在ETF市场持续火爆的背景下，向来以主动权益投资见长的基金公司也纷纷下场。 近日，交银施罗德基金和兴证全球基金这两家在主动权益领域较为知名的基金公司，相继在ETF领域迈 出重要步伐，引发市场广泛关注。这一现象不仅预示着ETF市场的竞争将更趋激烈，也折射出在行 业"内卷"加剧和投资者需求日益多元化的当下，头部基金公司战略布局的新动向。 两家主动投资大厂布局ETF 近日，交银施罗德基金在时隔14年后重启ETF产品线布局。证监会网站显示，9月29日，交银施罗德基 金上报了交银施罗德中证智选沪深港科技50ETF。 值得注意的是，目前，交银施罗德基金旗下仅有两只ETF产品，分别为交银180治理ETF、交银深证300 价值ETF，成立时间分别为2009年9月、2011年9月，最新规模分别为2.27亿元、0.62亿元。但自2011年 以来，该公司在ETF领域鲜有动作，此次上报新品，无疑是其在指数产品领域加大布局力度的强烈信 号。 同时，2024年以来，交银施罗德基金在指数产品方面加紧布局，其间共发行了5只被动指数型基金，分 别为交银中证红利低波动100指数基金、交银中证A500指数基金、交银上证科创板100指数基金、交银 ...

Core Viewpoint - Vanguard's entry into the high-yield bond ETF market is seen as a direct challenge to JPMorgan's recent launch of a similar product, which has quickly become the largest actively managed high-yield bond ETF with $2 billion in seed capital [3][4]. Group 1: Vanguard's Competitive Position - Vanguard is set to launch its actively managed high-yield bond ETF in September, which will have a lower expense ratio of 0.22%, compared to JPMorgan's 0.45% [3][4]. - Vanguard's existing $24 billion actively managed high-yield bond mutual fund may provide a significant asset base for the new ETF, as some investors could shift their investments to the more popular ETF format [3][8]. - Vanguard's reputation and low fee structure may help it overcome past performance issues, as its mutual fund has underperformed its benchmark over the last 20 years [8][10]. Group 2: JPMorgan's Market Dominance - JPMorgan has attracted four times the inflows of other active fund companies over the past year, with $55 billion of the total $60 billion inflow coming from its active ETFs [8]. - The firm has the largest actively managed equity ETF (JEPI) and actively managed bond ETF (JPST) globally, benefiting from favorable timing and competitive fee structures [8][9]. - JPMorgan's proactive approach has raised awareness among all issuers, including Vanguard, indicating a competitive landscape in the active high-yield bond ETF market [3][4]. Group 3: Market Trends and Implications - The competition in the actively managed high-yield bond ETF space is expected to intensify, with other players like Fidelity and Capital Group also participating [9]. - The trend of lower expense ratios is becoming increasingly important in markets like Taiwan, where investors are more sensitive to fees, suggesting that competitive pricing will be a key strategy for international ETF issuers [6][8]. - Vanguard's current ranking in the active ETF space is relatively low, but its entry into this market could lead to significant growth, as it aims to capitalize on the opportunity for low-cost active management strategies [10].

Core Insights - The ETF market has seen a growth rate exceeding 70% this year, marking the highest increase in five years, with total assets surpassing 4 trillion [1] - New entrants like Changcheng Fund and Xingzheng Global Fund are beginning to explore the ETF space, indicating a shift in strategy among previously passive fund companies [3][7] ETF Market Trends - The overall scale and number of ETF funds in the market are on an upward trend, with significant participation from major fund companies [4] - The "Matthew Effect" is evident in the ETF market, where leading firms like Huaxia, E Fund, and Haitai Bailei dominate with over 2 trillion in market size [8][9] Competitive Landscape - Major fund companies entering the ETF market may not be too late, as the ETF sector is characterized as a "head game," where large public funds hold a significant market share [8] - Xingzheng Global Fund, backed by a strong reputation and a successful active equity strategy, may leverage its existing brand to compete effectively in the ETF market [7][10] Challenges and Opportunities - Despite the growth potential, challenges remain for fund companies in establishing a profitable ETF business, with a need for scale to achieve stable profitability [10] - The Chinese ETF market has significant room for growth compared to the U.S., where passive products hold about 16% of total stock market value, while in China, this figure is only around 3% to 4% [10]

Core Insights - The domestic ETF market has surpassed 4 trillion yuan, reaching a total scale of 40,399.23 billion yuan as of April 21, marking an approximate 8% growth since the end of 2024 [1][4] - The increase in ETF scale this year is primarily driven by stock ETFs, cross-border ETFs, commodity ETFs, and bond ETFs, contributing 769.63 billion yuan, 733.92 billion yuan, 812.00 billion yuan, and 652.96 billion yuan respectively [1][7] - Major players in the ETF market include Huaxia Fund, E Fund, and Huatai-PB Fund, which dominate the top three positions, while competition remains intense among other fund companies [1][8] ETF Market Growth - As of April 21, stock ETFs have seen a net inflow of 1,987.25 billion yuan since April 7, with major contributions from broad-based ETFs favored by long-term investors [2][4] - Several core broad-based ETFs have reached historical highs, significantly contributing to the overall growth of stock ETFs [4][5] - The number of ETF shares has increased substantially, with notable growth in products like Huatai-PB CSI 300 ETF and Huaxia CSI 300 ETF, among others [3][5] Competitive Landscape - The top ten fund companies hold over 70% of the ETF market share, with Huaxia Fund leading at 7040.12 billion yuan, followed by E Fund and Huatai-PB Fund [8][9] - The rankings among fund companies have shifted compared to the end of 2024, indicating a dynamic competitive environment [9][10] - The market is characterized by high concentration and ongoing structural evolution, with significant fluctuations in rankings among fund companies [11][12] Impact of Institutional Investors - Institutional investors, including state-owned enterprises, have played a crucial role in the growth of the ETF market, providing liquidity and stabilizing market conditions [13][14] - The increase in ETF investments by state-owned entities is expected to enhance the appeal of dividend-themed ETFs and support technology sector investments [14][15]