Core Insights - The article discusses the significant structural adjustments occurring in the global public fund market by 2025, highlighting the ongoing contraction of actively managed open-end funds and the rise of the "ETFization" trend as a key driver for institutional investment strategies [1][11]. Group 1: Market Trends - By 2025, the global public fund market is experiencing profound structural changes, with a notable shrinkage in actively managed open-end fund sizes [1][11]. - The "ETFization" trend is becoming a core driver for institutional investment strategies, particularly in the US and European markets, where actively managed ETFs are emerging as the primary issuance force [1][11]. Group 2: Fund Flows - In the fourth quarter of 2025, stock fund inflows in the Greater China region significantly rebounded, exceeding $33 billion in a single quarter [1][11]. Group 3: Research and Tools - The article emphasizes the need for institutional investors to adopt a robust research framework and tools that can penetrate underlying holdings and reach the core of strategies when selecting investment targets [1][11]. - The upcoming webinar will provide insights into the global public fund flow landscape for 2025 and demonstrate how to conduct efficient research on overseas actively managed ETF products using the Morningstar Direct terminal [1][4][5]. Group 4: Data and Analysis - Morningstar's database now includes over 6,300 actively managed ETFs, providing comprehensive data on performance, risk, holdings, and issuance methods [1][11]. - The webinar will also analyze the adaptability of ETF strategies under different issuance methods and review the successful experiences of key products [1][11]. Group 5: Morningstar Direct - Morningstar Direct is highlighted as a flagship investment research platform that offers a global investment database, featuring 600,000 funds, stocks, and market indices, widely used for fund selection, due diligence, and ESG research [1][12].