近期，沪上两家以主动权益投资见长的基金公司，杀入ETF赛道，引发诸多关注。 9月29日，交银施罗德基金申报了交银施罗德中证智选沪深港科技50ETF，这是该公司时隔14年重启ETF布局；9月25日，兴证全球基金上报了兴证全球沪 深300质量ETF，或将成为公司成立22年来首只ETF产品。 在ETF总规模突破5万亿元、竞争日趋白热化的当下，记者了解到，不少公募在决定是否要进军ETF市场，需要思考投入与产出的问题，还有新进入者如 何在巨头林立的赛道中杀出重围。但也有机构认为，ETF市场什么时候进入都不算迟，因为ETF包含宽基、赛道、多资产等多样化品种，目前市场上ETF 的类型还不能满足投资者需要，还有很多空白有待填补。 交银施罗德、兴全上报ETF产品 证监会网站信息显示，9月29日，交银施罗德基金上报了一只名为"交银施罗德中证智选沪深港科技50ETF"的基金，目前处于接收材料的状态。 值得一提的是，这是交银施罗德基金时隔14年重启ETF产品线布局。此前，交银施罗德基金分别于2009年9月、2011年9月成立了交银180治理ETF、交银 深证300价值ETF，但此后再无ETF产品推出。 如今该公司申报的交银施罗德中证 ...

Core Viewpoint - Xingsheng Global Fund has officially entered the ETF market by submitting its first ETF product, the "Xingsheng Global CSI 300 Quality ETF," marking a significant shift from its traditional focus on active equity investment [1][2]. Group 1: ETF Product Launch - The "Xingsheng Global CSI 300 Quality ETF" is currently under review by the regulatory authority as of September 25 [2]. - This ETF aims to track the CSI 300 Quality Index, which reflects the performance of 50 companies with high quality factor scores from the CSI 300 Index [2][3]. - If approved, this ETF will be the first in the industry to track the CSI 300 Quality Index, focusing on high-quality A-share assets [2]. Group 2: Market Context - As of September 26, there are 1,315 ETF products in the market, with a total scale of 5.47 trillion yuan, representing a 46.6% increase from the end of the previous year [1][4]. - The ETF market has been expanding rapidly, becoming a key area for public fund institutions to compete [4]. - The trend of entering the ETF market has been observed among various public fund companies since 2020, with many institutions recognizing the importance of ETFs for growth [4][5]. Group 3: Industry Trends and Challenges - The ETF market is characterized by increasing competition and product homogeneity, making differentiation crucial for latecomers [5]. - Public fund companies are encouraged to develop thematic products in high-growth sectors such as technology, healthcare, and consumer goods, as well as Smart Beta ETFs [5].

Core Viewpoint - The Schwab Fundamental U.S. Large Company ETF (FNDX) is a smart beta ETF designed to provide broad exposure to the Large Cap Value category, with a focus on fundamental characteristics to enhance risk-return performance [1][3][5]. Fund Overview - FNDX was launched on August 13, 2013, and has accumulated over $18.97 billion in assets, making it one of the largest ETFs in its category [1][5]. - The fund is managed by Charles Schwab and aims to match the performance of the Russell RAFI US Large Co. Index [5]. Cost Structure - The ETF has an annual operating expense ratio of 0.25%, which is competitive within its peer group [6]. - It offers a 12-month trailing dividend yield of 1.72% [6]. Sector Exposure and Holdings - The fund has a significant allocation to the Financials sector, representing 17.4% of the portfolio, followed by Information Technology and Healthcare [7]. - Apple Inc (AAPL) constitutes approximately 3.86% of the fund's total assets, with the top 10 holdings accounting for about 20.25% of total assets under management [8]. Performance Metrics - As of July 23, 2025, FNDX has increased by approximately 6.39% year-to-date and 10.67% over the past year [10]. - The ETF has a beta of 0.93 and a standard deviation of 15.23% over the trailing three-year period, indicating a medium risk profile [10]. Alternatives - Other ETFs in the Large Cap Value space include Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Value ETF (VTV), which have larger asset bases and lower expense ratios [12].

Group 1 - The cash flow ETF (159399) announced its fourth dividend distribution with a ratio of 0.20%, with the record date set for June 13 and the payment date on June 18 [1] - The cash flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates [1] - The FTSE cash flow index has demonstrated strong long-term performance, with an annualized return of over 18% since the base date (December 31, 2013), and a cumulative increase of 568.15%, significantly outperforming the CSI 300's 114.88% and the CSI Dividend's 285.62%, having outperformed the CSI Dividend index for nine consecutive years [1]

Group 1 - The core viewpoint is that foreign capital is expected to continue flowing back into China, driven by new public fund assessment regulations and a shift from short-term to long-term pricing in the market, potentially leading to a "cash is king" scenario [1] - The popularity of DeepSeek and the U.S. trade tensions have significantly altered global perceptions of Chinese assets, with patience during the policy process increasing [1] - As China's macroeconomic logic becomes clearer and its technological capabilities are recognized and priced in, the trend of foreign capital returning to Chinese assets is seen as a matter of timing [1] Group 2 - The reform of public funds is anticipated to encourage institutional investors to focus more on pricing core companies rather than chasing industry trends, leading to a gradual decrease in active holding ratios [1] - These marginal capital trends and changes in investment behavior are expected to drive the market style back towards industry leaders with barriers and pricing power, thus reviving the focus on core assets [1] - The Cash Flow ETF (159399) is designed to select stocks based on free cash flow, tracking the FTSE China A-Share Free Cash Flow Focus Index, and excludes financial and real estate sectors to highlight the top 50 stocks with the highest free cash flow rates [1] Group 3 - The Cash Flow ETF (159399) has a "monthly assessment and distribution" mechanism for dividends and has completed its third consecutive dividend distribution since its listing, enhancing the holding experience for investors [1]

