Core Viewpoint - The launch of the Morgan CSI 300 Free Cash Flow ETF and its corresponding fund aims to provide investors with a convenient tool to invest in high-quality companies with strong free cash flow, aligning with China's economic high-quality development [1][2]. Group 1: Fund Launch and Features - The Morgan CSI 300 Free Cash Flow ETF Connect Fund (Class A: 024613, Class C: 024614) will officially launch on June 16, allowing investors to purchase through major banks and online platforms [1]. - The fund aims to indirectly invest in the Morgan CSI 300 Free Cash Flow ETF, which focuses on companies within the CSI 300 index that have positive free cash flow and high earnings quality, excluding financial and real estate sectors [1][2]. - A unique quarterly dividend evaluation mechanism will be implemented, assessing the fund's excess return relative to its benchmark and available distributable profits, potentially enhancing investor satisfaction [2]. Group 2: Historical Performance and Investment Rationale - The CSI 300 Free Cash Flow Index has shown strong historical performance, achieving positive returns in 8 out of the last 11 years, with an annualized return of 14.2% since its inception [2]. - The index has demonstrated strong downside protection, with a maximum drawdown of -17.4% over the past five years, outperforming other indices in the same period [2]. - The current low-interest-rate environment and policy encouragement for companies to distribute dividends enhance the attractiveness of high free cash flow assets, as they are seen as financially healthy and capable of sustaining growth [3].

国信证券认为，在向存量经济切换的换档转型期，市场更为关注企业切实的创造现金流的能力。此外，当前的低利率环境使得现金流高的公司估值受益明 显，在信用收缩期，自身创造现金流能力强的公司往往更具韧性。 摩根沪深300自由现金流ETF也是继摩根中证A50ETF和摩根中证A500ETF之后，又一设置了特色季度强制分红机制的ETF产品。所谓季度强制分红机制，即 每季度最后一个交易日ETF相对标的指数的超额收益率为正时，会强制分红，收益分配比例不低于超额收益率的60%。（分红条款具体内容以《基金合同》 为准。） 在利率新常态下，摩根资产管理致力于为投资者把握相对"确定性"优质资产的投资机会，并通过特色分红机制让"红利"落袋为安。随着摩根沪深300自由现 金流ETF的推出，填补了摩根"红利工具箱"中自由现金流因子产品的空白，也为投资者提供了布局A股市场长线投资的新选择。 公告显示，摩根沪深300自由现金流ETF(扩位简称：沪深300自由现金流ETF摩根，证券代码：563900)5月7日起在上交所上市交易。摩根沪深300自由现金流 ETF，是首批跟踪沪深300自由现金流指数（932366.CSI）的ETF产品。作为摩根"红利工 ...

以下文章来源于华夏ETF ，作者ETF分析师 近日 ， 以自由现金流为核心的 " 现金奶牛 " 策略ETF成为公募新宠 ， 继首批自由现金流ETF上市 交易后 ， 多家基金公司陆续申报相关产品 。 华夏ETF . 据悉 ， 其中2家将跟踪沪深300自由现金流指数 ， 4家将跟踪国证自由现金流指数 。 分享ETF投资风向、ETF实战演练、ETF行情热点解析…… 若未来产品获批发行 ， 市场上将形成跟踪包括 国证自由现金流指数 、 富时中国A股自由现金流聚 焦指数 和 沪深300自由现金流指数 三种指数的自由现金流ETF ， 同时将为自由现金流ETF赛道带来 更多增量资金 。 (一) 聚焦自由现金流 ， 筛选高稳定性公司 为何基金公司扎堆布局国证自由现金流指数 ？ 我们不妨从指数的编制规则开始 ， 逐步对比 ， 看看 国证自由现金流指数 有何特别之处 ？ | 指数名称 | 国证自由现金流指数 | 沪深300目由现金流指数 | 富时中国A股自由现金流聚焦指数 | | --- | --- | --- | --- | | 指数代码 | 980092 | 932366 | FCFOCD | | 指数基日 | 2012/1 ...

Group 1 - The article discusses the upcoming issuance of a series of ETFs focused on free cash flow, tracking indices such as the China Securities Cash Flow Index, the CSI 300 Cash Flow Index, the CSI 800 Cash Flow Index, and the National Securities Cash Flow Index [2] - The China Securities All Index Free Cash Flow Index selects 100 listed companies with high free cash flow rates to reflect the overall performance of companies with strong cash flow generation capabilities [2] - The CSI 300 Free Cash Flow Index selects 50 companies from the CSI 300 Index that have high free cash flow rates, aiming to represent the performance of companies with strong cash flow generation within the CSI 300 sample [3] Group 2 - The CSI 800 Free Cash Flow Index selects 50 companies from the CSI 800 Index with high free cash flow rates, reflecting the performance of companies with strong cash flow generation within the CSI 800 sample [4] - The National Securities Free Cash Flow Index is designed to reflect the price changes of listed companies with high and stable free cash flow levels on the Shanghai and Shenzhen Stock Exchanges, enriching index investment tools [5] Group 3 - The base date for the three China Securities cash flow indices is December 31, 2013, with a base point of 1000, and they have been running for 11.3 years [6] - The current values and annualized returns for the indices are as follows: - All Index Cash Flow Price Index at 4419.86 points, annualized return of 14.05% - CSI 300 Cash Flow Price Index at 2911.58 points, annualized return of 9.92% - CSI 800 Cash Flow Price Index at 4294.83 points, annualized return of 13.76% - National Securities Cash Flow Index at 4683.24 points, annualized return of 12.48% [7] - The historical returns of the cash flow indices are impressive, with annualized returns around 18% for all but the CSI 300 Cash Flow Index, which may be due to a limited sample size after excluding the financial and real estate sectors [7] Group 4 - The article notes that the newly issued indices may exhibit historical fitting, which is unavoidable, and emphasizes that evaluating an index should prioritize its compilation rules, component structure, and inherent stability over historical returns [8]