Core Viewpoint - The logic behind the establishment of initiator funds has shifted from being a "guaranteed establishment" option in a sluggish market to a "quick way" to seize market opportunities as the market heats up [1][5]. Group 1: Initiator Funds Overview - Initiator funds have become a primary focus for many fund companies in 2023, with 41 initiator funds established by March 8, covering various popular sectors [3][4]. - The establishment of initiator funds allows fund companies to successfully launch products even in low market participation periods, with a lower threshold for issuance [4][6]. Group 2: Market Performance and Strategy - Many fund companies are now using initiator funds to quickly establish positions in the market, with some funds achieving significant returns shortly after establishment, such as a 24.86% increase for the China Europe Hang Seng Technology Index fund [5][6]. - The rapid establishment of funds, such as the Kai Stone Yuanxin fund, which had a fundraising period of only two days, reflects the urgency to capitalize on market opportunities [3][5]. Group 3: Challenges and Risks - Despite the advantages, initiator funds face a "wide entry and strict exit" constraint, with many funds failing to meet the scale requirements and subsequently facing liquidation [2][6]. - A significant number of initiator funds established in previous years are at risk of liquidation if they do not reach the required scale of 200 million RMB by the end of their three-year evaluation period [6][7].