Core Points - The second batch of Sci-Tech Innovation Bond ETFs is set to be listed on September 24, with 14 ETFs collectively raising 69.773 billion yuan [1] - The first and second batches of Sci-Tech Innovation Bond ETFs experienced strong demand, with fundraising completed in one day [1] - Industrial banks, particularly Industrial Bank, have emerged as the largest custodians for these ETFs, managing eight of the funds [1][2] Fundraising and Custodian Details - A total of 24 Sci-Tech Innovation Bond ETFs have raised 69.773 billion yuan, with significant participation from institutional investors [1] - Industrial Bank is the custodian for eight ETFs, while China Merchants Bank, CITIC Bank, and CITIC Securities are custodians for three ETFs each [1][2] - Some custodians have made substantial investments, with one institution holding nearly 50% of certain ETFs [1][2] Investment Dynamics - The competition among custodians and shareholders is intensifying, with a focus on securing substantial institutional investments to achieve high fundraising targets [4] - The presence of strong custodians is crucial for the success of new ETFs, as they are expected to contribute significant capital [4] - Major fund companies are reducing management fees to attract more investments, with some lowering fees to the industry’s lowest levels [4][5] Cost Considerations - Fund companies face various costs beyond promotional expenses, including sales channel fees and operational costs, which impact profitability [5] - The need for ETFs to reach a scale of at least 10 billion yuan is emphasized to cover costs effectively under the current fee structure [5] - The liquidity of larger ETFs is expected to attract more capital, highlighting the importance of effective management strategies [5]