Core Insights - The article discusses the significant structural adjustments occurring in the global public fund market by 2025, highlighting the ongoing shrinkage of actively managed open-end funds and the rise of the "ETFization" trend as a core driver for institutional investment strategies, particularly in the US and European markets [1][11]. Group 1: Market Trends - By 2025, the global public fund market is experiencing profound structural changes, with a notable decline in the size of actively managed open-end funds [1][11]. - The "ETFization" trend is becoming a key driver for institutional investment strategies, with actively managed ETFs emerging as the primary issuance force in the market [1][11]. - In the fourth quarter of 2025, the Greater China region saw a significant recovery in stock fund inflows, exceeding $33 billion in a single quarter [1][11]. Group 2: Research and Tools - The article emphasizes the need for institutional investors to have a robust research framework and tools that can penetrate underlying holdings and reach the core of strategies when selecting investment targets [1][11]. - Morningstar Direct is highlighted as a flagship investment research platform that provides comprehensive data on over 63,000 actively managed ETFs, including performance, risk, holdings, and issuance methods [1][11][12]. - The upcoming webinar aims to provide insights into the trends and product evolution in the global public fund market for 2025, focusing on how to utilize Morningstar Direct for in-depth research on overseas actively managed ETFs [4][5][11].