Every reporter: Li Na Every editor: Zhao Yun
The total market ETF holdings are expected to increase from 2 trillion yuan in 2023 to over 6 trillion yuan by the end of 2025, making ETFs an indispensable tool in the capital market.
After the inclusion of Science and Technology Innovation Board ETFs in the fund advisory configuration scope, recently, ChiNext ETFs have also been approved to enter the same field.
The continuous relaxation of policies has heightened expectations for the application of standardized tools in fund advisory. However, there is still a distance from approval to implementation: issues such as account system integration, adaptation of trading rules, and specific implementation paths remain to be resolved.
<h2>Bottlenecks and Breakthroughs: Clarification Needed on Account Systems and Trading Rules</h2>
In June 2025, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Setting Up a Growth Tier in the Science and Technology Innovation Board to Enhance Institutional Inclusiveness and Adaptability,&#34; which proposed to enrich the categories of Science and Technology Innovation Board indices and ETFs, including Science and Technology Innovation Board ETFs in the fund advisory configuration scope. Recently, the CSRC also released related opinions allowing fund advisory to include ChiNext ETFs. This has further increased market expectations for the application of standardized tools in fund advisory.
How far are we from ETFs being included in the fund advisory configuration scope?
Regarding the main bottlenecks for the formal inclusion of ETFs in fund advisory configurations, a representative from Yingmi Fund told the &#34;Daily Economic News&#34; reporter: &#34;The inclusion of ETFs in fund advisory will significantly enhance the flexibility of asset allocation and the diversity of strategies. For advisory institutions, the key challenge is how to efficiently integrate the account system and achieve asset and fund segregation among different advisory strategies within the existing trading and funding rules framework. At the same time, it is necessary to ensure that client advisory accounts can efficiently and cost-effectively complete ETF transactions and rebalancing operations, while enhancing service experience and operational efficiency under the premise of compliance and risk control.&#34;
A fund advisory representative from Shanghai also mentioned the technical difficulties in an interview: &#34;If it is a purchase of on-market funds, the current system integration and rules will definitely need to be reformed. For example, for investment-linked funds, the transaction price is based on the fund's net value on that day, but for on-market ETFs, it remains to be seen which value will be used as the standard until relevant materials are released.&#34;
&#34;Currently, the main bottleneck for public ETFs being included in fund advisory is the lack of clarity on the specific implementation path. The current fund advisory configuration mainly involves off-market public funds, while ETFs are the main on-market trading products,&#34; a representative from CITIC Securities pointed out. &#34;Whether the inclusion of ETFs in fund advisory is realized through real-time transactions during trading hours, through after-hours block trades, or through other new solutions, there are significant differences in specific implementation, each requiring more detailed solutions.&#34;
<h2>Multidimensional Preparation in Technology, Research, and Strategy</h2>
Although the implementation path for ETFs being included in fund advisory is yet to be clarified, since the announcement of the inclusion of Science and Technology Innovation Board ETFs in the configuration scope, various institutions have begun to prepare in advance from the dimensions of technology, research, and strategy.
It is understood that as one of the first securities companies to obtain pilot qualifications for fund advisory business, CICC Wealth has conducted sufficient technical research on the business scenarios of including ETFs in fund advisory configurations and has initially drafted technical transformation plans to support its own channels and connect with external channels. Once relevant details are finalized, they will quickly organize implementation to guide more investors to participate in the capital market through fund advisory
Enhancing the investment experience.
Yingmi Fund has chosen to take the lead in investment research. &#34;After proposing to include the Science and Technology Innovation Board ETF in the fund advisory configuration last year, the Yingmi research team has strengthened its in-depth analysis of the underlying assets of the Science and Technology Innovation Board and related ETFs, and established a multi-dimensional evaluation framework covering index trends, tracking errors, liquidity management capabilities, and fee structures,&#34; a relevant person from Yingmi Fund introduced.
In terms of strategy system construction, Huaxia Wealth has provided its own answer. A relevant person from Huaxia Wealth told reporters, &#34;In recent years, Huaxia Investment Advisory has continuously focused on building an ETF advisory strategy system, launching multiple advisory products centered on ETF connections, and collaborating with several brokerages to refine and optimize ETF investment strategies. However, whether on-exchange or off-exchange, Huaxia Investment Advisory has always adhered to the core logic and goals of asset allocation during the strategy development and operation process, hoping to scientifically conduct ETF target selection and portfolio construction through systematic and standardized methodologies, effectively aligning with investors' real investment needs, and providing professional, compliant, and suitable ETF advisory configuration solutions.&#34;
CITIC Securities has conducted in-depth analysis from multiple levels. A relevant person from the brokerage stated to reporters that, in terms of business, the company analyzed the impact of including ETFs on investment management and market promotion; in terms of technology, discussions were held with the information technology and operations management departments regarding feasible paths.
