies are focusing on differentiating their operations, particularly by enhancing institutional services and creating customized products to attract larger clients [22][23]. - The operational challenges faced by mid-sized fund companies include a lack of comprehensive product lines and internal coordination, which can hinder their ability to capitalize on market trends [24][26]. - The shift towards a platform-based competition in the ETF market emphasizes the need for fund companies to excel in all operational aspects, from research to marketing, to succeed [28][29].
ETF大基建：离开的，留下的
远川投资评论·2025-07-30 07:05