After a decade-long wait, A-shares have returned to the 3,800-point level, bringing another wave of market euphoria. Beyond the collective surge of multiple ChiNext 50 ETFs with single-day premium gains, other broad-based ETFs have also delivered impressive performances. As a "star ETF" that has garnered significant attention in recent years, CSI A500 ETFs collectively reached new net asset value highs since their listings yesterday. Although they experienced net value corrections followed by recovery after listing, their current net values have just returned above "1". However, as a crucial core broad-based index launched during the "924" market rally, CSI A500 ETFs remain a key focus for major public fund management companies, with scale rankings undergoing multiple rounds of changes. Compared to the current scale leader - the CSI 300 ETF, the future momentum of CSI A500 ETFs should not be underestimated.
**Net Value Hits New Highs**
On August 22, multiple core broad-based indices delivered outstanding performances, with the ChiNext 50 rising 8.59%, the ChiNext Index gaining 3.36%, and the SSE 50, CSI A500, and CSI 300 advancing 3.36%, 2.15%, and 2.09% respectively. 470 non-monetary ETFs also achieved new net value highs since inception yesterday, with all 39 ETFs tracking the CSI A500 collectively reaching new net value peaks.
From the latest data, all 39 products have net values above 1, with Puyin AXA CSI A500 ETF leading at a unit net value of "1.1958" among CSI A500 ETFs, while the recently listed China AMC CSI A500 ETF, which completed its fifth trading day, currently has the lowest net value at "1.0412".
Notably, as of now, the year-to-date net value returns of CSI A500 ETFs have surpassed those of CSI 300 ETFs. Data shows that excluding newly established ETFs this year, CSI A500 ETFs currently average 14.69% in year-to-date net value returns, compared to 13.46% for CSI 300 ETFs, a difference exceeding one percentage point.
In terms of trading volume, CSI A500 ETFs recorded a combined trading value of 28.188 billion yuan yesterday, ranking first among multiple core broad-based indices. The ChiNext 50, which hit a three-year high, saw its tracking ETFs achieve a combined trading value of 18.34 billion yuan yesterday, while CSI 300 ETFs recorded 9.573 billion yuan.
However, when examining individual CSI A500 ETFs, the disparity in performance is quite pronounced. China AMC CSI A500 ETF recorded the highest trading value yesterday at 5.537 billion yuan. This ETF has shown increasingly active trading since early July, maintaining daily trading volumes exceeding 5 billion yuan for a consecutive week since last Thursday.
Huatai-PineBridge CSI A500 ETF was another product with yesterday's trading value exceeding 5 billion yuan at 5.057 billion yuan, with trading volumes surpassing 5 billion yuan for two consecutive trading days.
Southern CSI A500 ETF, Harvest CSI A500 ETF, and Cathay CSI A500 ETF each recorded trading values exceeding 3 billion yuan yesterday.
Conversely, 26 CSI A500 ETFs had trading values below 200 million yuan, with 21 of them not even reaching 100 million yuan. The lowest trading value yesterday was merely 1.77 million yuan.
**Scale Rankings Undergo Changes Again**
Despite reaching new net value highs, the overall scale and shares of CSI A500 ETFs have not returned to year-end 2024 levels. Currently, the combined scale of CSI A500 ETFs stands at 180.047 billion yuan, representing a decrease of 75.46 billion yuan from year-end levels. During this period, 98 million shares were net redeemed, with the latest total fund shares at 165.905 million.
However, compared to late July, CSI A500 ETF scales have recovered by 7.528 billion yuan, and the competition for A500 ETF rankings continues.
Huatai-PineBridge CSI A500 ETF's scale has returned above 20 billion yuan, with the latest scale at 20.783 billion yuan, maintaining its first-place position. The scale increased by 2.364 billion yuan since August. Previously, this ETF achieved first place in scale at the end of June, with scale once reaching 22.64 billion yuan.
Other ETF giants are also striving to catch up. E Fund CSI A500 ETF, which has received consecutive net subscriptions since July, currently has a scale of 19.038 billion yuan, newly promoted to second place. This ETF's scale increased by over 2.4 billion yuan in August, making it the largest increment among CSI A500 ETFs during the same period. Its scale surpassed Southern A500 ETF in early August, rising two positions within less than a month.
Correspondingly, Cathay CSI A500 ETF has dropped to third place in scale. This product, which was the scale leader among CSI A500 ETFs at year-end 2024, fell from nearly approaching the 30 billion yuan threshold to experiencing net redemptions for six consecutive months this year. However, with net subscriptions resuming in August, its current latest scale stands at 18.886 billion yuan, differing from second place by only 152 million yuan.
After announcing substantial self-purchases of multiple equity funds including CSI A500 ETF feeder funds in August, Southern Fund's CSI A500 ETF also experienced 1.664 billion yuan scale growth in early August. However, its ranking dropped one position compared to late July.
China AMC CSI A500 ETF also showed significant momentum in August. This product, which has consistently maintained the highest trading volume in August, has seen its scale grow by 2.266 billion yuan in August, reaching a latest scale of 15.914 billion yuan.
As the only product among the top five with scale contraction, GF CSI A500 ETF's scale decreased by over 200 million yuan in August. This has narrowed the scale gap with China AMC CSI A500 ETF to within 400 million yuan.
Overall, scale contractions occurred in more CSI A500 ETFs. Among the 39 CSI A500 ETFs, 29 experienced scale declines in August, with 11 contracting by more than 200 million yuan.
Invesco Great Wall CSI A500 ETF contracted the most, with its latest scale falling below 8 billion yuan to 7.835 billion yuan. A month ago, this ETF was still a "10 billion fund."
China Merchants CSI A500 ETF also exited the 10 billion tier, with scale contracting by 540 million yuan since August to 5.667 billion yuan. At the end of April, this fund's scale was also above 10 billion yuan, having contracted by 8.119 billion yuan year-to-date.
J.P. Morgan CSI A500 ETF exited the 10 billion tier in late February and has since experienced continuous monthly scale contractions, with current scale remaining at only 6.025 billion yuan.
Fuguo CSI A500 ETF, hovering around the 10 billion threshold, has a latest scale of 10.158 billion yuan. However, this ETF has had two trading days this week with scale below 10 billion yuan, experiencing consecutive scale contractions for six months year-to-date. Although the contraction trend has slowed since August, it still decreased by 31 million yuan.
Some products with smaller scales have urgently launched feeder funds to preserve scale. For instance, as SWSMU CSI A500 ETF's scale approached the 50 million yuan warning line, SWSMU CSI A500 ETF Feeder was established this week with a scale of 617 million yuan.
**Enhanced ETFs Welcome New Deployments**
Notably, beyond the ongoing battle among CSI A500 ETFs, index enhancement products have become the next deployment direction for various fund managers around CSI A500.
Data shows that as of now, 71 products tracking CSI A500 have been newly launched year-to-date, with 47 being index enhancement products or enhanced strategy ETFs, accounting for over 60%.
Many fund management companies that have already deployed CSI A500 ETFs are also intensively laying the groundwork for index enhancement products. Currently, all seven established CSI A500 Enhanced Strategy ETFs are newly established products this year, with six of them managed by companies that had previously deployed CSI A500 ETFs.
However, the overall scale of CSI A500 enhanced strategy products remains relatively small. Among currently established products, only three have scales exceeding 100 million yuan, with frequent appearances of products experiencing significant scale contractions from their initial establishment. For example, J.P. Morgan CSI A500 Enhanced Strategy ETF, as the largest established product, had an initial scale of 1.016 billion yuan but currently has a scale of only 132 million yuan.
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