Since the beginning of this year, the scale of bond ETFs has achieved significant growth. According to iFinD data from Tonghuashun, as of September 25th, the number of bond ETF products has reached 53, with a total size of 674.048 billion yuan, an increase of 287.44% from 173.973 billion yuan at the beginning of the year. Data shows that as of September 25th this year, there have been 33 newly issued bond ETFs, of which 24 are science and technology innovation bond ETFs. At the same time, the scale of treasury bond ETF and convertible bond ETF and other products continued to increase, which together boosted the total scale of bond ETF. Hu Jicong, a quantitative and ESG analyst at the Research Department of China International Capital Corporation (CICC), stated that bond ETFs are still in a vacuum zone in terms of comprehensive bonds, green bonds, and central enterprise themes, and there is room for future development. From the perspective of the bond ETF market layout of top overseas institutions, there are still innovative categories such as high-yield bond ETFs, global strategy ETFs, alternative strategy ETFs, active bond ETFs, and fixed income ETFs that need to be laid out and developed. According to the most lucrative data of the Sci Tech Innovation Bond ETF, as of September 25th, the total size of bond ETFs has increased by over 500 billion yuan compared to the beginning of the year. From the issuance of the first 8 benchmark market making credit bond ETFs in January to the listing of the first 10 sci-tech innovation bond ETFs in July, the market landscape of bond ETFs has been continuously improved since the beginning of this year. In terms of product lineup, the market has formed three major matrices: interest rate bond ETF, credit bond ETF, and convertible bond ETF. Among them, as a new force in credit bond ETFs, Sci Tech Innovation Bond ETFs have rapidly risen and become the main force in the market. On July 17th, the first batch of 10 science and technology innovation bond ETFs were collectively listed, raising approximately 29 billion yuan. After the listing, it attracted a large influx of funds, helping the scale of bond ETFs break through the 500 billion yuan mark; On September 18th, the second batch of 14 Sci Tech Innovation Bond ETFs collectively disclosed their issuance data, raising a total of 40.786 billion yuan. After going public, they once again attracted incremental capital inflows, helping the size of bond ETFs break through the 600 billion yuan mark. Meanwhile, the Sci Tech Innovation Bond ETF is reshaping the market landscape of bond ETFs. As of September 25th, there are a total of 24 science and technology innovation bond ETFs in existence, with the latest size reaching 238.59 billion yuan. Among them, 14 science and technology innovation bond ETFs have a scale of over 10 billion yuan, with Jiashi CSI AAA Technology Innovation Corporate Bond ETF having a scale of about 19.671 billion yuan, and Penghua SSE AAA Science and Technology Innovation Bond ETF having a scale of about 18.271 billion yuan, ranking among the top in terms of scale. Chen Jianbin, fund manager of Jingshun Great Wall Fixed Income Department, told Securities Daily reporters that the Sci Tech Innovation Bond ETF fills the gap of "technology finance" bond ETFs and is expected to usher in a good growth trajectory. At the same time, under the positive policy guidance, the number and scale of institutions that pay attention to and participate in science and technology innovation bonds will continue to increase. With the inflow of incremental funds, the liquidity and turnover rate of science and technology innovation bond products will further increase, thereby compressing the liquidity premium of science and technology innovation bonds and significantly helping to improve the variety value of science and technology innovation bonds. Since the beginning of this year, the number of bond ETFs with a value of over 10 billion yuan has increased from 5 at the beginning of the year to 31 currently. Among them, the size of Boshi Convertible Bond ETF and Haifutong CSI Short term Financing ETF are both over 50 billion yuan; The scale of the Fuguo China Bond 7-10 year policy financial bond ETF under Fuguo Fund exceeds 40 billion yuan, ranking third. Meanwhile, as funds continue to flow into bond ETFs, their market turnover continues to increase. Data shows that in January of this year, the daily average trading volume of bond ETFs was only 38.4 billion yuan. The turning point was in June, when the daily average trading volume of bond ETFs exceeded 100 billion yuan, and the monthly trading volume continued to increase thereafter. Since September, the daily average trading volume of bond ETFs has exceeded 225.5 billion yuan. From the perspective of investors in bond ETFs, institutional investors are the main source of customers. Since the beginning of this year, the holding institutions of bond ETFs have diversified. In addition to major allocation forces such as insurance institutions, there has also been a significant increase in allocation to bank wealth management accounts. Institutional investors frequently rush to buy bond ETFs in order to increase the availability of relatively high coupon and high liquidity products. According to the announcement of the listing and trading of the Sci Tech Innovation Bond ETF, trust plans, securities collective plans, and wealth management products have all shown strong interest in the Sci Tech Innovation Bond ETF. Taking bank wealth management institutions as an example, out of 24 Sci Tech Innovation Bond ETFs, 7 of them have products from Xingyin Wealth Management listed among the top ten fund shareholders; Several wealth management products under CMB Wealth Management have also appeared in the top ten fund share holders list of the Sci Tech Innovation Bond ETF product. Zhang Jiqiang, Chief Analyst of Fixed Income at Huatai Securities, believes that the demand for asset allocation in various asset classes by bank wealth management is becoming increasingly strong, providing room for the development of bond ETFs. It is expected that this demand will continue to rise in the future, especially as the concept of large-scale asset allocation gradually matures. Institutions will have more energy to focus on large-scale asset allocation and weaken their selection of individual bonds. Chen Jianbin stated that various institutions such as securities firms, banks, bank wealth management, insurance asset management, and private equity have a strong investment demand for credit bond ETFs. Sci Tech Innovation Bond ETFs are expected to become important investment targets in the "ETF investment toolbox" and "bond investment toolbox" of various institutions. (New Society)