On October 15, 2024, the first batch of 10 Zhongzheng A500 ETFs was listed. Data shows that the trading of the aforementioned 10 Zhongzheng A500 ETFs was very active on the same day, with a total transaction amount of 10.886 billion yuan. Among them, the transaction amount of Guotai Zhongzheng A500 ETF (159338.SZ) reached 3.153 billion yuan, with a turnover rate as high as 166.49%.

In addition to Guotai Zhongzheng A500 ETF, other ETFs listed on the same day include Nanfang Zhongzheng A500 ETF (159352.SZ), Huatai Bo Rui Zhongzheng A500 ETF (563360.SH), Fuguo Zhongzheng A500 ETF (563220.SH), Morgan Zhongzheng A500 ETF (560530.SH), Jiashi Zhongzheng A500 ETF (159351.SZ), Jingshun Great Wall Zhongzheng A500 ETF (159353.SZ), Yinhua Zhongzheng A500 ETF (159339.SZ), Merchants Zhongzheng A500 ETF (560610.SH), and Taikang Zhongzheng A500 ETF (560510.SH).

The aforementioned first batch of 10 Zhongzheng A500 ETFs was approved on September 6, sold on September 10, and finally listed on October 15. However, during the construction period from the end of the sale to the official listing of this batch of ETFs, it coincided with the start of the "9.24 market", and the market fluctuated sharply, resulting in unsatisfactory initial returns: as of October 14, the unit net value of these 10 Zhongzheng A500 ETFs, only Nanfang Zhongzheng A500 ETF and Huatai Bo Rui Zhongzheng A500 ETF were above 1 yuan, the other 8 were below 1 yuan, and the worst Taikang Zhongzheng A500 ETF was only 0.951 yuan, with a loss of nearly 5% before listing.

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However, the Zhongzheng A500 index corresponding to the Zhongzheng A500 ETF is a new generation of broad-based index that takes into account both market value representation and industry balance, and its prospects are highly favored by the market. On October 15, Nanfang Fund and Merchants Fund successively announced that based on confidence in the long-term healthy and stable development of China's capital market, they plan to purchase their own Zhongzheng A500 ETF products by 50 million yuan respectively.

On October 15, affected by the decline of the overall market, the Zhongzheng A500 index fell by 113.99 points, closing at 4495.57 points, with a decline of 2.47%; the transaction amount was 584 billion yuan, a reduction of 5.11 billion yuan compared to 635.1 billion yuan on October 14.

Although the corresponding index price fell and the volume decreased, the 10 Zhongzheng A500 ETFs listed on the first day were very active, with a total transaction amount of 10.886 billion yuan. Among them, Guotai Zhongzheng A500 ETF, Nanfang Zhongzheng A500 ETF, and Huatai Bo Rui Zhongzheng A500 ETF ranked the top three with transaction amounts of 3.153 billion yuan, 1.644 billion yuan, and 1.167 billion yuan respectively. Guotai Zhongzheng A500 ETF attracted market attention due to its high turnover rate of 166.49%.

Why can the turnover rate of an ETF product exceed 100% on the first day of listing? Does such a high turnover rate indicate that the funds subscribed earlier were for the task and left the market after listing? In this regard, a fund channel person told the reporter that although there have been some cases of "bridge funds" in the past, there is no such situation in the specific performance of the first batch of 10 Zhongzheng A500 ETFs that day, because the most active trading products all showed a net subscription state, among which Guotai Zhongzheng A500 ETF's net subscription was about 2.6 billion shares, and Nanfang Zhongzheng A500 ETF's net subscription was about 500 million shares, indicating that there are indeed new incremental funds entering the market.

"Why do incremental funds choose to enter the market at this time? I personally think that although the market has fluctuated recently, there is still a 'bull market atmosphere' ignited by previous policies. For some investors who have not yet boarded, choosing a broad-based ETF like Zhongzheng A500 is indeed a good choice." He said.

The person further told the reporter that the turnover rate of ETF products includes two aspects of redemption and trading, and there is no upper limit for the turnover rate. It is a normal phenomenon for the transaction to be magnified and exceed 100%.

"ETF products have a quasi-T+0 attribute of 'off-exchange subscription can be sold on-exchange on the same day', which leads to changes in their shares. The perspective of stock turnover rate must not be applied to ETFs." He said.