Amid continuous strategic moves, the "land-grabbing" strategy of fund companies in the index fund space is becoming increasingly clear. It has been observed that in the year-end and new-year fund issuance period, mutual fund giants like Huatai-PineBridge, China Universal, and E Fund have been persistently capturing market share through a "one index, multiple products" approach. This step-by-step layout involves first establishing a core product, such as an ETF, to achieve a scale effect, and then gradually launching other products according to market conditions to form a multi-category matrix. Whether for the CSI A500 or the CSI 300 index, this strategy has already produced several front-runners. However, this strategic layout, which spans several years or even a decade, is predominantly seen among top-tier mutual fund companies, leaving small and medium-sized firms struggling to get a slice of the pie. A multi-category matrix caters to different types of capital. The CSI A500 index, which appeared in September 2024, is a broad-based index with a total market capitalization exceeding 60 trillion yuan. Since 2024, nearly 80 fund companies have launched products tracking this index. As of January 7th, the Huatai-PineBridge CSI A500 ETF saw its size surpass 500 billion yuan, making it the largest fund tracking this index. Starting January 19th, 2026, Huatai-PineBridge began issuing an index-enhanced fund tracking the CSI A500, which is its third product linked to this index. This is not an isolated case. Other major mutual funds that have布局 the CSI A500 index fund space基本上 already have three or more products, with some firms having up to five CSI A500-related products. Taking E Fund as an example, its CSI A500 ETF, established in November 2024, has already grown to over 350 billion yuan in size. By the end of 2025, E Fund had launched a CSI A500 Dividend Low Volatility ETF and a CSI A500 Quantitative Enhanced Fund, adding to its previously established CSI A500 ETF feeder fund and CSI A500 Enhanced Strategy ETF, bringing its related product count to no less than five. China Asset Management currently has no fewer than four CSI A500-related products, including a CSI A500 ETF, a CSI A500 Enhanced Strategy ETF, a CSI A500 Index Enhanced Fund, and a CSI A500 ETF feeder fund. In the third quarter of 2025, ChinaAMC filed for a CSI A500 Enhanced Strategy ETF feeder fund, which would be its fifth related product. According to Wind data, fund companies like Huaan Fund and Morgan Fund also each have no fewer than four CSI A500-related index funds. For Morgan Fund, these include the CSI A500 ETF and its feeder fund established in September and November 2024, respectively, followed by a CSI A500 Enhanced Strategy ETF and a CSI A500 Index Enhanced Fund launched in 2025. Even mutual funds that do not issue ETFs are pursuing a "one index, multiple products" strategy for the CSI A500. ZhongOu Fund, for instance, which focuses on non-ETF products, has already established a regular index fund and an index-enhanced fund tracking the CSI A500 index. In December 2025, ZhongOu Fund filed for a CSI A500 Quantitative Enhanced Fund, which would be its third related product. A seasoned mutual fund product researcher noted that for popular segments like the CSI A500, which has sufficient capacity to absorb large market capital, fund companies often adopt a "one index, multiple products" strategy. They seize the first-mover advantage by establishing a core product like an ETF to build scale, and subsequently launch other products based on distribution channels and market trends, forming a multi-category matrix to meet different types of capital demand. The strategic layout spans multiple years. In fact, this step-by-step issuance strategy of "one index, multiple products" is not limited to the CSI A500 index or a few fund companies. A product director at a mutual fund in South China explained that index funds are highly homogeneous products, where first-mover advantage is indeed crucial. However, market trends are阶段性, and capital demands are diverse. Relying on a single fund makes it difficult to absorb incremental capital, especially given the increasingly pronounced configuration trends in recent years. "For large mutual fund companies, having existing products in the early stages, it is necessary to顺应 trends and continuously布局 multiple product types, such as non-ETF products for off-market capital needs, or enhanced products for quantitative institutions. This 'land-grabbing' strategy is being applied not only to the CSI A500 but also to classic indices like the CSI 300 and recently popular ones like free cash flow indices," the product director stated. Analysis reveals that the "one index, multiple products" strategy for the CSI 300 index spans multiple