Reporter of China Fund News Li Shuchao

With the rise of technology stocks, the scale of technology-based open-ended index funds (ETFs) has climbed to more than 20 billion yuan, an increase of nearly 50% since its establishment. However, the scale of technology-based ETFs has also clearly differentiated: some have grown six-fold since their establishment, while others have shrunk by half.

The total size of technology ETFs is 20.6 billion
Increase by nearly 50%
According to Wind data, as of the close of November 22, the total size of the 12 technology ETFs established this year was 20.619 billion yuan, an increase of 6.681 billion yuan or 47.94% over the overall size of these funds.
However, while the overall scale has risen sharply, the differentiation between technology-based ETF products has become increasingly apparent. For example, the latest size of Guotai CES Semiconductor ETF is 1.779 billion yuan, which is 6.4 times of the initial stage of the establishment; the scale of Huabao CSI Leading ETF also increased from 1.037 billion yuan to 5.844 billion yuan, an increase of 463.36%.

There are also some technology concept ETFs that have shrunk more in size. Since the establishment of the technology ETFs under Huatai Borui, Shenwan Lingxin, and Harvest Funds, the scale has shrunk by more than 30%. The fund with the most considerable shrinkage has fallen from 2.12 billion yuan to 1.139 billion yuan, a decrease of nearly half.
As of the close of last Friday, among the technology ETFs, Huabao CSI Technology Leading ETF has the largest scale, with 5.844 billion yuan, and the smallest one is only 267 million yuan, which is more than 20 times the size difference.
Talking about the polarization of the scale of technology ETFs, Guotai Fouds said that“the wine is also afraid of alleys.” Although they are all technology ETFs, the genes are close, but the soil in which the products bred is different. Some companies have invested more resources in market making, marketing, and sales. The customer arrival rate is higher, and the effect is better. If only the initial investment made and the follow-up support are not kept up, it will be easy for the scale to shrink.
Some people in the industry believe that the polarization of the scale of technology concept ETFs is also related to the investment scope of products.
A medium-sized public equity fund manager in South China believes that although the funds as mentioned above are classified as technology concept ETFs, in fact, the products of various companies are quite different. For example, Guotai and Huaxia cut into 5G, semiconductor, communication and other technology sub-sectors, and the investment scope is relatively concentrated. The stock selection scope of technology-based ETFs such as Huabao, Huatai Bairui, and Harvest includes large-scale technology fields such as electronics, communications, computers, and biotechnology.
The fund manager believes that although the index products in the subdivided fields have their own advantages if the communication sector performs well, the related communication ETF will increase even more. However, due to the rapid market rotation within the technology sector, the electronics, semiconductor, and computer market will not last for a long time, and the "all-tech" ETF products that include multiple technology segments have certain advantages. "The east is not bright, and the west is bright." " This is also a significant reason why the scale of some all-tech ETFs can overgrow. " The fund manager said.
Explosion of technology ETFs requires comprehensive product competitiveness
From the perspective of yield, as of last Friday, the average return of 12 technology ETFs since its establishment was 8.07%, and the highest yield Guotai CES Semiconductor ETF was established for more than 6 months with the net value increase of 32.6%. Ping An CSI Artificial Intelligence ETF and other technology concept ETFs established for four months, and the yield was also above 10%.
Talking about the relationship between fund yield and scale, those mentioned above medium-sized public fund managers in South China stated that there is a certain positive correlation between fund yield and scale. In general, with the increase in fund returns, even if the fund share does not increase, the size of the fund will rise. The increase in fund income will also have the effect of attracting investors to purchase fund shares, which can further promote the growth of fund size.
Guotai Capital also said that there is a certain relationship between the fund's return and the change in scale, but this relationship is not absolute. The scale of Guotai’s semiconductor 50ETF has expanded from less than 300 million yuan at the time of listing to about 1.7 billion yuan. In addition to the large increase since the listing, Guotai Fund's strong support in market making, marketing and sales of ETFs is also inseparable.
Many people in the industry believe that in order to obtain the favor of funds and stand out from the same type of products, it is necessary to build the comprehensive competitiveness of ETF products.
The manager of those mentioned above medium-sized public equity funds in South China stated that whether a stock ETF product can enlarge, in addition to product design, is also related to various factors such as the product launch point, company resource endowment, company marketing strength, and market conditions.

Guotai Funds said that at the company level, the construction of ETFs is regarded as a systematic project. A large amount of human resources and material resources have been invested in the research, layout, issuance, listing, market making, marketing, and sales of ETFs to form a linkage. In addition to the industry ETF this year, the Broad-Based Enhanced ETF was also reported. In addition, Guotai Funds not only attaches importance to the initial launch, but also attaches great importance to the subsequent continuous marketing.

Guotai Fund believes that if the company can design products that customers love and do well in customer maintenance, it will bring continuous growth in scale and liquidity; if the products are good and cannot form internal linkages, it will result in good performance while the situation where the scale does not increase but decreases.
It is worth noting that with the fluctuation of the market, the scale of some technology ETFs has also shown a trend of rising first and then suppressing. Take Huabao CSI Technology Leading ETF as an example, when the fund was established on July 22, it had a scale of 1.037 billion and reached 5.966 billion in early October. By last Friday, its share had dropped to 4.889 billion.

