事关ETF！刚刚，沪深交易所修订发布

Core Viewpoint - The recent revision of the ETF risk management guidelines by the Shanghai and Shenzhen Stock Exchanges aims to enhance risk management and better protect investors' rights, in line with the China Securities Regulatory Commission's initiative to promote high-quality development of index investment [1]. Group 1: ETF Risk Management Guidelines - The revised guidelines strengthen the requirements for fund managers regarding ETF operational risk control, mandating improved management of the subscription and redemption list, careful setting of key parameters, and enhanced internal control systems [1][2]. - Fund managers are required to establish a team for ETF operations that includes at least two personnel responsible for the subscription and redemption list and reference net asset value calculations [1][3]. - Significant adjustments to the subscription and redemption list parameters must follow a dedicated process, particularly in cases of equity distribution, index component adjustments, and major corporate actions [1][2]. Group 2: Client and Trading Behavior Management - Fund managers must prudently set important parameters for the subscription and redemption list, including cash substitution indicators and limits on cash substitution ratios [2]. - Member clients are required to improve management systems and processes, enhance client classification management, and strengthen monitoring of ETF trading behavior and risk management [2][3]. - Fund managers should establish an automated risk monitoring system to track ETF operations in real-time, ensuring that any abnormal trading activities are reported and addressed promptly [3]. Group 3: Future Developments - The Shanghai and Shenzhen Stock Exchanges plan to enhance self-regulation of ETFs and continue to optimize ETF institutional mechanisms to promote high-quality market development [3].