Core Viewpoint - The number of ETF-linked funds submitted for approval in China has exceeded 130 this year, marking a historical high, driven by increasing demand for passive index investment and the growing importance of off-exchange platforms [1][3]. Group 1: ETF-linked Fund Submission and Growth - As of July 4, 2023, 36 fund managers have reported 132 ETF-linked funds, a 60% increase compared to the same period last year when 82 funds were submitted [3]. - The total issuance scale of newly established ETF-linked funds this year reached 39.635 billion yuan, a 144% increase from 16.267 billion yuan in the same period last year [3]. - The trend of increasing submissions reflects a response to market demand and a search for new business growth points [3]. Group 2: Market Dynamics and Investor Behavior - The rise in ETF-linked fund submissions is linked to the rapid development of the ETF market, with 159 stock ETFs established this year, surpassing the total of 155 for the entire year of 2024 [4]. - Over 90% of newly established ETF-linked funds this year are of the initiator type, allowing fund companies to quickly complete product registration and gain market advantage [4][6]. - The growth of internet platforms in fund sales is contributing to the rapid increase in ETF-linked funds, as they provide broader access for individual investors [4]. Group 3: Future Outlook and Competitive Landscape - The development prospects for ETF-linked funds are promising, but competition is intensifying, leading to greater product differentiation [6]. - Short-term growth in ETF-linked fund scale is expected due to policy encouragement and increased investor awareness, while long-term growth may come from fund advisory services and FOF [7]. - The emergence of new product forms, such as cross-border linked funds and customizable index-linked funds, may represent future directions for the market [7].

Core Viewpoint - The number of ETF-linked funds submitted for approval has reached a historical high in 2023, with over 130 funds reported, reflecting a significant increase in demand for passive index investment and the expansion of the market for these funds [1][3]. Summary by Sections ETF Linked Fund Submission - As of July 4, 2023, 36 fund managers have reported 132 ETF-linked funds, marking a 60% increase compared to the same period last year when 82 funds were submitted [3]. - The number of submissions has shown a consistent upward trend from 31 in 2020 to 54 in 2023 [3]. - A total of 97 linked funds have been established this year, with a combined issuance scale of 39.635 billion yuan, up 144% from 16.267 billion yuan in the same period last year [3]. Market Demand and Growth Factors - The surge in ETF-linked fund submissions is attributed to the growing market demand and the search for new business growth points [3]. - The increasing preference for index funds among investors is noted, as linked funds can be purchased through various platforms, broadening the investor base [3]. - Regulatory simplifications in the approval process for ETFs and linked funds have contributed to this growth, aligning with the trend towards inclusive financial products [3]. Competitive Landscape - The rapid development of the ETF market is driving the increase in linked fund submissions, with 159 stock ETFs established in 2023, surpassing the total of 155 for the entire year of 2024 [4]. - Over 90% of newly established linked funds this year are of the initiator type, allowing fund companies to quickly complete product filings and gain market advantages [5]. Future Outlook - The development prospects for ETF-linked funds are promising, but competition is intensifying, leading to greater product differentiation [6][7]. - The growth of linked funds is expected to continue in the short term due to policy encouragement and increased investor awareness [7]. - The emergence of new product forms, such as cross-border linked funds and customizable index-linked funds, may represent future directions for the market [7]. - Investors are advised to focus on the underlying ETFs when selecting linked funds, prioritizing those with large scales, good liquidity, and low tracking errors [7].