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csi a500etf has been green-lighted from submission, approval to issuance. the announcement shows that the popular product a500 index etf (subscription code: 560613) will be closed today. it is worth noting that the dividend design of this product is quite interesting in this batch of products, which can be said to be a mandatory dividend for the benefit of the people: on the last trading day of each quarter, if the excess return of the etf relative to the underlying index is greater than 0.01%, a mandatory dividend will be paid, and the proportion of the income distribution shall not be less than 80% of the excess return.

tf securities believes that the non-sse300 components in the a500 index may benefit the most from incremental funds. such stocks are mainly distributed in emerging growth sectors such as batteries and power grid equipment. the a500 index is more balanced in terms of industry exposure due to its compilation method. it is similar to the condensed version of the csi all-index, and may be more suitable as a "basic index" for various strategies. the market has recently begun to price in "style rebalancing", and the balanced attributes of the a500 may make it more suitable as a "basic index". since 2024, the discount structure of the stock index futures market can reflect that the "long large-cap, short small-cap" trading is relatively crowded, but it has been balanced since august. the a500 is more balanced than the sse300 and can highlight the mid-cap style relative to the csi all-index, which makes it reflect better characteristics in the recent market: the a500 dividend index is compiled with reference to the compilation method of the 300 dividend index, and it is found that its recent excess is not only higher than the 300 dividend, but also higher than the csi dividend, which selects stocks based on the csi all-index.

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