First 18 Active ETFs Raise Over 34.2 Billion Yuan, Trading to Start in November

The scale of this first active ETF batch signals that Chinese asset managers see genuine demand for products that can deviate from an index, not just track it. The real test comes after listing in late November, when daily flows and premium/discount behavior will reveal whether retail and long-term capital treat active management as a durable allocation or a one-off subscription. Whether these funds can hold assets once the initial raise is deployed — and how their holdings diverge from passive peers — is the open question worth watching.