Core Insights - The article focuses on interest rate bond ETFs, which are favored by conservative investors due to their low credit risk backed by government credit [4][5] - There are currently 16 interest rate bond ETFs in the market, with a total scale exceeding 95.4 billion yuan, primarily consisting of treasury bonds and policy financial bonds [4][6] Summary by Category Interest Rate Bond ETFs - Interest rate bond ETFs are investment products that hold a basket of "interest rate bonds," allowing investors to own multiple bonds through a single ETF [2] - The underlying assets of these ETFs mainly include treasury bonds, local government bonds, and policy financial bonds, which are considered to have low default risk [5] Market Overview - The total scale of interest rate bond ETFs in the market is over 95.4 billion yuan, with treasury bonds and policy financial bonds accounting for approximately 36 billion yuan and 49 billion yuan, respectively [4] - Among the seven treasury bond ETFs, two have scales exceeding 5 billion yuan, tracking the China Bond 30-Year Treasury Wealth Index and the Shanghai 30-Year Treasury Index [4][6] Specific ETFs and Their Characteristics - The largest treasury bond ETF is the 30-Year Treasury ETF, with a fund size of 17.76 billion yuan, tracking the China Bond 30-Year Treasury Wealth Index [6] - The article provides detailed tables of various ETFs, including their securities codes, names, tracking indices, and fund sizes, highlighting the diversity in the market [6][8][11] Duration and Sensitivity - Duration and modified duration are critical metrics for assessing the sensitivity of bond prices to interest rate changes, with longer durations indicating higher sensitivity [12] - The article emphasizes the importance of considering duration-related metrics when selecting interest rate bond ETFs, as they relate to the interest rate risk of the products [12][13]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The interest rate timing model indicates that the overall signal maintains a view of interest rate fluctuations, with the volatility signal expecting an upward trend in interest rates starting from April 21, 2025, and the trend signal expecting a downward trend in interest rates starting from April 24, 2025 [2][6]. - The duration of public - offering funds continued to rise from April 28 to April 30, 2025, with the median duration increasing by 0.01 to 2.95 years, at the 77% percentile over the past three years [3][18]. - The duration divergence index increased from April 28 to April 30, 2025, rising to 0.58, at the 84% percentile over the past three years [4][18]. Summaries by Related Catalogs Interest Rate Timing Model - The latest model signal shows an overall view of interest rate fluctuations, with the overall signal starting to indicate fluctuations on April 24, 2025, the trend signal indicating a downward trend in interest rates starting from April 24, 2025, and the volatility signal indicating an upward trend in interest rates starting from April 21, 2025 [6]. - The model's historical signal review shows different trends in interest rate expectations from 2021 to 2025, including multiple changes in the trend and volatility signals [7][8][9][10][11]. - The application instructions for the trend and volatility components state that the trend component is for "long - cycle" analysis, the volatility component is for "short - cycle" analysis; trend changes are "post - hoc", while volatility changes are "forward - looking"; trend judgment is suitable for "allocation strategies", and volatility judgment is suitable for "trading strategies" [11]. Institutional Duration Tracking - From April 28 to April 30, 2025, the median duration of public - offering funds increased by 0.01 to 2.95 years, at the 77% percentile over the past three years [3][18]. - The duration divergence index rose to 0.58 from April 28 to April 30, 2025, at the 84% percentile over the past three years [4][18].