Core Points - The Shanghai Stock Exchange has revised and published the "Self-Regulatory Rules for Fund Management Applicable Guidelines No. 1 - Index Funds" which will take effect on November 19, 2025 [1] - The guidelines specify requirements for fund managers intending to develop index funds based on non-broad-based stock indices [3] Summary by Sections Introduction - The guidelines aim to standardize the activities related to publicly raised index securities investment funds and protect investors' legal rights [2] Applicability - The guidelines apply to fund managers developing index funds for listing on the Shanghai Stock Exchange, and any unregulated matters will refer to existing fund listing rules and related regulations [2] Requirements for Non-Broad-Based Stock Indices - The index must have at least 30 constituent securities [3] - No single constituent security can exceed 15% weight, and the top five constituents must not collectively exceed 60% [3] - The index must be published for no less than three months and approved by the China Securities Regulatory Commission, except for indices that align with national strategies and industrial policies [3] - Constituent securities that account for over 90% of the weight must have an average daily trading amount in the top 80% of all listed stocks on the exchange over the past year [3] Additional Provisions - Broad-based stock indices are not subject to the aforementioned restrictions, but single constituent weight should generally not exceed 30% [3] - Fund managers developing bond index funds must meet similar requirements as outlined for stock indices [3] Application Process - Fund managers must submit various materials to the exchange before launching the fund, including the fund sale application and documentation proving compliance with index requirements [4] Compliance and Enforcement - Fund managers must ensure that the investment portfolio complies with relevant laws and regulations before the fund is listed [6] - The exchange can impose self-regulatory measures or disciplinary actions against fund managers who violate the guidelines [8] Conclusion - The guidelines are effective immediately upon publication, replacing the previous version issued on August 10, 2023 [10]