竞争加剧、烧钱换规模：ETF破局之路在哪？丨ETF风云录②

Core Insights - The Chinese ETF market has grown significantly over the past 20 years, reaching a scale of 4.6 trillion yuan, with the index management fund size surpassing actively managed equity funds for the first time in 2024 [1][10] - The competition in the ETF market is intensifying, with a notable increase in the number of similar products and a shift towards cost competition due to fee reductions [2][6] - The trend of fee reductions has led to a significant drop in management and custody fees, with some ETFs now charging as low as 0.15% for management and 0.05% for custody [7][10] Market Dynamics - As of August 2025, there were 212 ETF applications submitted, with most already listed, indicating a high product count and growth rate [1][2] - The first batch of 10 China Securities A500 ETFs launched in October 2024 faced redemption pressure, with most products experiencing a decline in scale since their initial offering [2][3] - The number of A500 ETFs has increased to 32, highlighting the growing competition in this segment [2] Fee Reduction Impact - The ongoing fee reduction trend has seen many broad-based ETFs reduce fees by over 70%, with new ETFs aligning with these lower rates [7][10] - The average management fee for ETFs in the U.S. and Hong Kong is significantly lower than in China, indicating potential for further reductions in the Chinese market [7] - The top three fund companies in China hold a combined market share of 43.51%, while the top ten account for nearly 80%, suggesting a "Matthew Effect" where larger firms dominate the market [7][9] Challenges for Fund Companies - Many fund companies are struggling to achieve profitability in the ETF space, with 200 billion yuan in assets under management seen as a break-even point [8][9] - Smaller fund companies face significant challenges in competing with larger firms, necessitating a differentiated strategy to survive in the market [9][10] - The need for experienced personnel in investment operations and marketing is critical for ETF success, as highlighted by industry insiders [8] Future Growth Potential - Despite current challenges, there is a belief that the ETF market still holds growth potential, with opportunities for differentiation and innovation [11][12] - The increasing interest from younger investors in ETFs presents a significant opportunity for market expansion [12][13] - Fund companies are encouraged to enhance investor education and improve the overall investment experience to drive future growth [13][14]