ETF "Front-End Regulation" Or Tighten The Sword Means "Hot Spots Get Together", Many Leading Public Offerings Encounter "Cards".

"The specific requirements are not yet conclusive, but the direction of regulatory agencies is very obvious, mainly in order to regulate the market." In May 28th, a securities brokerage fund told the business reporter in twenty-first Century.

The background is that regulators are seeking advice from some fund companies on the compilation of ETF index.

The contents include the issuing time of the index index, the proportion of the index in the market value of the whole market, the proportion of the index single constituent stocks, and the number of index constituent stocks.

The ETF fund at the draught or usher in new regulatory requirements.

According to the source, the requirements issued by regulators for fund companies, including the tracking index issued by ETF, will last at least one year, and the ratio of index composition to the market value of the market will be limited.

In fact, this year, the ETF fire of science and technology, driven by the enthusiasm of the two tier market, has also brought about a new high ETF scale. At the same time driven by this, a number of fund companies have made layout for related topics and conceptual ETF.

"The regulatory level for the index level is also for the purpose of unified management and standardization, before the market is hot, everyone's product development piled up." A public fund worker in Shanghai told the twenty-first Century business reporter.

Strengthen supervision

"We have received relevant notices, mainly about the specifications and restrictions put forward at the index level, and we understand that many of the same businesses have received the same requirements." The aforementioned public funds told the economic news reporters twenty-first Century.

Several fund companies also said they had not received relevant notice.

"Apart from public reports, we have not received any news on regulatory level," said a Southern China public fund company. "However, we will actively follow the situation later."

A Beijing fund company official said, "because the company has more departments in connection with regulatory agencies, some notices have only informed the leadership, and at present, it is not possible to confirm whether there is such a notice."

"The adjustment of the index compilation rules is not only aimed at the popular technology ETF in the early stage, but also has a great impact on all non base index." A public fund in Shanghai has been interviewed.

"Many companies are reporting products and issuing indices simultaneously, and regulators are also trying to straighten out this mess." The aforementioned public fund people said, "to a certain extent, it will affect the concept of speculation."

In fact, with the continuation of the technology sector since last year, a number of organizations have distributed technology fund products.

In the previous market speculation, technology ETF with continuous high turnover has been the focus of attention of the market.

In terms of scale, the share of technology ETF has exceeded 200% since May 28th. For example, the 5G ETF and Wind data show that the fund's share has increased by 18 billion 124 million since the beginning of May 27th, and its share growth rate is 235.41%. The Chinese chip ETF has increased its share of the fund up to 9 billion 405 million so far, and its share growth rate is 174.54%.

Overall, the ETF fund is also growing rapidly. Wind data show that at the end of the first quarter of this year, the total size of the stock market ETF in the whole market reached 623 billion 800 million yuan, which increased by 67 billion 900 million yuan compared with the 555 billion 900 million yuan at the end of 2019, and the growth rate of the ring Market reached 12%.

At the end of the first quarter, the size of the 5G ETF ranked fourth in the stock market ETF of the whole market, second only to Huaxia Shanghai 50ETF, Huatai Barry Shanghai Shenzhen 300ETF, South China Certification 500ETF three wide base ETF, and even larger than China's Shanghai and Shenzhen 300ETF, Castrol, Shanghai and Shenzhen 300ETF products. At the end of the first quarter, Huaxia chip ETF also ranked the top ten in the stock market ETF scale of the whole market, and the scale of the fund was 17 billion 210 million yuan at the end of the first quarter.

Twenty-first Century economic report reporter learned that technology stocks in the first quarter of the hot market, a number of fund companies roadshow all mentioned the good technology sector, which has also launched a vigorous new product layout competition.

From the product point of view, the various institutions for extensive technology theme ETF declaration is very intensive, the declaration list includes new infrastructure, artificial intelligence, Internet of things, animation game and so on a variety of topics ETF, many fund companies take the force theme ETF as a bend overtaking strategy.

But with the market shock, the ETF of science and technology also has a large scale outflow and adjustment. The role of ETF, which should be configured as a tool product, triggering market controversy.

Product approval slowed down

Today, a series of guidance measures of regulators will bring about changes in the market competition pattern.

"As the head office of the broad-based ETF track already has the advantage of first hand, ETF also shows the pattern of strong and constant strength. The scale advantage is obvious, so it is difficult for new inbound players to compete. Therefore, many organizations have been developing the theme ETF as a strategy." A medium-sized public offering fund in Southern China said.

"This year's competition is particularly fierce, many of the sub themes or concepts have many fund companies at the same time layout, in the face of the new infrastructure hot spots, there is no shortage of competitors." The source told the twenty-first Century business reporter.

It is worth noting that in the face of the rapid growth of the ETF scale, the regulatory authorities at this time "sell" is also interpreted by the industry as a strict control of the industry's disorderly layout competition, and promote the healthy development of the industry.

In fact, judging from the current application and approval of ETF products, many ETF products declared in late February of this year have not been accepted.

"Some products will be asked to write materials to explain." A public fund company told the twenty-first Century business reporter.

Twenty-first Century economic report combing reporters found that since February this year, as of May 28th, the earliest but not yet accepted ETF is Castrol, which refers to aerospace and defense ETF. The application date for the fund is February 21st, but it has been accepted for 28 days in May. In addition, the application material receiving date is ETF, Yi Fang Da, an ID card appliance in February 24th. The new energy ETF and Yinhua CSI bonus potential ETF have not yet been accepted.

Overall, since February this year, as of May 28th, a total of 152 index funds of 226 stock index funds have not yet received the acceptance decision, accounting for 67%.

Among them, ETF products include Huaxia Fund, Harvest Fund, Wells Fargo fund, huitianfu fund, Penghua Fund, Yi Fang Da fund and other fund companies. The index includes artificial intelligence, block chain, big data, Internet of things, biotechnology, online consumption, food and beverage, consumer services, and the recent fire infrastructure concept.

The phenomenon of fund companies getting together to declare is also very obvious.

For example, the new capital construction concept has 11 fund companies, such as ICBC Credit Suisse, Ping An fund, Bo Shi fund, Nanfang fund and investment promotion fund, which have declared 12 ETF or ETF connection funds. The date of declaration of the 12 funds is 3, 4 and May, but as of May 28th, no product has been accepted.

There are similar animated game themes, a total of 7 products declared, but are not accepted; and big data and Internet of things themes, there are 7 products declared.

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