Between July 16 and 17, the first batch of 18 actively managed exchange-traded open-end stock funds, known as active ETFs, was formally submitted, with the latest approval status on the website of the China Securities Regulatory Commission listed as "materials received."
The pace of advancement from policy implementation to product submission has been notably swift. On June 17, during the 2026 Lujiazui Forum, CSRC Chairman Wu Qing expressed support for launching active ETFs on the Shanghai and Shenzhen stock exchanges. On the same day, the two exchanges released supporting business guidelines. Merely one month later, 18 public fund management institutions collectively submitted product registration application materials.
Key Product Naming Trends
Industry sources indicate that the initial batch of products generally adopts robust strategy styles with ample investment capacity, such as large-cap value and large-cap balanced, featuring diversified holdings and low turnover rates. According to the active ETF business guidelines, a product's investment portfolio must hold no fewer than 30 securities, with the combined weight of the top ten holdings not exceeding 60% of the fund's net asset value.
Judging by product names, the first active ETFs primarily focus on four major directions, with value style being a significant segment. Products such as the Fullgoal Value Select Active ETF, Huatai-PineBridge Value Select Active ETF, ChinaAMC Quality Value Select Active ETF, China Merchants Value Intelligent Selection Active Management ETF, and Penghua Value Select Active ETF all include the word "value" in their names, reflecting a focus on low valuations and safety margins.
A representative from China Merchants Fund stated: "The product submitted this time is positioned with a value style, expected to feature relatively dispersed and low-concentration holdings, aiming to create long-term, stable returns for investors by starting steadily."
The dividend theme is also favored by several public fund institutions. Products like the ICBC Credit Suisse Dividend Active ETF and Dacheng Dividend Intelligent Selection Active ETF directly indicate "dividend" in their names.
Jiao Wenlong, General Manager of the Index and Quantitative Investment Department at ICBC Credit Suisse Fund, commented: "The product submitted this time has clear asset class distinctions and will focus on companies with stable operations capable of generating long-term cash flows."
The product from Dacheng Fund will primarily invest in dividend-themed stocks, using active quantitative models to optimize combinations among dividends, quality, and risk exposure, seeking steady growth in the fund's net asset value.
Although the Ping An Industry Select Active ETF submitted by Ping An Fund does not directly feature the word "dividend," it employs a dividend enhancement investment strategy. Building on dividend investing, it operates flexibly according to market conditions, enhancing returns by investing in areas like artificial intelligence and smart manufacturing. A representative from Ping An Fund explained: "The dividend strategy focuses on stability, low volatility, and certainty, with key allocation directions including banking, insurance, utilities, and home appliances. The enhancement strategy primarily focuses on investment opportunities in technology-related sectors such as AI, advanced equipment, and materials."
Balanced and steady style forms another major segment. Products with related terms, such as the Tianhong Balanced Select Active ETF and Hwabao WP Select Steady Stock Active ETF, emphasize diversified allocation across industries and styles. The Southern Large-Cap Style Allocation Active ETF belongs to this category. A representative from Southern Fund stated: "This product will adopt a large-cap balanced and steady approach, strictly enforcing rules for diversified holdings and low turnover, aiming to balance the potential for excess returns with portfolio stability."
Additionally, some products focus on prosperity and growth directions, such as the Yongying Prosperity Select Active ETF and JPMorgan Core Growth Active ETF.
Overall, the first batch of active ETFs has generally chosen a steady path characterized by low turnover and high diversification in product strategy. Industry insiders believe this will help ensure a smooth start for the products, accumulating operational experience for the subsequent expansion of more diverse strategies.
Regarding the proposed fund managers for these initial active ETFs, sources reveal that some institutions plan to assign balanced or value-style fund managers for solo management, while others intend to appoint dual managers combining "quantitative + active" expertise. Since long-term performance is a key evaluation metric for proposed managers, many selected managers have outstanding long-term track records. In terms of management models, some institutions will adopt a dual-track system of "active fund manager + ETF operations team" to meet the special operational requirements of active ETFs.
Clarifying Future Institutional Plans
Judging by the selection criteria for the first batch of pilot fund managers, regulatory authorities have considered long-term active equity management capabilities, on-exchange ETF operational capacity, completeness of risk control systems, and compliance records, covering leading and high-quality mid-sized public fund institutions to form a tiered pilot layout.
Regarding subsequent product operation and the overall layout of active ETFs, several public fund institutions already have relatively clear plans.
At the product operation level, a representative from Southern Fund said: "Subsequently, we will continue improving supporting mechanisms such as information disclosure, real-time IOPV (Indicative Optimized Portfolio Value) verification, and emergency response to ensure standardized and stable operation after the product's listing."
Regarding the long-term layout of active ETFs, Jiao Wenlong stated that ICBC Credit Suisse Fund's layout will essentially revolve around investment strategies, gradually deploying strategies with the potential for excess returns over longer cycles in conjunction with the market environment.
A representative from Yongying Fund introduced that in the future, Yongying Fund will continue enriching its product offerings around national strategic directions, industrial upgrade trends, and residents' wealth management needs.
The representative from China Merchants Fund said: "China Merchants Fund's active ETFs will start by selecting premium A-share stocks. Depending on strategy cultivation and investor demand, they will gradually expand to other categories, progressively building a complete active ETF product line system covering multiple levels and styles to meet the diversified allocation needs of different types of investors."
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