years, with an even richer array of products, serving as a microcosm of the medium-to-long-term product line strategies of index fund giants. E Fund has four CSI 300 index-linked funds, with establishment dates ranging from 2009 to 2020. Beyond ETFs and ETF feeder funds, these include a quantitative enhanced index fund and a select enhanced index fund. If optimized index varieties like the CSI 300 Non-Bank Financials and CSI 300 Healthcare are included, E Fund's roster of CSI 300-related index funds reaches as many as eight. China Universal Fund has six CSI 300 index funds, with its布局 spanning eight years. It established a CSI 300 index fund in 2017, followed by a CSI 300 ETF at the end of 2019. In 2020 and 2021, it launched a CSI 300 Index Enhanced Fund and a CSI 300 Fundamental Enhanced Fund, respectively. In 2025, it added a CSI 300 ETF feeder fund and a CSI 300 Quantitative Enhanced Fund. As of January 7th, the China Universal CSI 300 Free Cash Flow Index Fund, which was in the issuance phase, represents another addition to its CSI 300-related index product category. According to Wind statistics, there are currently over 140 CSI 300 index funds来自 more than 100 fund companies, but the distribution in terms of number and size is明显 uneven. Taking ETFs as an example, among the 40 CSI 300 ETFs, only four have assets under management exceeding 100 billion yuan, while the others all have sizes below 90 billion yuan. Notably, 27 of these products have sizes under 10 billion yuan. The four trillion-yuan scale products come from Huatai-PineBridge Fund, E Fund, China Asset Management, and Harvest Fund, all established before 2014. It remains a game for the giants. The "one index, multiple products" strategy in index funds reflects a shift in the product line布局 thinking of fund companies. "In the past, our first thought during market trends was active equity funds.但现在, the first reaction is index funds: what index products do we have to meet client demand? What types are we missing? How can we fill the gaps?" a marketing professional from a Beijing-based mutual fund commented, noting that this change is related to the recent development trend of index funds and is also a response to the diversification of investor allocation needs and the structured nature of A-share market trends. With ETF net inflows exceeding one trillion yuan in 2025, if indexed allocation is the general trend, then the布局 of index funds will naturally become increasingly diverse. Taking the recently hot satellite internet sector as an example, a marketing professional from a large-to-medium-sized mutual fund in Shanghai explained that even before this round of satellite internet market activity, many fund companies had already布局 related products. "The capital capacity of such niche sectors isn't particularly large. Full-product-line mutual funds typically have active equity funds heavily invested in core stocks. But as the market trend continues to unfold, fund companies will issue ETFs, ETF feeder funds, and index-enhanced funds—a shift 'from active to passive'—to absorb incremental and diverse capital." However, the primary adopters of the "one index, multiple products" strategy are the leading mutual fund companies. Most small and medium-sized mutual funds have relatively单一 index fund布局, particularly showing little initiative in the ETF space. The aforementioned Shanghai-based mutual fund professional indicated that, looking at European and American markets, while there might be many players in the early stages of index funds, ultimately only a few companies, like BlackRock and Vanguard, remain and稳固 occupy significant market share. This pattern is likely to hold true domestically as well. This person further elaborated that while domestic ETFs are still in a developmental phase, with total规模 not yet reaching 10 trillion yuan, the enthusiasm among most mutual funds is not high. Some later-entering small and medium-sized mutual funds, particularly those with securities or bank parent companies, approach the market with hesitation: from a holistic financial布局 perspective, ETFs are often incorporated into the parent company's overall development strategy, and the subsidiary mutual fund might feel pressured to reluctantly enter the fray after prolonged delays. For a long time, the ETF business might not contribute significantly to the fund company's profits. "In contrast, certain large mutual funds, as the advantages of ETFs become increasingly apparent, are investing more and more. Their index businesses have gained market and channel recognition, possess scale and流量 advantages, and their active equity businesses, as well as pension, annuity, and专户 businesses, can provide strong support for their ETF operations."
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