Core Viewpoint - Ping An Fund's company bond ETF has received approval to enter the general pledge repo trading, making it the only pledgeable, short to medium duration credit bond ETF with a scale exceeding 15 billion yuan [1][2]. Group 1: Company Bond ETF Features - The company bond ETF has surpassed 15 billion yuan in scale, ranking among the top three in the market for credit bond ETFs [3]. - It is designed as a core trading tool for company bonds, focusing on high-grade credit bonds and central state-owned enterprise bonds with a medium to short duration [3]. Group 2: Liquidity and Risk Management - The inclusion of the company bond ETF in the pledge repo library enhances its liquidity, allowing investors to utilize it as a general pledge asset, thus providing additional liquidity advantages [2][6]. - Compared to actively managed products, the company bond ETF offers lower fees and better liquidity, with an average daily trading volume of nearly 1 billion yuan in 2025 [5]. Group 3: Performance Metrics - The company bond ETF has shown strong performance, with a maximum drawdown of only 0.5% over the past year, significantly lower than the average of 1.27% for similar products [4]. - Since its inception, the ETF has consistently outperformed its benchmark index, with annual returns of 3.38% in 2023 and 3.60% in 2024, and has distributed dividends totaling nearly 750 million yuan [4][7].