The public offering fund industry welcomes another major innovation, and actively managed ETFs will be piloted and promoted in stages.

The launch of active ETFs is gradually approaching. On June 17, 2026, the Lujiazui Forum was held in Shanghai, and the chairman of the China Securities Regulatory Commission, Wu Qing, proposed at the forum to further enrich investment products and tools, including supporting the introduction of active ETFs on the Shanghai and Shenzhen stock exchanges. Subsequently, the Shanghai and Shenzhen stock exchanges issued business guidelines for active ETFs on the same day, further clarifying the requirements for the development and operation of active ETF products. This means that as another major innovation in the public fund industry, the emergence of active ETFs is imminent. Securities Times reporters learned from relevant sources that active ETFs will adhere to a phased, step-by-step, and steady development approach, first landing pilot products, while simultaneously improving the supporting system and ecological construction. After the first batch of pilot operation is stable, the product supply will be gradually expanded, continuously enriching wealth management tools, introducing long-term incremental funds to the capital market, and injecting sustained momentum into the innovative development of the public fund industry. In addition, Securities Times reporters learned from the industry that the regulatory authorities had previously conducted systemic pilot work on active ETFs with some companies. The first batch of pilot institutions are required to meet two core standards: stable ETF management experience and active investment performance. This means that the first batch of pilot institutions will likely be top ETF giants with stable management experience in active ETFs or some foreign public funds with excellent performance in active management.