Two ETFs found a net inflow of more than one billion funds
After the listing of the CSI 300 ETF options, there have been significant net funds inflows on their underlying assets, the Huatai-PineBridge CSI 300 ETF and the Harvest 300 ETF. The net inflows of those two ETFs in four trading days were 1.3 billion yuan.
Significant funds inflows in just four days
On December 23, two CSI 300 ETF options were listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange. In the last four trading days, both ETFs have realized funds inflows and increased scale.
The data shows that as of the trading close on December 20, the last trading day before the listing of two options, the Huatai-PineBridge CSI 300 ETF's share was 9.228 billion and its size was 37.06 billion yuan. The share of Harvest 300 ETF was 6.095 billion and the size was 24.868 billion yuan. On the first day after the listing of the CSI 300 ETF options, both ETFs showed an increase in their shares. In particular, Huatai-PineBridge CSI 300 ETF's shares increased by 110 million on the same day.
As of the trading close of the December 26, the size and share of the two funds have increased significantly. The shares of Huatai-PineBridge CSI 300 ETF have increased by 276 million shares and the fund size has increased by 1.157 billion yuan. The shares of the Harvest 300 ETF increased by 41 million, and the fund size increased by 187 million yuan. The closing price of the CSI 300 ETF on December 20 was not much different from the closing price on December 26. The increase in scale since the four trading days was mainly due to funds inflows.
At the same time, the trading of the two ETFs was also very active, especially the Harvest 300 ETF, whose transaction activity has significantly improved. On December 20, the daily volume of transaction of Harvest 300 ETF was around 610 million yuan. On the day of option listing, the volume of transaction increased to 680 million yuan. On the 26th, the daily transaction volume of Harvest 300 ETF increased to 696 million yuan.
The transaction volume of the Huatai-PineBridge CSI 300 ETF on the day of the ETF's listing on December 23 reached 1.788 billion yuan, a significant increase from 1.324 billion yuan on December 20. On the 26th, its trading volume fell to 1.332 billion yuan.
ETF options transaction still has room for improvement
Experts believes that derivatives of ETFs can significantly promote the size and liquidity of ETFs. An index fund manager analyzed to reporters that before to the listing of the SSE 50 ETF option, the SSE 50 ETF was not the largest ETF in the market, but after the options listed, the SSE 50 ETF gradually surpassed other ETFs and was the largest ETF on the market for a long time, and options transaction played a big part during the process.
Experts believe the current trading volume of CSI 300 ETF options is still not large, and there is still room for improvement. According to data released by Wind, on December 26, the daily position of the Huatai-PineBridge CSI 300 ETF were 508,800 option contracts, and the daily transaction volume was 329 million yuan; the daily transaction volume of the Harvest CSI 300 ETF were 98.26 million yuan and the daily position was 148,000 option contracts.
Some private equity investors told reporters that because the current daily trading volume of ETF options is not large, they can also implement relatively limited relevant strategies, and they hope that future options trading will continue to grow in terms of variety and trading volume.
Harvest Fund stated that in late October this year, the Shenzhen Stock Exchange and CSDC jointly launched a new Shenzhen Stock Exchange ETF transaction and purchase and redemption mechanism. The efficiency of cross-market ETF trading and application and redemption on the Shenzhen Stock Exchange has been significantly improved, and the liquidity of Harvest 300 ETF has been significantly improved, which helped reduce the option delivery risk. According to data released by Wind, since the Shenzhen Stock Exchange was restructured, as of December 24, the average daily transaction volume of Harvest 300 ETF exceeded 400 million yuan, and its liquidity ranked among the top of similar products. Harvest Fund analyzed, because the physical delivery mechanism of options often results in a large amount of transaction demand near the delivery date, and the improvement in the efficiency of Castrol CSI 300 ETF application and redemption will help investors to absorb these transaction requirements, and will not have a significant impact on market prices, which will affect options. For investors who exercise options, to a certain extent, it will reduce the uncertainty of market fluctuations and improve the trading experience.
Liu Jun, the fund manager of Huatai-PineBridge CSI 300 ETF, said that the expansion of options is conducive to increasing the allocation value of the CSI 300 ETF. The Shanghai Stock Exchange launched the real-time transaction model to improve the efficiency, which better reflects the two core elements of two ETFs, "efficiency" and "physical purchase and redemption". "Efficiency" can meet customer needs, and "physical purchase and redemption" can reduce the tracking errors of funds. These two core elements are combined in the cross-market ETF model of the Shanghai Stock Exchange.