Multi -government debt ETF approved transaction model is more advantageous

ETF will usher in new products.

In April, a number of fund companies have reported a group of government funds ETFs. On July 11, reporters from "Daily Economic News" learned that including Guangfa Fund, China Merchants Fund, Cathay Fund, Boshi Fund, Favonian Fund, Ping An Fund, and Fund Fund, and Ping An Fund, and Ping An Fund, and Ping An Fund, and Ping An Fund, and Ping An Fund, and Ping An Fund, and Fund, and Fund, and Fund, and Fund, and Fund, and Fund, and Foundation Many fund companies including Hua'an Fund and CCB Fund have received approval.

China Merchants Fund stated that government funds were issued by State Development Bank, China Agricultural Development Bank, and China Import and Export Bank. For investors, policy financial bonds have high credit rating, large volume, and good liquidity. They are relatively stable investment targets. The approval of the ETF of the government debt has filled the industry gaps, enriched the lower risk product sequences on the exchange venue, and provided investors with more bond tool -type product options.

This is filled with industry gaps

Although they are all government bonds, they are still a bit different from the specific product.

The relevant person in charge of the Guangfa Fund said that the approval of the product filled the gap in the previous industry's Vevent of Criminals, and further enriched the low -risk bond asset allocation toolbox. Investors not only have investment opportunities to participate in government government bonds, but also the flexible ETF transactions and cash redemption mechanisms also provide it with more convenient investment options.

In addition, China Merchants Fund stated that the ETF of the Government Bonds is a high -quality hedging tool. The fund is mainly invested in policy financial bonds. This type of asset has the characteristics of stable cash flow and relatively low credit risk. The yield correlation between bond ETF and stock assets is low. From the perspective of large -scale asset allocation, multiple types of assets with low correlation can be decentralized and reduced the volatility of the asset portfolio; Looking at the slowdown in economic growth or downward, with the decline in interest rates, the increase in bond prices, which reflects a certain risk aversion function for bond ETFs.

Boshi Fund believes that there are four major aspects of the need for development of the ETF ETF. The first is to help China Unicom's two bond markets between banks and exchanges, and it is conducive to introducing the securities market investors into the inter -bank market and being the inter -bank bond market Bring new funds increment. The starting point of the interbank bond market is very high (starting from 10 million yuan), and ordinary customers cannot directly invest in policy financial bonds such as national opening bonds. The National Kailang Bond ETF is listed and traded on the exchange. Exchange customers can directly participate in the investment channels of Guojie Bonds by applying for the share of ETF funds on the first -level market to purchase the share of ETF funds and buy and sell funds in the secondary market, thereby broaden investment channels.

Second, it is conducive to attracting more overseas capital investment policy financial bonds. Under the "bond" national strategic decision -making Dongfeng, a large number of overseas investors intend to participate in the domestic bond market investment. Policy financial bonds such as national credit and liquidity of national credit and liquidity have become their important choice.

Third, it is conducive to reducing the cost of issuance of national bonds and supporting the development of the real economy. The launch of the National Kailang Bond ETF can further activate the liquidity of the current bonds that can open the bond, further improve the yield curve of the National Treasury bond due, and reduce the cost of issuing bonds to issue bonds.

Fourth, it is conducive to enriching market investment tools. The National Kailang Bond ETF provides domestic and foreign investors with long -term bond allocation and trading tools of RMB assets.

You can buy and sell in the secondary market

It is worth noting that, in fact, there are currently government -funded funds in the market, but it is not ETF, but the form of off -site index funds.

It is reported that compared with the existing government gold bond funds on the market, the ETF approved by the government has certain advantages. For example, in the trading model, CCB Fund stated that the ETF of the Government Bonds uses cash for redemption. It has the function of listing and trading, and has high investment liquidity. Investors have deployed the government's financial debt index funds outside the scene to redeem cash outside the court. Raiders usually get longer on the "T+2" day. In contrast, investors' layout of government funds ETF only needs to be redeemed in cash, and they can be flexibly traded in the secondary market to facilitate investors to reasonably arrange the use of funds.

Boshi Fund said that the introduction of products does not require the existing pattern of the investment and hosting of the investment target in the interbank market, and it can indeed promote the inter -bank and exchange market interconnection and interconnection of the investment target in the interbank market. It plays a role in reducing the fund premium.

The Ping An Fund believes that the ETF of the Government Bonds will greatly promote the liquidity of Bond ETF. On the one hand, it will help promote the interconnection of interbank and exchange bond markets. On the other hand The investment tool of the index finally used the cash application model to further improve the efficiency of the fund share transaction and the liquidity of the fund.

In addition, the Ping An Fund said that the index tracked across market bonds includes exchanges and inter -bank bonds, which has opened up the originally split bank and exchange bond market, and can use cash or physical to purchase ETF shares.

Hua'an Fund stated that the CCPPF ETF and other large types of assets such as stocks and goods are relatively low. In the past 10 years, it is negatively related to stocks and can be used as a good supplement to asset allocation. In the future, the National Kailang debt ETF may also be included in the exchange pledged repurchase, which is convenient for ETF holders to manage liquidity.

Daily Economic News

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