<h2>ETF Priority Allocation Trends and Strategies</h2>
Based on multi-dimensional preparations in technology, investment research, and strategy, as the ChiNext ETF is included in the advisory scope, the industry has conducted deeper assessments of product selection and strategy application.
An Wei, Vice Chairman and Chief Investment Officer of E Fund Wealth, stated in an interview: &#34;The inclusion of ChiNext ETFs in the investable range of fund advisory is another key product expansion following the Science and Technology Innovation Board ETFs. It forms a synergy with policies such as the introduction of market makers and optimization of after-hours trading mechanisms, marking the regulatory authorities' push to extend the investable range of advisory services to standardized on-exchange tools. The orderly expansion of products combined with increasingly refined mechanisms not only clearly outlines the path for the regulatory authorities to promote the high-quality development of advisory services but also reflects the systematic improvement of market foundational systems and the promotion of coordinated development of investment and financing, accumulating experience for the subsequent expansion of investable products in advisory services, which is of profound significance for the development of the entire advisory industry.&#34;
An Wei also pointed out that ChiNext ETFs have characteristics such as low fees, transparent holdings, and efficient operations: &#34;First, the combined management and custody fees are generally below 0.3% per year, far lower than ordinary off-exchange and actively managed funds; second, the style labels are pure, complementing the CSI 300 and dividend indices; third, the effective positions are higher, and tracking errors are smaller, especially during market windows with significant fluctuations and large redemption amounts, making the advantages over off-exchange funds more apparent.&#34;
So, what choices will institutions make regarding ETFs and connection funds under the same index after the policy is implemented?
A relevant person from CICC Wealth stated: &#34;If the policy is implemented, for ETFs and connection funds under the same index, the advisory portfolio will consider prioritizing the use of ETFs for index-based investments, mainly due to their advantages of lower fees, higher liquidity, and more flexible trading, which can effectively reduce transaction costs, improve operational efficiency, and minimize tracking errors
Regarding whether to gradually replace the existing linked funds in the portfolio with ETFs, the relevant person pointed out: &#34;For the adjustment of existing linked funds, we believe the core is to conduct dynamic assessments around the strategy of the portfolio itself. For component funds that are biased towards bottom warehouse allocation and already have existing configurations, we may consider maintaining the status quo; for component funds that are transaction-oriented, we may consider replacements at our discretion. But overall, the starting point is still to achieve stable and efficient operation of the portfolio, prioritizing customer interests.&#34;
In addition, regarding the decision-making weight of fee advantages, China International Capital Corporation Wealth stated that fee advantages and liquidity are both important decision factors. In terms of fees, they will compare the management fees and redemption fees of linked funds with the trading costs of ETFs, and combine considerations such as the size of customer funds to ensure the balance between strategy adaptability and costs.
CITIC Construction Investment Securities also expressed similar views. A relevant person from the brokerage stated, &#34;In the future, we will actively respond to regulatory guidance and industry calls to explore the inclusion of ETF varieties in fund advisory. In portfolio configuration, we will carefully weigh the pros and cons of using various underlying funds based on the actual experience of investors, and comprehensively assess whether to use them based on fund quality, liquidity, fees, and other factors. For homogeneous funds, fee factors are an important consideration in decision-making.&#34;
At the same time, Yingmi Fund provided a comprehensive consideration dimension from the perspective of buy-side advisory.
A relevant person from Yingmi Fund stated: &#34;As a buy-side advisory institution, the core of advisory services is to enable investors to 'hold on and earn returns,' accompanying investors through market cycles to achieve sustainable investment returns. As an advisory portfolio, the core idea is also ultimately guided by the 'holding experience' of investors, with fees being one important reference dimension, but not the only dimension. We place more emphasis on comprehensive investment costs, including tracking errors, liquidity premiums, and trading frictions.&#34;
In addition to variety selection, E Fund's An Wei further shared the strategy implementation ideas after the inclusion of ChiNext ETFs, summarizing them into six types of strategies: tool-based, rotation, core-satellite, barbell, Beta configuration, and special customization.
Daily Economic News

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Recently, ChiNext ETFs have been approved for inclusion in fund advisory allocations, and market expectations for the application of ETFs are heating up. Despite the policy relaxation, challenges still exist in areas such as account systems and trading rules. Industry insiders point out that including ETFs in advisory services will enhance asset allocation flexibility, but issues related to technical integration and unclear implementation paths need to be addressed to ensure an efficient and low-cost trading experience

腾讯新闻 - 财经

ChiNext

STAR 50

E Fund China Science and Technology Innovation Board 50 Component ETF

Huaan SZSE ChiNext Composite 50 ETF

ChinaAMC SSE Science and Technology Innovation Board 50 ETF

E Fund GEM ETF

CICC

CSI 300

From the Science and Technology Innovation Board to the ChiNext: How far is it for ETFs to be included in fund advisory? Industry insiders view it this way