Core Viewpoint - The public fund industry experienced significant fluctuations in the scale of the CSI A500 ETF around the mid-year mark, with a notable increase in net subscriptions followed by a sharp decline in scale shortly after June 30 [1][4]. Group 1: Fund Performance and Market Dynamics - As of June 30, a large public fund's CSI A500 ETF saw a dramatic increase of 11.8 billion shares, reaching a peak scale of 22.64 billion yuan, making it the largest ETF in its category, surpassing the second-largest by nearly 4 billion yuan [3]. - However, after entering the second half of the year, the net subscription trend halted, leading to a significant drop in scale, with a reduction of 2.22 billion shares on July 1, equating to over 2.2 billion yuan in outflows [5][4]. - By July 11, the fund's scale had decreased by 4.4 billion yuan, indicating a volatile market environment for ETFs [5]. Group 2: Reasons Behind Scale Fluctuations - Industry insiders suggest that the mid-year surge in ETF scale may be attributed to internal assessments and promotional needs within fund companies, with a focus on "scale chasing" during key evaluation periods [2][6]. - The increase in scale is also linked to market performance, as the ETF's trading advantages attracted investors looking to capitalize on short-term market movements [8]. - The phenomenon of "scale chasing" is seen as a strategic move by fund companies to enhance liquidity and prepare for future investments from institutional players [7][9]. Group 3: Implications of "Help Funds" - The presence of "help funds" during the ETF's scale fluctuations indicates a complex industry logic, where such funds are often sourced from market makers who can hedge risks effectively [10]. - While the costs associated with "help funds" are borne by fund companies, this practice can lead to significant volatility in ETF scales, potentially misleading investors about the product's true performance [11][12]. - Observers note that the costs incurred from "help funds" could detract from resources that could otherwise enhance the fund's research capabilities, ultimately harming the interests of ordinary investors [12].

Group 1 - In the first half of the year, several individual investors frequently appeared in the top ten holders list for newly launched ETFs, with some "bull investors" accumulating over 50 million yuan in subscriptions [1][3] - High-net-worth individual investors may serve as "supporting funds" for the initial offerings of certain ETF products, reflecting a trend in the industry [1][3] - Notable investors such as Lou Jianwei and Liu Xiaorong have participated in at least nine new ETF subscriptions, with Lou Jianwei consistently subscribing each month from January to June [3] Group 2 - Some "bull investors" have quickly exited after the ETFs were listed, indicating a potential strategy of short-term gains [3] - There is a suspicion that some of these high-net-worth individuals may actually be nominal accounts for private equity funds, participating under personal names for liquidity services [3] - The growing popularity of passive investment strategies has led more high-net-worth investors to turn to ETFs, attracted by their risk diversification and low fees [3]