Information from the industry indicates that after only a three-month approval process, the first batch of domestic ETF products was officially approved on October 19th.
Proactive ETF is another innovative product in the ETF industry; previously, such products have never appeared in our country's ETF market.
It is reported that there are a total of 18 products in the first batch of active ETF, all of which will be fully launched on Friday (October 23). Among them, 9 funds are expected to be listed on the Shanghai Stock Exchange, including E Fund, Huaxia, Yongying, Morgan, Huatai-PineBridge, Huitianfu, Huaan, China Merchants, and Ping An Funds; 9 active ETF products will be listed on the Shenzhen Stock Exchange, including Southern, Fullgoal, Dacheng, Penghua, ICBC Credit Suisse, Huabao, Guotai, Tianhong, and CCB Fund, among others.
Among them, E Fund is expected to launch an actively managed product with a balanced quality style. A person related to the company's investment research stated that this actively managed stock product combines the value discovery function of active management with the transparent and efficient advantages of [another product name not provided]. This approach can not only reduce investors' costs, meet the diversified wealth management needs of residents, but also enhance the attractiveness of actively managed equity funds, expand the effective supply, and enrich the product portfolio. With its characteristics of transparent holdings and clear risk exposure, it fits the allocation needs of medium- and long-term funds, facilitating counter-cyclical positioning in market fluctuations and enhancing the resilience of the capital market.
Fuguo Fund is expected to launch an actively managed quantitative stock selection fund. Wang Baohe, the general manager of the company's quantitative investment department, stated that actively managed funds need to follow certain operational rules, with investment activities constrained by performance benchmarks and characterized by transparent portfolio holdings. During the investment process, managers can continuously monitor deviations from these benchmarks. By combining mechanisms such as performance comparison benchmarks and transparent portfolio disclosure, investment discipline can be strengthened, which helps to enhance the stability of the investment style.
It is reported that other fund management companies will also launch their own styles of active ETF products, including Southern (balanced allocation), Huitianfu (balanced strategy), Huaan (balanced intelligent selection), Tianhong (balanced quantitative stock picking), Yongying (prosperity balance), Guotai (Xinhui balanced return), Huabao (balanced selection), Ping An (dividend prosperity), ICBC Credit Suisse (dividend), Dacheng (dividend intelligent selection), Penghua (value premium selection), China Merchants (value intelligent selection), Huatai Berui (value selection), Huaxia (quality selection), and so on.
Compared to the traditional passive index ETF, the difference with the active index ETF lies in the attribution of initiative: The positions held by a passive index ETF must always be anchored to the constituent stocks of the target index, and the pace of portfolio rebalancing is also largely constrained by the regular adjustments of the index; in contrast, an active index ETF allows managers to flexibly adjust industry allocations and individual stock weights within a predetermined investment range, based on their judgment of the macroeconomic environment, industry prosperity, and the fundamental conditions of individual stocks. There is no obligation to include constituents with high valuations within the index, and the goal of returns shifts from closely tracking the target index to striving to outperform a performance benchmark.
