The Shanghai Stock Exchange issues the "Shanghai Stock Exchange Guidelines for the Management of Actively Managed Trading Open-End Securities Investment Fund Business".

On June 17th, the Chairman of the China Securities Regulatory Commission, Wu Qing, announced at the Shanghai Lujiazui Finance & Trade Zone Development Forum that they support the launch of active ETFs on the exchanges. In order to ensure the smooth introduction of active ETFs and protect the legitimate rights and interests of investors, the Shanghai Stock Exchange issued the "Guidelines for Shanghai Stock Exchange Active Management Trading Open-End Securities Investment Fund Business" on the same day. Active ETFs combine the professional investment research capabilities of active management with the operational advantages of standardized ETFs, and have characteristics such as transparent holdings and convenient trading. Developing active ETFs is conducive to serving the wealth management needs of residents and empowering the high-quality development of public funds in China's capital market. It is of positive significance for enhancing the attractiveness of equity investments, strengthening the upgrade of the capital market functions, attracting medium and long-term funds into the market, and is an important measure to implement the "Fifteen-Five" plan recommendation on "improving the inclusiveness and adaptability of the capital market system, and enhancing the coordinated investment and financing functions of the capital market", and accelerating the deployment of the construction of Shanghai International Financial Center and enhancing the international competitiveness of the Shanghai market. The "Guidelines" include fifteen articles, focusing on the characteristics of active ETFs, and mainly regulate the naming rules for active ETFs, qualifications of managers and fund managers, product investment operations, information disclosure, and risk prevention. The main content includes: clarifying the definition and naming rules of active ETFs, qualifications of fund managers, requirements for fund managers, requirements for product investment management, information disclosure requirements, and risk monitoring and disposal requirements. Next, the Shanghai Stock Exchange will follow the unified deployment of the China Securities Regulatory Commission, focus on the main line of preventing risks, strengthening supervision, and promoting high-quality development, to promote the smooth landing of active ETF products and promote the high-quality development of the public fund industry.