Core Viewpoint - The new regulation for ETF naming in China aims to standardize the naming convention, requiring all ETFs to include the fund manager's name in their abbreviated titles by March 31, 2026, addressing long-standing issues of investor confusion due to naming chaos [1][2][3]. Group 1: Regulation Details - The Shanghai and Shenzhen Stock Exchanges have issued revised guidelines mandating that ETF abbreviations follow the structure of "core elements of the investment target + ETF" and include the fund manager's abbreviation [3][4]. - Existing ETFs must complete their renaming by the specified deadline, with some funds already initiating the process [5][6]. Group 2: Industry Impact - The new naming standard is expected to shift the competitive landscape from a focus on "name advantages" to "brand strength," enhancing market concentration and potentially leading to a new wave of fee reductions in the ETF sector [2][9]. - The regulation is likely to benefit larger fund companies, as clearer identification of fund managers will lead investors to prefer well-established brands with higher liquidity and reputation [8][9]. Group 3: Competitive Dynamics - The previous system allowed for identical ETF names across different fund companies, complicating investor choices; the new rule eliminates this issue by ensuring unique identifiers for each product [6][7]. - The focus on brand reputation and historical performance will become crucial for fund companies, especially for those with weaker brand recognition [8][10]. Group 4: Fund Company Strategies - Fund companies are adopting varied strategies for the renaming process, with many opting for a phased approach to minimize disruption to existing investors [11][12]. - The costs associated with renaming primarily involve updating marketing materials and operational systems, with the main challenge being the timely completion of system updates across various platforms [12].

Core Viewpoint - The new regulation for ETF naming in China aims to standardize the naming convention by requiring the inclusion of the fund manager's name, which is expected to enhance investor recognition and reduce confusion in the market [1][3][5]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have issued revised guidelines mandating that all existing ETFs must change their names to include the fund manager's name by March 31, 2026 [1][3]. - The new naming structure will follow the format of "core elements of the investment target + ETF" and will help clarify product identity for investors [4][6]. Group 2: Industry Impact - The regulation is seen as a shift from a focus on "name dividends" to a competition based on "brand strength," which may lead to increased market concentration and a "stronger getting stronger" dynamic [1][7]. - Major fund companies like E Fund and Huaxia have already begun to implement the new naming convention, indicating a proactive approach to the changes [4][6]. Group 3: Competitive Landscape - The new rules are expected to benefit larger fund companies, as clearer identification of fund managers will likely lead investors to prefer products from well-established brands with strong reputations [6][7]. - The competition will shift from merely securing popular names to emphasizing brand loyalty and historical performance, which may disadvantage smaller firms [6][7]. Group 4: Naming Strategy - Fund companies are adopting a phased approach to renaming their ETFs, prioritizing less popular products for early changes while delaying adjustments for high-volume products to minimize disruption [8][9]. - The costs associated with renaming are primarily related to updating marketing materials and operational systems, with a focus on ensuring all platforms are synchronized to avoid trading errors [9][10].

Core Viewpoint - The development and scale competition of public ETF products are facing new regulatory requirements, with a focus on standardizing ETF naming conventions by March 31, 2026 [1][2]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have issued revised guidelines requiring ETF names to include the fund manager's name and follow a specific naming structure: "core elements of investment target + ETF" [2][6]. - Existing ETFs must complete the renaming process by the specified deadline, prompting many public funds to respond actively [2][3]. Group 2: Market Response - Several public funds, including Dachen Fund and Penghua Fund, have already begun to change their ETF names in accordance with the new regulations, with Dachen Fund changing its ETF name to "深成长ETF大成" [2][3]. - Some funds have been proactive, with E-Fund and others adjusting multiple ETF names earlier in the year to align with the new naming rules [3][4]. Group 3: Strategic Considerations - Public funds are strategically timing their ETF name changes based on product performance and market potential, focusing on those with limited growth while reserving changes for high-potential ETFs until closer to the deadline [4][5]. - The trend shows that ETFs with names not including the fund manager's name have attracted more retail investor interest, especially in high-performing sectors [4][5]. Group 4: Enhanced Product Differentiation - The new naming conventions are expected to improve product differentiation in a crowded ETF market, making it easier for investors to identify and select products [6][7]. - The inclusion of the fund manager's name in ETF titles is anticipated to enhance investor decision-making efficiency and reduce information search costs [6][7].