China’s First Active ETFs Hit 2B Yuan Cap on Debut, Triggering Pro-Rata Allocation

The immediate cap-out and pro-rata allocation signal demand running well ahead of the supply of these first active ETF products, a notable reception for a structure that is new to China's onshore market. The early closures put Morgan Asset Management (China), E Fund and Fullgoal in the first cohort to test whether active management can attract flows through the ETF wrapper rather than traditional mutual fund channels. Whether this debut enthusiasm reflects genuine appetite for active strategies or simply scarcity of a novel product is the open question, and the scaled-back allocations leave room to watch how these funds trade once listed.