招商基金副总经理欧志明表示，本次获批的政金债ETF属于跨市场债券ETF，将有利于促进银行间 和交易所市场互联互通，提高我国债券ETF的整体规模，提升沪深交易所债券ETF的影响力。此外，政 金债ETF也将进一步完善场内工具型产品的风险梯度，满足投资者多样化的投资需求。 富国基金表示，鉴于实物申赎模式债券ETF只能够持有沪深两市债券标的，现金申赎类债券ETF除 了能够持有交易所债券之外，还能够覆盖银行间市场债券。与此同时，在实物申赎模式下，投资者赎回 后所得到的一揽子债券可能存在流动性较低、信用质量差的情况，而现金申赎类债券ETF则可以在保证 申赎效率的前提下，帮助投资者在赎回后直接拿到现金，有效地提升投资者的赎回体验。 谈及开发政金债ETF的必要性，博时基金认为，有四个方面值得关注：一是有利于联通银行间和交 易所两个债券市场，有利于将证券市场投资者引入银行间市场，为银行间债券市场带来新的资金增量； 二是有利于吸引更多境外资金投资政策性金融债；三是有利于降低国开债发行成本，支持实体经济发 展；四是有利于丰富市场投资工具。 ETF又诞新品种。7月11日，国内首批政策性金融债ETF（以下简称"政金债ETF"）正式获批 ...

Core Viewpoint - The bond ETF market is experiencing significant growth, with total scale surpassing 500 billion yuan by July 20, 2025, nearly doubling from early 2024, driven by increasing interest from institutional investors and innovative product designs [1][2][4]. Group 1: Market Growth and Trends - The total scale of bond ETFs reached over 500 billion yuan by July 20, 2025, with an increase of nearly 120 billion yuan in just the first half of July [1]. - The first batch of 10 bond ETFs raised nearly 30 billion yuan on their first day, indicating strong market demand [1]. - The bond ETF market is seeing a shift towards specialized products, such as those focusing on technology innovation bonds, which are characterized by low risk and flexible trading [1][4]. Group 2: Institutional Investor Dynamics - Approximately 85% of bond ETFs are held by institutional investors, including insurance funds and bank wealth management, highlighting the significant role of institutional capital in this market [2]. - Institutional investors face challenges in timing their investments, leading to a need for unique product offerings to retain their interest [2]. - There is a need for bond ETFs to be designed to meet the operational requirements of bank proprietary funds, which currently face regulatory constraints [2]. Group 3: Product Innovation and Market Positioning - There are numerous opportunities for product innovation within the bond ETF space, including green bonds, rural revitalization themes, and leveraged or inverse ETFs [3][4]. - Different investor segments have varying preferences, with institutional investors favoring long-duration rate bonds, while retail investors prefer T+0 redemption and monthly dividends [3]. - Cross-border investment needs can be addressed through bond ETFs that track international bond indices, allowing for diversified exposure without complex foreign exchange operations [3]. Group 4: Future Outlook - The market for technology innovation bonds has exceeded 2 trillion yuan, with expectations for continued growth in related bond ETFs due to supportive policies and reduced issuance thresholds [4]. - Future bond ETFs are likely to focus on specific themes, such as green technology or semiconductor industry bonds, reflecting a trend towards differentiation in product offerings [4].

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]

Group 1 - The strategy for low to medium risk asset allocation includes risk parity and risk budgeting models, where risk parity allocates equal risk weights across different assets, while risk budgeting allows investors to set asset risk weights based on their risk preferences [1] - The correlation between major asset classes such as equities (A-shares, Hong Kong stocks, US stocks), bonds, and commodities (precious metals, energy, chemicals) is relatively low, making it suitable to construct portfolios using corresponding ETFs [1] - The long-term correlation between bonds and equities or commodities ranges from 0 to -30%, indicating a "stock-bond seesaw" effect due to the counter-cyclical nature of interest rates affecting bond yields, while equities and commodities reflect the health or expectations of the real economy [1] Group 2 - A simple construction method for the model involves selecting broad-based indices for equities such as CSI 300 ETF, CSI 500 ETF, ChiNext ETF, and National 2000 ETF, while the bond portion can include government bond ETFs, policy financial bond ETFs, and local government bond ETFs [2] - For the commodity portion, gold ETFs and commodity futures ETFs can be included, with advanced construction methods allowing for a core-satellite approach or sector rotation strategy for equities [2]

深圳证券交易所 SHENZHEN SHENZHEN STOCK EXCHANGE 深交所ETF投资问答(39) kes i m g T t x 154 B d UN - 编者按 - 」 风险平价／风险预算模型 ▪ 风险预算放型 放松对风险均衡配 置的严格要求,投 资者可以根据自身 风险偏好去设定各 资产风险权重。 风险平分旗型 属于风险预算模型 的一个特例,是对 投资组合中不同资 产分配相同的风险 权重的一种资产配 置理念。 选择大类资产 E3 商品 les ... 风险预算模型 风险模型 2% 2% 2 000 资产组合构建 举列 大类资产之间的相关性较低，适合选 ....... 择相应的ETF资产构建组合。 例如,债券和权益类、商品类ETF的长 期相关性在0至-30%之间，"股债晓晓 板"模式长期存在,短期也会有"股债 双杀"的局面。 近年来我国指数型基金迅速发展,交易型开 放式指数基金(ETF) 备受关注。为帮助广 大投资者系统全面认识ETF，了解相关投资 方法,特摘编由深圳证券交易所基金管理部 编著的《深交所ETF投资问答》（中国财政 经济出版社2024年版）形成图文解读。本 篇是第39期，继续为大家 ...