In response to this phenomenon, those mentioned above medium-sized public fund manager in South China stated that the technology stock market has gradually entered a cooling-off period and a certain degree of adjustment has occurred. Many investors have chosen to make a profit. This is also the reason why some technology ETFs have fallen back after the rapid increase in the size of the previous fund. " However, in the medium and long term, under the background of vigorously promoting technological innovation in the whole society, there is a huge investment opportunity in the science and technology industry. In the future, it is expected that a number of companies with global competitiveness in the A-share technology sector will be listed. Technology-themed ETFs still have medium to long-term value. "

刚刚，这类很火的ETF突破200亿大关！

中国基金报记者 李树超

伴随科技股行情风口，科技类交易型开放式指数基金（ETF）规模攀升，突破200亿元，成立以来增幅接近50%。不过，科技类ETF的规模也存在明显分化：有的成立以来规模增长了6倍，有的却缩水了一半。

科技类ETF总规模206亿

增幅近50%

Wind数据显示，截至11月22日收盘，今年以来成立的12只科技类ETF总规模为206.19亿元，比这些基金首募总规模增加66.81亿元，增幅达到47.94%。

然而，在总规模大幅攀升的同时，科技类ETF产品间的分化却日趋明显。比如，国泰CES半导体ETF最新规模为17.79亿元，为成立初期的6.4倍；华宝中证科技龙头ETF规模也从成立初期的10.37亿元增至58.44亿元，涨幅达到463.36%。

也有部分科技概念ETF规模萎缩较多，华泰柏瑞、申万菱信、嘉实基金旗下科技类ETF成立以来规模萎缩超过30%以上，规模萎缩最多的基金从21.2亿元跌至11.39亿元，缩水近半。

截至上周五收盘，科技类ETF中，华宝中证科技龙头ETF规模最大，有58.44亿元，而规模最小的只有2.67亿元，两者规模相差20多倍。

谈及科技类ETF规模两极分化的现象，国泰基金表示，“酒香也怕巷子深”，虽然都是科技类ETF，基因接近，但是孕育产品的土壤不同。有的公司在做市、营销和销售上投入了较多的资源，客户到达率比较高，效果比较好。如果只进行了首发投入，后续支持没有跟上，就容易出现规模萎缩的情况。

也有的业内人士认为，科技概念ETF规模两极分化与产品的投资范围也存在一定的关联。

华南一位中型公募基金经理认为，虽然上述基金都归类为科技概念ETF，但实际上各家公司产品的差异性相当大。比如，国泰、华夏切入5G、半导体、通信等科技细分领域，投资范围比较集中；华宝、华泰柏瑞、嘉实等科技类ETF选股范围囊括电子、通信、计算机、生物科技等大科技领域。

这位基金经理认为，虽然细分领域指数产品有自己的优势，如遇上通信板块表现好，相关通信类ETF涨幅会更加强势。不过，由于科技板块内部的行情轮动较快，电子、半导体、计算机单一板块行情不会持续太久，而囊括多个科技细分行业的“全科技类”ETF产品就有一定优势，正所谓“东方不亮西方亮”。“这也是一些全科技类ETF的规模能够迅速壮大的一大原因。”该基金经理称。

科技ETF爆款需要产品综合竞争力

从收益率来看，截至上周五，12只科技类ETF成立以来平均收益率为8.07%，收益率最高的国泰CES半导体ETF成立6个多月净值上涨32.6%，华宝中证科技龙头ETF、平安中证人工智能ETF等多只科技概念ETF成立4个月，收益率也在10%以上。

谈及基金收益率和规模的关系，华南上述中型公募基金经理表示，基金收益率与规模存在一定的正相关性。一般情况下，伴随着基金收益率的提升，即便基金份额没有增长，基金规模也会水涨船高。基金收益的提升，也会起到吸引投资者申购基金份额的效果，能够进一步促进基金规模的增长。

国泰基金也表示，基金收益率和规模的变化有一定关系，但这个关系并不是绝对的。国泰的半导体50ETF的规模从上市时的不足3亿元扩张到现在17亿元左右，除了上市以来涨幅较大以外，也离不开国泰基金在ETF做市、营销和销售等方面的大力支持。

多位业内人士认为，要获得资金青睐，在同类型产品中脱颖而出，需要打造ETF产品的综合竞争力。

华南上述中型公募基金经理表示，一只股票ETF产品能否做大，除了产品设计，也与产品发行时点、公司资源禀赋、公司营销力度、市场行情等多方面因素相关。

国泰基金表示，公司层面将ETF的打造视为系统工程，从ETF的研究、布局、发行、上市、做市、营销、销售每个环节都投入大量的人力物力，形成联动。今年除了行业ETF，还上报了宽基增强ETF。而且，国泰基金不仅重视首发，对后续的持续营销同样非常重视。

国泰基金认为，如果公司能够设计出客户喜爱的产品，并且做好客户维护，就会带来规模和流动性的持续增长；如果只是产品不错，不能形成内部的联动，就会造成业绩不错，但是规模不增反降的情况。

值得注意的是，随着行情的波动，部分科技ETF规模也呈现出先扬后抑的走势。以华宝中证科技龙头ETF为例，该只基金7月22日成立时规模为10.37亿份，10月上旬达到59.66亿份，到了上周五，份额又降到了48.93亿份。

针对这种现象，华南上述中型公募基金经理表示，科技股行情逐渐进入冷静期，出现一定程度的调整，不少投资者选择获利了结。这也是一些科技类ETF在前期基金规模较快上涨后，有所回落的原因。“不过，中长期看，在全社会大力推进科技创新的大背景下，科创产业投资机遇巨大，未来有望诞生一批具备全球竞争力的A股科技板块上市公司，科技主题ETF仍具备中长期投资价值。”