Foreign media/commentary articles state that actively managed equity ETFs are entering a crucial pre-launch phase. On July 17, the applications for the first batch of 18 products were submitted and accepted. Further inquiries and feedback processes are required before the formal launch.

How can products be "proactive"?

These products retain the exchange-traded mechanism of ETFs, but no longer track a fixed index; instead, fund managers decide their holdings independently. The article argues that this combination of active management and ETF operations represents a rare product innovation in the mutual fund industry in recent years.

More transparent disclosure and transactions

Compared to traditional actively managed funds, actively managed equity ETFs offer more frequent information disclosure. According to the relevant arrangements, the fund will disclose its portfolio daily and provide a reference net asset value (NAV) during trading hours. Investors can buy and sell directly on the secondary market, and the subscription and redemption processes are closer to the standard ETF operations.

The first batch covers 18 institutions

The first batch of pilot programs covers 18 fund managers, with 9 products each applying for listing on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. Institutions such as E Fund, China Asset Management, HuaAn Fund, HFT Investment Management, Southern Asset Management, Fullgoal Fund, and Penghua Fund are all on the list, and some product names indicate that their investment styles lean towards value, balanced, dividend, or growth.

Market acceptance remains to be seen.

The article also mentions that while actively managed equity ETFs offer greater transparency and stronger trading capabilities, the fund manager's ability, team operations, and fee levels will still affect product performance and market acceptance.