10只科創債ETF明日齊發！
首批10只科創債ETF基金於明日(7月7日)開始上線發行，每隻基金首次募集規模上限均為30億元。
從標的資產看，華夏、易方達、南方、嘉實、富國、招商基金旗下產品跟蹤中證AAA科創債指數；廣發、鵬華、博時基金產品跟蹤上證AAA科創債指數的ETF；景順長城產品跟蹤深證AAA科創債指數。
在樣本券的選樣標準上，三類指數主要存在三點區別。一是成份券所在的市場不同，二是評級標準不同，三是期限要求不同。
在指數成分券的範圍上，中證AAA科創債指數與其他兩類指數成分券高度重合。
具體來看，中證AAA科創債指數久期持續拉長，收益中樞走低；行情走勢上，近兩年中證AAA科創債指數總體上升；成分券結構分佈上，1-3年、3-5年成分券佔比相對較高，三大指數成分券收益多集中於1.7%-2%，中證AAA科創債指數成分券的構成主體中，市值權重超1%的主體包括中國中鐵、延長石油、中國鐵建等，有望隨着科創債ETF規模的擴大而迎來配置機會。
在費率結構上，科創債ETF延續低費率優勢，與基準做市信用債ETF一樣採用“0.15%+0.05%”的雙低費率模式。從具體費率品種上來看，10只科創債ETF均設定為0.15%管理費率及0.05%託管費率，不同在於認購費率的差異。
國金證券指出，科創債ETF首次募集規模預計為270-300億元，當前投資者對信用債ETF的規模上限較為關注，因為這將影響債牛行情的走勢及持續性，我們採取相同的方式測算首批科創債ETF的規模上限。假定首批發行的10只科創債ETF對跟蹤指數樣本券持倉比例的上限為10%，考慮到在實際發行後，ETF以抽樣複製策略為主，成分券與其跟蹤指數樣本券的重合範圍預計在35%-70%（參考基準做市信用債ETF的情形），10只科創債ETF總規模上限預計為3200-6500億元。進一步考慮到監管要求，管理人會把控持倉與頂部距離，且隨着ETF規模持續增長，機構持券意願增加，買券更為不易，首批10只科創債ETF最終測算上限或為3000-5000億元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
