First Active ETFs Approved for SSE Listing, Facilitating the Entry of Medium- and Long-Term Capital into the Market

On October 19, 2026, the first actively managed exchange-traded funds (active ETFs) were approved by the China Securities Regulatory Commission (CSRC) to list on the Shanghai Stock Exchange (SSE). Active ETFs combine the investment expertise of active management with the operational efficiency of ETFs, offering portfolio transparency and trading convenience. These products represent another important step in deepening investment-side reform, better meeting investors' diversified asset allocation needs, and attracting medium- and long-term capital into the market.

On June 17 this year, Wu Qing, Chairman of the CSRC, announced at the Lujiazui Forum that support would be provided for the launch of active ETFs on stock exchanges. The SSE promptly acted on this initiative and issued the Guidelines of Shanghai Stock Exchange for Actively Managed Exchange-Traded Funds on the same day. Under the principles of "a steady start, gradual rollout, and stringent risk prevention", the SSE has made thorough preparations in areas including technical systems, risk monitoring, and investor education. The managers of the first active ETFs on the SSE have strong active equity fund investment management capabilities and extensive experience in ETF operations. Their investment strategies focus on types characterized by low turnover, broad diversification, and relative stability, including large-cap balanced, large-cap growth, and dividend value.

In recent years, under the overall coordination of the CSRC, the SSE has vigorously developed publicly offered equity funds, including equity ETFs. As of the end of September 2026, 943 ETFs were listed and traded on the SSE, with a total market value of RMB 3.35 trillion. With the implementation of Several Opinions of the State Council on Strengthening Regulation and Forestalling Risks to Promote the High-quality Development of the Capital Market, initiatives to channel medium- and long-term capital into the market, measures to promote the high-quality development of the public fund industry, and other policies, the SSE's ETF market has entered a new stage of high-quality development. Its market functions continue to strengthen, incremental capital is entering the market at an accelerating pace, and medium- and long-term capital holdings have reached nearly RMB 1.7 trillion, accounting for more than half of the total.

Going forward, under the guidance of the CSRC, the SSE will earnestly implement the proposals of the 15th Five-Year Plan on "enhancing the institutional inclusiveness and adaptability of the capital market and improving the capital market functions that coordinate investment and financing" and "accelerating the development of Shanghai as an international financial center". The SSE will continue to expand its investment product portfolios, further enhance investors' sense of fulfillment, foster a market ecosystem that encourages "long-term capital for long-term investment", and support the high-quality development of the public fund industry.