"Sold Out in a Day" Frenzy Returns as First Batch of Active ETFs Debuts to Strong Demand

Recently, the public fund industry has seen a rare return of blockbuster equity product launches. For the first batch of actively managed ETFs in China, market subscription enthusiasm was fully evident: several products announced early closure of fundraising on their first day of issuance and began pro-rata allocation. Beyond the appeal of the innovative products, fund companies also raised the bar in marketing and investor engagement, with a dense rollout of investor education initiatives including livestreams by star fund managers, creative posters, and investment guides. In addition, multiple institutions successively announced purchases of their own products worth hundreds of millions of yuan, demonstrating their firm confidence in the prospects of active ETFs. At a market mobilization meeting for active ETFs, fund companies, securities firms and other participants said they would go all out to ensure smooth issuance, listing and ongoing operations, communicate with insurers and other medium- to long-term funds to encourage their participation, and place high priority on investor returns and sense of gain. As issuance proceeds steadily, industry institutions advised that subsequent performance of active ETFs should focus on the transferability of fund managers' historical alpha capabilities and the sustainability of excess returns in actual operation. (China Securities Journal)