Group 1 - E Fund's Shanghai Stock Exchange 380 ETF is set to be listed on September 30, 2025, with a total of 427 million shares for trading [1] - As of September 23, 2025, the fund's asset allocation shows 84.98% in bank deposits and settlement reserves, while stock investments account for 15.02% [1] - In September, a total of 26 stock ETFs have announced their listings, with an average position of only 24.08% [1] Group 2 - The average fundraising for newly announced ETFs in September is 553 million shares, with the largest being the Fortune National Robot Industry ETF at 2.344 billion shares [2] - Institutional investors hold an average of 9.88% of the shares in these ETFs, with the highest being the Guolian An Zhongzheng A500 Dividend Low Volatility ETF at 98.93% [2] - The lowest institutional holding ratios are seen in the Huaan Growth Enterprise Board Artificial Intelligence ETF and the Penghua Growth Enterprise Comprehensive ETF, at 0.55% and 1.52% respectively [2] Group 3 - The newly established stock ETFs are currently in their building phase, with varying levels of stock positions [3] - The highest stock position among the newly listed ETFs is 69.33% for the E Fund's Shanghai Stock Exchange Science and Technology Innovation Board Enhanced Strategy ETF [3] - The Guolian An Zhongzheng A500 Dividend Low Volatility ETF has a stock position of 0.00%, indicating a complete lack of stock investment at the time of listing [3]

Group 1 - Two stock ETFs have released listing announcements, with the latest positions showing that the Bosera ChiNext Comprehensive ETF has a stock position of 49.31% and the Penghua Sci-Tech Board Artificial Intelligence ETF has a stock position of 32.04% [1] - Since August, a total of 20 stock ETFs have announced listings, with an average position of only 26.12%. The highest position is held by the Harvest Hang Seng Hong Kong Stock Connect Technology Theme ETF at 54.18% [1][2] - The ETFs with the highest positions include the Sci-Tech 200 ETF, Bosera ChiNext Comprehensive ETF, and Penghua National Robot Industry ETF, with positions of 52.40%, 49.31%, and 45.43% respectively [1] Group 2 - The average fundraising for the newly announced ETFs in August is 460 million shares, with the largest being the Harvest Hang Seng Hong Kong Stock Connect Technology Theme ETF at 1.453 billion shares [1][2] - Institutional investors hold an average of 17.93% of the shares, with the highest proportions in the Huaxia CSI Hong Kong Stock Connect Medical Theme ETF (95.41%), Harvest Hang Seng Hong Kong Stock Connect Technology Theme ETF (83.60%), and the Fuguo CSI Hong Kong Stock Connect High Dividend Investment ETF (65.21%) [2] - The ETFs with the lowest institutional investor holdings include the Penghua Sci-Tech Board Artificial Intelligence ETF (1.65%), Harvest CSI Hong Kong Stock Connect Innovative Drug ETF (2.13%), and the Sci-Tech 50 ETF (2.28%) [2]

Group 1 - The Xinyi Zhongzheng All-Index Free Cash Flow ETF is set to be listed on August 20, 2025, with a total of 355 million shares for trading [1] - As of August 13, 2025, the fund's asset allocation includes 61.03% in bank deposits and settlement reserves, while stock investments account for 9.45% of total assets [1] - In August, 15 stock ETFs have announced their listings, with an average position of only 26.82%, indicating a generally low investment commitment among new funds [1] Group 2 - The average fundraising for newly announced ETFs in August is 399 million shares, with leading funds including the Jiashi Zhongzheng Hong Kong Stock Connect Innovative Drug ETF at 890 million shares [2] - Institutional investors hold an average of 22.16% of shares in these ETFs, with the highest proportions in the Huaxia Zhongzheng Hong Kong Stock Connect Medical Theme ETF at 95.41% [2] - The newly established stock ETFs have varying positions during their building phase, with the Jiashi Hengsheng Hong Kong Stock Connect Technology Theme ETF having the highest position at 54.18% [2][3]

Group 1 - A total of 8 new ETFs are set to be listed, with significant listings scheduled for August 1 and August 4 [1] - The newly listed ETFs include sectors such as robotics, aerospace, and innovative pharmaceuticals, indicating a focus on high-growth industries [1] - The overall equity investment ratios of these ETFs are relatively low, with some ETFs like the Huaxia Growth Enterprise Software ETF having only 19.92% and the E Fund General Aviation Industry ETF at 10.01% [1] Group 2 - The ETFs are required to complete their portfolio construction before listing, which will inject new capital into the market as the listing dates approach [1] - Several ETFs, including the GF Shanghai Stock Exchange Science and Technology Innovation Board 100 ETF and the Guotai Junan Shanghai Stock Exchange Innovation Drug ETF, have disclosed equity investment ratios below 30% [1]

Group 1 - Two stock ETFs have released listing announcements, with the latest positions showing that the Fidelity ChiNext AI ETF has a stock position of 10.03% and the Southern CSI Hong Kong Stock Connect Technology ETF has a stock position of 10.58% [1] - In the past month, a total of 28 stock ETFs have announced listings, with an average position of only 20.34%. The highest position is held by the Penghua CSI All Share Free Cash Flow ETF at 75.41% [1][2] - The average fundraising for the newly announced ETFs in the past month is 392 million shares, with the largest being the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF at 1.341 billion shares [1][2] Group 2 - The average proportion of shares held by institutional investors is 14.33%, with the highest being the Fidelity Shanghai Stock Exchange Sci-Tech Innovation Board AI ETF at 88.23% [2] - The ETFs with the lowest institutional investor holdings include the Bosera CSI A100 ETF and the Cash Flow ETF Yongying, with holdings of 0.62% and 3.38% respectively [2] - A detailed table lists various ETFs, their establishment dates, fundraising sizes, and stock positions, highlighting significant variations in positions among different funds [3]

