China Approves First Batch of Active Management ETFs, Including Dacheng Dividend ETF

The approval marks a structural shift in China's ETF market, moving beyond passive index tracking into active management within the ETF wrapper. This matters most for fund managers and distributors: active ETFs could blur the line between mutual funds and exchange-traded products, pressuring fee structures and distribution channels. The Dacheng product's quantitative, dividend-focused framework signals that regulators are comfortable with rules-based active strategies as a first step. Whether this batch remains a pilot or opens a broader pipeline of active ETF approvals is the open question to watch.