See also the dividend ETF of "monthly dividend"!
On May 16, Huitianfu Hong Kong Stock Connect Dividend 30ETF issued an announcement that it would adopt the form of monthly dividend assessment on the dividend mechanism, with a maximum of 12 dividends per year.
At present, this is still an innovation in Hong Kong stock dividend products. However, similar products have appeared in A-shares before. The dividend ETF of Wanjia China Securities listed in March and the dividend ETF of Cathay Pacific Shanghai Stock Exchange state-owned enterprises listed on May 15 are both annual maximum dividends of 12 times.
In the past two years, dividend assets have been brilliant. Since this year, dividend strategy is still an investment direction with very high attention in both A-share market and Hong Kong stock market. Looking forward to the future, institutions believe that dividend style is expected to continue in the medium and long term.
Modify dividend terms on the first day of listing
On May 16, the newly listed Huitianfu Hong Kong Stock Connect Dividend 30ETF released an announcement to modify the dividend terms in the Fund Contract. The revised contract indicates that the fund manager can evaluate the growth rate of the net value of fund units and the growth rate of the underlying index in the same period every month. When the growth rate of the net value of fund units approved on the fund income evaluation date exceeds the growth rate of the underlying index in the same period, income distribution can be made.
This means that as long as the performance of the fund exceeds the performance of the index, the fund can pay dividends, up to 12 times a year.
Will the mechanism of "monthly dividend" become a new trend?
With the increasingly fierce competition in the ETF market, various fund companies have also "rolled up" the dividend mechanism of their products. The Morgan China Securities A50ETF, which was listed in March this year, set that when the excess return was positive, the dividend would be compulsory quarterly, with a maximum of four dividends a year. Later, many ETFs with "monthly dividend" appeared.
On March 15, Wanjia CSI dividend ETF was listed and issued, and the fund's establishment scale was 317 million yuan. The fund has dividend clauses in the contract. When the excess return rate reaches more than 0.01%, the manager can distribute the income monthly according to the relevant provisions of the fund contract. In this regard, Wanjia Fund said that it hoped to transmit the dividends of high-quality listed companies to fund holders by increasing the frequency of fund dividends, so that investors could truly feel the charm of dividends.
On May 15, Cathay Pacific Shanghai state-owned enterprise dividend ETF was listed and issued. The fund's establishment scale was 303 million yuan, product management rate was 0.50%, and custody rate was 0.10%. The product adopts the form of monthly dividend assessment in the dividend mechanism, and can distribute dividends up to 12 times a year. According to the fund contract, when the growth rate of the net value of fund units approved on the fund income evaluation date exceeds the growth rate of the underlying index in the same period, income distribution can be carried out, and the fund income distribution does not need to be based on making up losses. The Fund Manager may conduct monthly assessment and income distribution, and may arrange income distribution if the conditions for fund dividends are met.
According to the analysis of some securities companies, from the perspective of dividend forms, cash dividends of fund products can help realize the clear realization of income, and intuitively optimize investors' income experience and sense of participation; From the perspective of dividend frequency, monthly dividend assessment is more frequent. At most 12 dividends per year can improve the number of fund returns and provide a stable, continuous and intuitive investment experience.
"For investors, there is no need to pay redemption fees to obtain capital return through cash dividends; for investors who choose to enjoy fund dividends through dividend reinvestment, they can also save a subscription fee." Some insiders said that dividends are a way for investors to obtain cash returns, It can give investors a sense of security and gain. In the current market environment, investors have an increasingly strong demand for cash, so high-frequency dividend ETF products have been warmly sought after by the market. At the same time, dividends also reduce the transaction costs of investors and improve the competitiveness of products.
Bonus style is expected to continue in the medium and long term
Since the beginning of this year, dividend strategy has been a highly concerned investment direction in both the A-share market and the Hong Kong stock market. How does the public offering look forward to the future?
Cathay Pacific Fund believes that the dividend style is still expected to continue in the medium and long term. In recent years, with the downward movement of the economic growth center, the certainty advantage of dividend returns has become more prominent, and the relatively low volatility and low withdrawal characteristics are also expected to provide higher risk return ratio for investment. The value of bonus assets is gradually highlighted.
Yang Kun, the fund manager of Wanjia Zhongzheng dividend ETF, believes that the charm of dividend strategy lies in the long-term high winning rate and low volatility. At present, the expectation of the long-term interest rate center continues to move downward, and the attractiveness of high dividend stock is rising, which is expected to attract long-term funds with low risk appetite and high volatility control requirements into the market. With the continuous improvement of the system and the active promotion of supervision, listed companies pay more attention to dividend distribution. A-share dividend distribution will be a long-term trend, and the long-term allocation value of dividend strategy is significant.
Zhang Xiaofeng, the proposed fund manager of Xingzheng Global Dividend Hybrid Fund, said that with the development of the capital market in recent years, the shareholders' sense of return and dividend distribution system of listed companies have been constantly strengthened, which is beneficial to dividend investors from the perspective of institutional framework. Relevant policies are conducive to improving the long-term investment value of dividend assets, providing more predictable dividend cash flow for investors, improving the shareholders' return awareness of listed companies, and streamlining corporate governance. At the same time, a series of policies also give a red card to the hollowed out high proportion of dividends to prevent major shareholders from infringing the rights and interests of other shareholders of listed companies.
As for the Hong Kong stock market, Huatai Berry Fund believes that after a three-year low, the Hong Kong stock market has recently seen a strong upswing. The positive changes in the policy side and the good expectation of economic recovery have laid a solid foundation for the performance of Hong Kong stocks. The return of overseas funds and transactional funds has led to the improvement of the capital surface and jointly promoted the strong performance of the Hong Kong stock market this round, The overall economic outlook of Hong Kong may have gradually turned to optimism. At present, Hong Kong shares are in a relative valuation depression. With the improvement of the mainland economy and corporate profitability, the Hong Kong stock market is expected to continue to rebound, and the current allocation of more cost-effective Hong Kong stock dividend assets may be relatively better.
Editor in charge: Wang Yunpeng
Checked by: Yang Lilin
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