【晨星潜力基金系列】：盘点四只值得关注的ETF

Core Insights - The article emphasizes the importance of independent research and long-term investment strategies in fund selection, highlighting four ETFs in the equity asset category that are worth attention for investors [1] Group 1: Market Trends - As of December 31, 2024, the one-year winning rate of active small-cap funds decreased from 49.6% in 2023 to 38.2%, and the three-year winning rate dropped from 58.7% to 37.6%, indicating a weakening ability of active funds to generate excess returns [2] - The market is increasingly favoring passive products, leading to improved pricing efficiency and overall market effectiveness [2] - The China Securities Regulatory Commission's action plan for promoting high-quality development of public funds is expected to further constrain the ability of active funds to create significant excess returns [2] Group 2: Index Overview - The index tracked by the passive funds is categorized as a mid-cap balanced stock fund, consisting of 500 stocks that are excluded from the CSI 300 index, reflecting the overall performance of mid to large-cap stocks [3][15] - The index is designed to balance market capitalization and liquidity, with a semi-annual adjustment mechanism to maintain stability and reduce turnover rates [4][16] Group 3: Fund Highlights - E Fund CSI 500 ETF: Established on August 27, 2015, this fund employs a full replication strategy to track the CSI 500 Index, managed by a team with extensive experience in index investment [7][8] - Huatai-PB CSI 500 ETF: Launched on May 13, 2015, this fund also follows a full replication method and is managed by a team with a clear division of responsibilities, focusing on daily index tracking and risk management [11][12] - China Asset CSI 1000 ETF: Founded on March 18, 2021, this fund utilizes a full replication strategy and has a robust operational framework supported by a stable team with significant experience in index fund management [19][20] - E Fund CSI 1000 ETF: Established on July 28, 2022, this fund follows a similar operational model as other E Fund products, focusing on systematic management and risk control [23][24] Group 4: Performance Metrics - As of September 30, 2025, the E Fund CSI 500 ETF had a scale of 2.95 billion, with a fee level in the lowest quartile among similar products [8] - The Huatai-PB CSI 500 ETF had a scale of 980 million as of September 30, 2025, also positioned in the lowest fee quartile [12] - The China Asset CSI 1000 ETF reached a scale of 45.47 billion by September 30, 2025, with a management fee reduced to 0.15%, placing it in the lowest fee quartile [20] - The E Fund CSI 1000 ETF had a scale of 1.56 billion as of September 30, 2025, with similar fee reductions, enhancing its cost competitiveness [24]