扫描二维码 立即订阅 更多ETF精彩内容 Vanguard是否将摩根大通推出投机级债券ETF视为针对性挑战？ 经过多年等待，投资者终将迎来Va n g u a r d的高收益债券ETF，尽管这是一只主动管理型基 金。此举可能受到摩根大通近期推出主动型高收益债券ETF的刺激，该产品携2 0亿美元的种 子资金上市，立刻成为市场上规模最大的纯主动型投机级债券ETF。Va n g u a r d这只ETF预计 将于9月推出，在即将到来的竞争中具有两大优势。首先，费率更低，仅为0 . 2 2%；摩根大通 的0 . 4 5%费率虽算不上昂贵，但仍是Va n g u a r d的两倍多。其次，Va n g u a r d旗下有一只2 4 0亿 美元的主动型投机级债券共同基金，其中部分资产可能会转入上述这项更受欢迎的ETF工 具。 摩根大通的积极推进和资金流入引起了所有发行人的警觉，连实力雄厚的Va n g u a r d也不例 外。 摩根大通成为主动型投机级债券ETF领域新晋霸主 | Inception | Fund Assets (M Expense | Ticker | Name | Date | USD) Ratio ...

Core Insights - The ETF market has seen a growth rate exceeding 70% this year, marking the highest increase in five years, with total assets surpassing 4 trillion [1] - New entrants like Changcheng Fund and Xingzheng Global Fund are beginning to explore the ETF space, indicating a shift in strategy among previously passive fund companies [3][7] ETF Market Trends - The overall scale and number of ETF funds in the market are on an upward trend, with significant participation from major fund companies [4] - The "Matthew Effect" is evident in the ETF market, where leading firms like Huaxia, E Fund, and Haitai Bailei dominate with over 2 trillion in market size [8][9] Competitive Landscape - Major fund companies entering the ETF market may not be too late, as the ETF sector is characterized as a "head game," where large public funds hold a significant market share [8] - Xingzheng Global Fund, backed by a strong reputation and a successful active equity strategy, may leverage its existing brand to compete effectively in the ETF market [7][10] Challenges and Opportunities - Despite the growth potential, challenges remain for fund companies in establishing a profitable ETF business, with a need for scale to achieve stable profitability [10] - The Chinese ETF market has significant room for growth compared to the U.S., where passive products hold about 16% of total stock market value, while in China, this figure is only around 3% to 4% [10]