The era of proactive management with ETF has begun today.

On the morning of October 23rd, the first batch of 18 active ETF officially launched their initial fundraising. For this fundraising, each active ETF has an upper limit of 2 billion yuan, with a management fee rate of 1%, and all are managed by senior fund managers. The highlights in terms of fees, products, and personnel make this new product launch battle quite interesting to watch.

Just how much active content is there in the proactive ETF?

How will 18 experienced fund managers showcase their skills in the five major sectors of value, growth, balance, quant, and dividends?

After "all cards are on the table," how do the major public offering giants arrange their strategies?

Everything is worth analyzing in detail.

Debut today! The issuance battle with a limit of 36 billion has officially begun.

Starting from the 23rd, 18 public offering giants' active ETF products are officially on sale.

The newly released "trump cards" for issuance exhibit three prominent features:

• Short fundraising period with stable quotas: Six companies have condensed their fundraising periods to just 5 working days (from October 23rd to 29th); two plan to conclude on October 30th; the remaining ten are expected to complete their fundraising in early November. To ensure the smooth operation of innovative products, a uniform fundraising cap of 2 billion yuan has been set for each product, with a total quota of 36 billion yuan becoming an important additional source of funds for the market in the near term.
• More affordable fees: Proactive ETF demonstrates a clear advantage in terms of fees compared to proactive equity products. The latest announcement shows that the management fee for 18 products has been uniformly set at 1%, and the custody fee ranges from 0.1% to 0.15%, which is generally lower than that of traditional over-the-counter proactive equity funds.
• 17 firms adopt the "bond settlement model," closely tying in with securities brokers: In terms of settlement methods, apart from E Fund, the remaining 17 firms have unanimously chosen the bond settlement model. Considering that this model exempts a single securities broker from the 15% ceiling on commission allocation, it allows fund companies to concentrate their transaction commissions, thereby closely integrating with the sales resources of those brokers.

Product logic: Open trading under the "transparency" mechanism

Different from traditional active funds, the biggest feature of active ETF is that the portfolio is nearly transparent – active ETF products are required to disclose the complete PCF (subscription and redemption list) positions before the market opens each day.

This "what you see is what you get" mechanism for the first time opens up almost all of the investment activities of fund managers to ordinary investors, which represents an unprecedented challenge for them.

Therefore, when deploying their strategies, fund companies tend to follow a consistent set of preferences for selecting candidates: in-depth fundamental research, a long-term investment style, and relatively low turnover rates and drawdowns.

In terms of staffing, 15 out of the 18 products adopt a “dual fund manager” partnership model, which is more in line with the operational requirements of “active stock selection + passive trading” for these products.

18 top investment experts compete on one stage

The first batch of 18 actively managed ETF funds are strictly categorized into five strategic styles: value, growth, equilibrium, quantification, and dividends. By abandoning the temptation of focusing on a single, popular sector, this competition places more emphasis on the fund managers' ability to sustain performance over the long term.

Fund managers of value groups generally emphasize valuation discipline, and their long-term drawdowns tend to be more restrained. Among them, Yang Jinghan from Huatai-PineBridge: a representative of deep value investing, balances valuation, growth potential, and shareholder returns. Wang Junzheng from Huaxia Fund: adheres to the core of absolute return, expanding from "financial real estate" to the entire market to earn money from industries with certainty and stable structures. Zhang Huaen from Penghua Fund: coming from a strategic analysis background, starts from macroeconomics and industry cycles to find mid-scale industrial chain segments with clear profit models and stable competitive landscapes. Cheng Zhou from Guotai Fund: places great importance on risk control, with his core ability being bottom-up stock selection, strictly adhering to the three criteria of "industry leaders, good free cash flow, and low valuation." Su Qihan from Huaan Fund: one of the earliest QDII fund managers in China, possesses a broad global investment perspective, and has a distinctive investment style.

Fund managers in the growth track place more emphasis on targets whose performance growth rates are significantly better than their valuations. Xu Tuo from Yongying Fund: Prefers to capture turning points in economic prosperity on the early stage, using industry research as a spear and stock strategy as a shield, and does not participate in bubble games. Yang Siliang from E Fund: A newcomer in the consumer prosperity sector, seeking absolute return opportunities in high-quality companies over a long-term period. Li Bo from Morgan Fund: Known as one of the "Top Ten Fund Managers." Pursues in-depth exploration of long-term growth stocks and builds deep insights through long-term tracking.

Fund managers of balanced portfolios often emphasize a macro perspective and portfolio allocation. Xu Gonglei and He Dianhong from Southern Fund: A combination of "macro strategy + quantitative capabilities," where Xu Gonglei, who comes from a macro strategy background, works together with He Dianhong who has a quantitative background. Ding Jingfei from Huabao Fund: Their investment research scope has expanded from cyclical resources to the entire market, adhering to an balanced allocation that "starts from the fundamental aspects of industries while also considering a top-down perspective."

Quantitative fund managers often focus on uncovering hidden opportunities with the support of quantitative models. Wang Ping from China Merchants Fund: With a background in risk control, his strategies are highly explainable, emphasizing risk constraints and maintaining a diversified portfolio to achieve excellent long-term performance. Yang Chao from Tianhong Fund: He emphasizes leveraging team strategy sharing to discover faster and more stable investment opportunities than the market, supported by a solid foundation in quantitative analysis. Xia Gao from Dacheng Fund: A veteran of quantitative investing with 11 years of experience, he has made significant contributions to multi-factor stock selection and portfolio optimization. Wu Zhenxiang from Huitianfu Fund: His balanced strategy, proven over more than a decade in the market, is expressed through quantitative methods to create portfolios that can withstand market fluctuations. Wang Baohé from Fullgoal Fund: First constructs a pool of undervalued quality stocks based on certain principles, then selects the best among them using quantitative multi-factor analysis or other models.

Fund managers of the dividend group pursue varieties that offer cash returns and stable operational capabilities. Zhang Jianfeng and Jiao Wenlong from ICBC Credit Suisse: The team works together to identify varieties with good long-term cash flow performance. Tao Can from CCB Fund: Strives to achieve upward flexibility within traditional dividend strategies. Liu Rongjun from Ping An Fund: Focusing on GARP (reasonable valuation + real growth), seeks a balance between value dividends and technology growth, while strictly controlling drawdowns.