Group 1 - The market experienced volatility today, with computing power stocks collectively declining, while the cash flow ETF (159399) demonstrated strong anti-drawdown characteristics, attracting significant capital subscriptions [1] - As of May 26, the cash flow ETF (159399) has surpassed 3.5 billion yuan in scale, ranking first among its peers, and exhibits good liquidity [1] - The cash flow ETF (159399) utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding the financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates, thereby identifying "cash cow" enterprises in the A-share market for investors [1] Group 2 - Historical performance of the FTSE China A-Share Free Cash Flow Focus Index shows an annualized return of approximately 20% from 2014 to 2024, significantly outperforming the CSI 300 and the CSI Dividend Index during the same period, with positive returns for six consecutive years since 2019 [1] - The cash flow ETF (159399) has a contractual agreement for monthly dividend assessments, having announced three dividends by May 2025, which may enhance investor experience by providing opportunities for profit realization [1] - According to GF Securities, in the absence of new industry logic and significant market fluctuations, dividend assets may enter a headwind period in June, but for long-term investors, this could represent a favorable entry point, as dividend assets remain a foundational choice for long-term allocation amid significant external uncertainties [1]

Group 1 - Major Chinese banks, including ICBC, Bank of China, and others, have lowered RMB deposit rates, with one-year fixed deposit rates dropping below 1% [1] - The reduction in deposit rates is part of a broader macroeconomic trend, with domestic interest rate cuts and a decline in risk-free yields, making high-dividend assets more attractive [1] - The U.S. Federal Reserve maintained its benchmark interest rate at 4.25%-4.5%, while U.S. inflation data showed a decrease, which may enhance expectations for rate cuts and positively impact dividend strategies [1] Group 2 - The dividend sector is highlighted for its defensive attributes amid market volatility, with investors likely to prefer certainty in uncertain environments [2] - Historical performance indicates that dividend strategies outperform in turbulent and declining markets, serving as a stabilizing component in investment portfolios [2] Group 3 - The Cash Flow ETF (159399) focuses on large and mid-cap stocks, tracking the FTSE China A-Share Free Cash Flow Focus Index, and has shown an annualized return of approximately 20% from 2014 to 2024 [3] - As of May 19, 2025, the Cash Flow Index has a dividend yield exceeding 4.5%, providing a solid foundation for dividends [3] Group 4 - The Dividend State-Owned Enterprise ETF (510720) tracks the Shanghai Stock Exchange State-Owned Enterprise Dividend Index, with a dividend yield of 6.78%, the highest among major dividend indices [4] - This ETF has consistently announced dividends for 13 consecutive months since its launch in May 2024, making it a rare monthly dividend-paying ETF in the market [4]

Group 1 - The A-share market experienced a significant decline, with technology stocks leading the drop, while the Cash Flow ETF (159399) demonstrated strong defensive characteristics, only falling 0.3% during the session with a trading volume exceeding 130 million yuan [1] - The Cash Flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, which excludes financial and real estate sectors, selecting the top 50 stocks with the highest free cash flow rates, thus identifying "cash cow" companies in the A-share market [1] - Historical performance of the FTSE China A-Share Free Cash Flow Focus Index shows an annualized return of approximately 20% from 2014 to 2024, significantly outperforming the CSI 300 and the CSI Dividend Index during the same period, with a consistent positive return for six consecutive years since 2019 [1] Group 2 - In 2022, during a market downturn, the Cash Flow Index increased by over 5%, highlighting its strong defensive attributes [1] - Global financial turmoil and lowered growth expectations are leading to reduced risk appetite among investors, making stable cash flow sectors increasingly valuable in a complex global economic environment [1] - The Cash Flow ETF (159399) has announced three dividends by May 2025, which may enhance investor experience by providing opportunities for profit realization [2]

Core Viewpoint - The recent dividend distribution of the cash flow ETF (159399) has led to investor confusion regarding the decrease in unit net value post-dividend, which does not indicate a reduction in overall fund returns [1][2]. Group 1: Dividend Mechanism - Fund dividends are distributions made to investors based on the fund's distributable profits, and the net asset value (NAV) is adjusted downwards to maintain total asset balance during the dividend payout [2][3]. - The analogy of a fruit-bearing tree is used to explain that dividends are akin to the fruits harvested, which, while reducing the tree's weight (NAV), provide tangible cash benefits to investors [2]. Group 2: Importance of Adjusted Net Value - The adjusted net value (also known as the ex-dividend net value) is crucial for accurately assessing fund performance, as it accounts for historical dividends and stock splits, providing a clearer picture of long-term asset appreciation [3][5]. - For the cash flow ETF (159399), as of April 17, the unit net value was 0.9812, while the adjusted net value was 0.9852, indicating a difference of 0.0040, which corresponds to the total dividends received [3][4]. Group 3: Fund Characteristics and Market Context - The cash flow ETF (159399) focuses on stocks with high free cash flow, excluding financial and real estate sectors, and aims to identify "cash cow" companies in the A-share market [5]. - Given the current uncertain market conditions, assets with abundant cash flow are seen as having stronger risk-averse capabilities, and government policies encouraging increased dividend distributions may enhance the attractiveness of such investments [5].