Group 1 - The core point of the news is the announcement of the listing of the Bosera CSI A100 ETF, which will be listed on June 24, 2025, with a total trading share of 236 million [1] - As of June 17, 2025, the fund's asset allocation shows that bank deposits and settlement reserves account for 89.49% of total assets, while stock investments account for 10.51% [1] - In June, a total of 15 stock ETFs have announced their listings, with an average position of only 17.18%, indicating a generally low investment level among newly listed ETFs [1] Group 2 - The average fundraising for the newly announced ETFs in June is 364 million shares, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 16.72% of the shares in these ETFs, with the highest proportions in the Xingyin Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price ETF at 59.97% [2] - The table provided lists various ETFs, their establishment dates, fundraising scales, and asset allocation percentages, highlighting the differences in investment strategies among these funds [2][3]

Group 1 - Five stock ETFs have released listing announcements, with varying stock positions: Bosera CSI A50 ETF at 9.73%, Fuguo CSI Chengtong State-owned Digital Economy ETF at 10.01%, Huaxia National General Aviation Industry ETF at 26.71%, and others [1] - Since May, a total of 27 stock ETFs have announced listings, with an average position of 18.63%. The highest position is held by Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF at 44.14% [1][2] - Generally, ETFs must meet the position requirements specified in the fund contract before listing, and if the position is low, they will complete the building of positions before the official listing [1] Group 2 - The average number of shares raised by the newly announced ETFs since May is 3.89 million, with the largest being Morgan CSI A500 Enhanced Strategy ETF at 10.16 million shares [2] - Institutional investors hold an average of 18.48% of the shares, with the highest proportions in the following ETFs: Jia Shi CSI Chengtong State-owned Digital Economy ETF at 77.51%, and others [2] - A detailed table lists various ETFs, their establishment dates, fundraising scales, and stock positions, indicating a range of positions from 0.00% to 44.14% [2][3]

Core Insights - Two new stock ETFs have announced their listing, with the latest positions showing a stock allocation of 19.86% for Bosera CSI All Share Free Cash Flow ETF and 16.37% for China Merchants CSI Satellite Industry ETF [1][2] - Since May, a total of 18 stock ETFs have announced their listings, with an average allocation of only 20.08%. The highest allocation is 44.14% for Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF [1][2] - The average fundraising for the newly announced ETFs is 366 million shares, with the largest being Morgan Stanley CSI 500 Enhanced Strategy ETF at 1.016 billion shares [1][2] ETF Holdings Structure - The average proportion of shares held by institutional investors is 16.31%, with the highest being 45.56% for China Merchants CSI Satellite Industry ETF [2][3] - The ETFs with the lowest institutional investor holdings include Harvest National Index Free Cash Flow ETF and China Merchants CSI All Share Free Cash Flow ETF, with proportions of 1.09% and 2.03% respectively [2][3] ETF Listing Details - The listing details for the newly established ETFs include their fund codes, names, establishment dates, fundraising scales, and stock allocations. For example, Bosera CSI All Share Free Cash Flow ETF has a fundraising scale of 324 million shares and a stock allocation of 19.86% [2][3] - The highest stock allocation among the listed ETFs is 44.14% for Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF, established on April 29, 2025 [3]

Core Viewpoint - The article discusses the challenges faced by financial institutions in Taiwan and mainland China regarding the practice of "self-funding" to meet ETF sales targets, highlighting the negative returns associated with this practice in recent years [1][2][3]. Group 1: Self-Funding and Negative Returns - The phenomenon of "self-funding" exists across various industries, but negative expected returns in the fund industry are rare [3]. - For example, newly launched stock ETFs in 2020 had an average net value increase of approximately 1.5% from establishment to listing, allowing managers to lock in profits through market transactions [5]. - However, by 2021, self-funding behavior began to yield negative returns, with an average net value performance of -1% for self-funded ETF subscriptions [6]. - In some cases, such as a specific startup board ETF, losses could exceed 10% by the time of listing [8]. Group 2: Accelerated Construction Periods - The article notes that the construction period for ETFs has significantly decreased, from an average of 28 days in 2020 to just 11 days by 2025 [12]. - This rapid construction leaves fund managers with limited opportunities for market timing, leading to a mechanical approach to building positions [13][19]. - The average construction time for ETFs has remained under 15 days from 2021 to 2025, making it challenging for managers to find suitable entry points [18]. Group 3: Successful Timing by Fund Managers - Data shows that certain fund managers have successfully timed their ETF launches, resulting in significant profits for initial investors [20]. - For instance, the "Chip ETF Leader" managed by GF Fund earned nearly 386 million yuan for its initial subscribers [21]. - The timing of these successful launches often coincided with favorable market conditions, such as the semiconductor industry's growth during the trade war [23]. Group 4: Investor Experience and Fund Management - The article emphasizes that while ETF products are primarily tools for market participation, the experience of initial investors is crucial [28]. - It suggests that fund managers should consider the timing of product issuance and the length of the construction period to enhance investor returns [29].