Since the application for the first index-enhanced ETF was submitted in 2019, the first batch of index-enhanced ETFs was officially approved recently and will be available for sale on the 22nd. When overseas mature markets have advanced from index-enhanced ETFs to non-transparent active ETFs, active ETFs will also start preliminary trials in China.

There are 5 products approved this time, namely China Merchants CSI 300 Enhanced Strategy ETF,Guo Tai CSI 300 Enhanced ETF, Huatai-PineBridge CSI 500 Index Enhanced Strategy ETF, Southern China Securities 500 Enhanced Strategy ETF and Invesco Great Wall China Stock Exchange 500 Index enhanced ETF. These products are based on the mainstream broad-based index CSI 300 Index and China Securities 500 Index. These two indexes are now the main tracking indexes in enhanced index funds, and both have relatively mature enhancement strategies. Among them, China Merchants, Guo Tai, Huatai-PineBridge and China Southern Fund's index enhanced ETF will be listed on the Shanghai Stock Exchange, and Invesco Great Wall's enhanced ETF will be listed on the Shenzhen Stock Exchange.

Among the 5 products approved this time, 4 products including China Merchants, Guo Tai, Huatai-PineBridge and Invesco Great Wall Fund will be on sale on the 22nd. Among them, the enhanced ETF product raised by China Merchants and Guo Tai Fund has an upper limit of 8 billion yuan, the enhanced ETF raised by Invesco Great Wall Fund has an upper limit of 7.5 billion yuan, and the enhanced ETF under Huatai-PineBridge has not yet set a limit on the raised scale.

Adopting a completely transparent operation mode, the annual tracking error is less than 6.5%. The operation mode of the first batch of index-enhanced ETFs is completely transparent, that is, information on fund holdings is announced daily. According to the fund announcement, the first batch of index-enhanced ETFs require that the absolute value of the daily average tracking deviation between the fund's net value growth rate and the performance comparison benchmark does not exceed 0.35%, and the annual tracking error does not exceed 6.5%. The tracking error requirement is greater than the threshold of passive ETFs and lower than the tracking error threshold of traditional index-enhanced funds.

自2019年首只指数增强ETF上报后，第一批指数增强ETF于近期正式获批，并将于22日开始发售。在海外成熟市场已从指数增强ETF进阶到非透明主动ETF之时，主动ETF也将在国内开启初步尝试。