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.

沪深300ETF期权上市后，两只期权标的300ETF基金华泰柏瑞沪深300ETF和嘉实沪深300ETF出现显著资金净流入，在短短4个交易日内，两只基金的资金净流入13亿元。

短短4天资金显著流入

12月23日，沪深两市的两只沪深300ETF期权上市，其最近短短4个交易日内，两只ETF就都实现了资金的流入和规模的增长。

数据显示，截至期权上市前的最后一个交易日12月20日收盘，华泰柏瑞沪深300ETF的份额是92.28亿份，规模是370.6亿元。嘉实沪深300ETF的份额是60.95亿份，规模是248.68亿元。沪深300ETF期权上市后首日，两只基金均出现了份额的增加，尤其是华泰柏瑞当日份额就增加了1.1亿份。

与期权上市前的12月20日收盘时相比，截至26日收盘，两只基金规模与份额均出现了明显增长，华泰柏瑞沪深300ETF份额增加了2.76亿份，规模增加了11.57亿元；嘉实沪深300ETF份额增加了0.41亿份，规模增加了1.87亿元。沪深300ETF在12月20日的收盘价格与12月26日的收盘价格相差不大，4个交易日以来的规模增长主要来源于资金的流入。

数据来源：wind，其中份额单位为亿份，收盘价单位为元，规模单位为亿元。

同时，两只ETF的成交也很活跃，尤其是嘉实ETF，成交活跃度出现明显提升。12月20日，嘉实沪深300ETF的日成交额在6.1亿元附近，而到了期权上市当日，成交额提升到了6.8亿元，到了26日，嘉实基金的日成交额提升到了6.96亿元。

华泰柏瑞沪深300ETF在23日ETF上市当天成交金额达17.88亿元，较12月20日的13.24亿元出现显著提升，26日，其成交额回落至13.32亿元。

ETF期权交易仍有提升空间

业内人士认为，ETF的衍生品对于提升ETF规模和流动性具有显著促进作用。一位指数基金经理向记者分析，此前，在上证50ETF期权上市之前，上证50ETF并不是场内最大的ETF，但是在期权上市之后，上证50ETF逐步超越其他ETF品种，在相当长时间内是场内最大的ETF品种，在这个过程中，期权交易功不可没。

在业内人士看来，当前沪深300ETF期权的交易量整体上尚且不算大，还有交易提升空间。Wind数据显示，12月26日，上交所华泰柏瑞沪深300ETF期权的日持仓量是50.88万张，日成交金额是3.29亿元；深交所嘉实沪深300ETF期权的日成交金额是9826万元，日持仓量是14.8万张。

有私募投资者向记者表示，由于当前ETF期权日成交量还不大，因此，他们能够落实的相关策略也相对有限，他们希望未来期权交易在品种和交易量两个层次上继续做大。

嘉实基金表示，今年10月下旬，深交所和中国结算联合推出了新的深交所ETF交易和申购赎回机制，深交所跨市场ETF交易和申赎效率大幅提升，嘉实沪深300ETF流动性显著提升，有助于降低期权交割风险。据Wind数据统计，自深交所改制后截至12月24日，嘉实沪深300ETF日均成交额超4亿元，流动性位居同类产品前列。嘉实基金分析，由于期权实物交割机制往往导致交割日附近产生大量交易需求，而嘉实沪深300ETF申赎效率的提升，有利于投资者吸收这些交易需求，不会对市场价格产生大幅冲击，对期权行权投资者而言，一定程度上将降低市场波动的不确定性，提升交易体验。

华泰柏瑞沪深300ETF基金经理柳军则表示，期权扩容有利于提升沪深300ETF的配置价值，上交所推出的“效率优先”的“实时代买卖模式”，较好的体现了ETF的两个核心要素“效率”和“实物申购赎回”。“效率”可以满足客户的需求，“实物申购赎回”可以降低基金跟踪误差水平。这两个核心要素，在上交所的跨市场ETF模式中得到了结合。