On October 15th, the first batch of 10 China Securities A500 Exchange Traded Funds (referred to as "CSA500ETF") officially began trading. Among them, the CSA500ETFs under HuaTai BoRui Fund, FuGuo Fund, Merchants Fund, Morgan Asset Management, and Taikang Fund were listed on the Shanghai Stock Exchange; while those under JingShun GreatWall Fund, NanFang Fund, GuoTai Fund, YinHua Fund, and JiaShi Fund were listed on the Shenzhen Stock Exchange. Both the Shanghai and Shenzhen exchanges held listing events for the CSA500ETF on the same day.

On the day of the listing, more than 40 fund companies also filed for products related to the China Securities A500 Index on the same day.

Economic Observer Network learned from the official website of the China Securities Regulatory Commission (CSRC) that as of the time of writing, more than 30 companies including HuaXia Fund, YiFangDa Fund, ShenWan LingXin Fund, DaCheng Fund, HuaShang Fund, GuangFa Fund, GuoJin Fund, WanJia Fund, HongLi Fund, and TianHong Fund have submitted reports on products related to the China Securities A500 Index. The product types include index funds, index enhanced funds, etc., and all submissions have been accepted by the CSRC.

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It is worth mentioning that after the first batch of CSA500ETFs were listed, Morgan Asset Management, Taikang Fund, NanFang Fund, and other 10 fund companies also reported related product feeder funds on the same day.

A person related to a medium to large public offering institution in Shanghai estimated that if all the above products are approved, more incremental funds will enter the market in the future.

In fact, on the day of the first batch of CSA500ETFs listing, the main A-share indices fluctuated throughout the day, opening low and closing lower, and the China Securities A500 Index also fell by 2.47%. By the end of the trading day, except for the HuaTai BoRui China Securities A500 ETF which fell by 1.98%, the other nine all fell by more than 2%.

At the same time, the total turnover of the 10 China Securities A500 ETFs on the first day of listing was nearly 11 billion yuan, but the turnover and turnover rate showed a very obvious differentiation.

Among them, the turnover of GuoTai China Securities A500 ETF reached 3.153 billion yuan, with a turnover rate as high as 166.49% for the whole day; while the turnover of the China Securities A500 ETF under Taikang Fund was 324 million yuan, with a turnover rate of 17.13% for the whole day. The first day of listing for the first batch of China Securities A500 ETFs had a turnover and turnover rate difference of 2.829 billion yuan and 149.36% respectively.

However, due to the stock market's fluctuating decline on the day of listing, the current price of the above 10 China Securities A500 ETFs is all below 1 yuan. The closing price of the China Securities A500 ETF under HuaTai BoRui Fund on the day was the highest, at 0.989 yuan, with a decline of 1.98%; the closing price of the China Securities A500 ETF under Merchants Fund was the lowest, at 0.928 yuan, with a decline of 2.62% for the whole day.

Many people related to public offering institutions lamented that the 10 China Securities A500 ETFs, which raised funds at 2700 points, built positions at 3500 points, and listed at 3200 points, have a listing path full of embarrassment and twists and turns.Based on the net asset value (NAV) disclosed before listing, most of the 10 CSI A500 ETFs were established at high positions. On September 27th, the NAV of these 10 products remained at 1 yuan without any fluctuation. On September 30th, the NAV of the CSI A500 ETFs under Harvest Fund and Huatai-PineBridge Fund fluctuated, with NAVs of 1.0158 yuan and 1.0190 yuan respectively, indicating that positions had been taken.

As of October 8th, the majority of the 10 CSI A500 ETFs experienced significant changes in their NAVs. Among them, the Morgan Fund's CSI A500 ETF had the largest change in NAV on that day, with a unit NAV of 1.0597 yuan. Although the NAV of the Silver Hua Fund's CSI A500 ETF did not change, the listing trading announcement issued by the fund on October 10th showed that the fund had established a position of 44.87% on October 8th.

Looking at the listing trading announcements from various products, as of October 8th, the positions of the CSI A500 ETFs under Morgan Asset Management, Jing Shun Great Wall Fund, and China Merchants Fund had exceeded 90%; the Harvest Fund's CSI A500 ETF, which ended the fundraising first, had a position exceeding 85%; the Fugu Fund and Guotai Fund's CSI A500 ETFs had positions exceeding 65%, and the remaining 4 products had positions not exceeding 60%.

After the establishment of these 10 products, on the 9th, the A-share market began a trend of fluctuating and falling, and the NAVs of these products also fluctuated significantly.

As of October 14th, before the listing, only the NAVs of the two CSI A500 ETFs under Huatai-PineBridge Fund and Southern Fund were above water, at 1.0086 yuan and 1.0005 yuan respectively; while the NAV of the Taikang Fund's CSI A500 ETF was at the bottom, with a unit NAV of 0.9512 yuan on that day, a decline of 4.95%. The NAVs of the aforementioned products on that day were also the reference prices for today's listing opening.

Although the current prices of all 10 CSI A500 ETFs broke through the 1 yuan NAV on the first day of listing, in order to convey confidence to investors, Southern Fund and China Merchants Fund both took action to purchase their own products, with each institution purchasing 50 million yuan of their own CSI A500 ETFs and promising to hold for more than 1 year.

Regarding the investment opportunities of related indices in the future market, Gong Lili, fund manager of Jing Shun Great Wall CSI A500 ETF, said that a series of recent monetary and financial policy combinations have exceeded market expectations, highlighting the determination of the policy layer to stabilize the economy and market and to boost the confidence of micro-entities. The market has recently experienced a process of rapid rise and fall, and has not yet shown a clear growth main line. Broad-based indices will become a better allocation direction for the next stage.

Fugu Fund believes that from an investment perspective, with the continuous release of domestic favorable policies and factors such as the Federal Reserve's interest rate cuts, the valuation of A-shares is expected to stabilize and increase under the repair of the fundamentals, and the large-cap style dominance may continue. Therefore, investors who hope to share the long-term growth dividends of China's economy and those who hope to grasp the style and the rotation of large and small caps through wave operations can participate through the CSI A500 Index.