Core Viewpoint - The entry of Changcheng Fund into the ETF market signifies a new wave of competition, despite the existing intense rivalry among established players [1][2][3] Group 1: Market Overview - As of now, there are 54 institutions involved in the ETF market, with a total scale of approximately 4.08 trillion yuan [3][4] - Among these, 12 fund companies have ETF scales exceeding 100 billion yuan, collectively accounting for nearly 85% of the market [3][4] - The ETF market has seen significant growth in both scale and variety over the past few years, primarily dominated by leading public funds like Huaxia and E Fund [3][4] Group 2: Changcheng Fund's Entry - Changcheng Fund's first ETF, the Changcheng CSI Dividend Low Volatility 100 ETF, began fundraising on May 26, 2023, and ended early on May 30, 2023 [2][4] - This marks the first new entrant in the ETF space in nearly three years, highlighting the competitive landscape [2][4] Group 3: Competitive Landscape - The ETF market features a mix of large and medium-sized public funds, with many established players not actively participating in recent years [4][5] - Several mid-sized public funds, such as Guotou Ruijin and Jinying Fund, have not launched new ETFs since their initial offerings [5][6] Group 4: Strategic Considerations for New Entrants - New entrants in the ETF market must consider three key factors: the direction of the index, the establishment of a dedicated operational team, and product fee structures [7][8] - The cost of entering the ETF market is significant, often exceeding one million yuan, and requires a robust marketing strategy due to the homogeneity of ETF products [8]