After the ChiNext ETF, another type of on-market ETF will be included in the fund advisory configuration range. Recently, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Deepening the Reform of the ChiNext Board to Better Serve the Development of New Quality Productive Forces&#34; (hereinafter referred to as the &#34;ChiNext Opinions&#34;), which mentioned the introduction of a fixed price trading mechanism for ETFs after hours, allowing fund advisors to allocate ChiNext ETFs, and clarified multiple supporting arrangements related to investment-side reforms. Currently, among the 17 ChiNext ETFs, the scale varies significantly, with the largest exceeding 51 billion yuan and the smallest being less than 100 million yuan. Industry insiders believe that the implementation of this new regulation is expected to further activate the demand for ETF trading from various funds, significantly impacting the ChiNext ETF landscape and the development of domestic fund advisory businesses, while also raising higher requirements for fund advisory institutions.
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After-hours pricing further activates ETF trading
On April 10, the CSRC released the &#34;ChiNext Opinions,&#34; which focus on continuously deepening the comprehensive reform of capital market investment and financing, optimizing the innovation and regulatory system of the ChiNext Board, and further improving the inclusiveness and adaptability of the system, proposing a series of targeted reform measures. In terms of further deepening investment-side reforms and promoting coordinated development of investment and financing, the &#34;ChiNext Opinions&#34; mentioned the introduction of market makers, real-time transaction confirmation for block trades, and fixed price trading for ETFs after hours.
Regarding these measures, Tian Lihui, a finance professor at Nankai University, believes that the introduction of the ETF after-hours fixed price trading mechanism effectively responds to the rigid demand of institutional investors for &#34;closing price determination.&#34; Tian Lihui analyzed that the price fluctuations during traditional auction trading periods mean significant cost impacts for large orders. Institutions trade in large volumes, which can easily push stock prices into &#34;pits&#34; during the day. However, after-hours fixed price trading at the day's closing price reduces trading slippage and meets the requirements for price certainty in scenarios such as index fund rebalancing and pension fund adjustments.
&#34;In other words, trading quietly at the day's closing price after hours saves on impact costs and provides certainty for portfolio adjustments. This makes it easier to enter and exit, encouraging more funds to flow in, and the market will become more active. This move will significantly enhance the liquidity depth of ETFs, attract long-term capital allocation, and it is expected that the scale of ChiNext ETFs will steadily expand with the improvement of trading convenience, forming a positive cycle of liquidity premium and scale effect,&#34; Tian Lihui concluded.
Huafu Securities also pointed out in a recent strategy commentary that the introduction of market makers, real-time transaction confirmation for block trades, and fixed price trading for ETFs after hours effectively enhances the liquidity of the ChiNext market, reduces trading costs, and minimizes market volatility. Among these, the after-hours fixed price trading for ETFs enriches the trading methods for investors and enhances the attractiveness of ETF products.
The advisory scope includes new ChiNext ETFs
In addition to optimizing the trading mechanism, the &#34;ChiNext Opinions&#34; also clearly allow fund advisors to allocate ChiNext ETFs, optimizing the system of ChiNext indices, ETFs, and futures options. Looking back to June 2025, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Setting Up a Sci-Tech Innovation Growth Tier on the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability,&#34; which first proposed &#34;including Sci-Tech Innovation Board ETFs in the allocation scope of fund advisors,&#34; ending the previous situation where domestic fund advisors could only indirectly allocate ETFs through ETF-linked funds.
Now, this allocation scope has officially expanded to ChiNext ETFs, receiving positive feedback from several analysts. Yingmi Fund stated that, referencing mature overseas models, 90% of advisors in the U.S. use ETFs to construct portfolios, with a high proportion of ETFs in advisory services, while this area in China is still in the exploratory stage. Previously, fund advisors mainly allocated over-the-counter ETF-linked funds, facing position limits (95% cap) and trading lag. With the inclusion of on-market ETFs, advisors may be able to use strategies such as sector rotation and style rotation more flexibly.
&#34;The allocation targets for domestic fund advisory services mainly focus on over-the-counter public fund products. This policy clearly allows fund advisors to allocate ChiNext ETFs, marking a further extension of the investable range of fund advisors towards standardized on-market tools,&#34; said An Wei, Vice Chairman and Chief Investment Officer of E Fund.
In An Wei's view, as a capital market segment serving growth-oriented innovative enterprises, ChiNext ETFs have advantages such as transparent holdings, ample liquidity, and efficient operations. Including them in the investable range for fund advisors not only enriches the underlying tool supply for advisory strategies but also opens new channels for a wide range of investors to conveniently participate in ChiNext market investments and share in the growth dividends of innovative enterprises.
Huafu Securities' strategy commentary also pointed out that allowing fund advisors to allocate ChiNext ETFs optimizes the system of ChiNext indices, ETFs, and futures options, providing investors with more diverse and precise investment tools, lowering the threshold for investors to participate in the ChiNext market, and guiding more social capital to participate in ChiNext investments through professional institutions. At the same time, optimizing the index system can better reflect the overall performance of innovative enterprises on the ChiNext, providing investors with more scientific investment references and continuous capital support for the development of new productive forces.
Favorable for leading products and advisory institutions
Under the policy push, existing ChiNext ETFs will undoubtedly welcome broader development space and allocation demand, with on-market liquidity expected to continue to improve.
Wind data shows that as of April 10, there are a total of 17 ETFs closely tracking the ChiNext Index (including enhanced strategy products), including public offerings from E Fund, GF Securities, Tianhong, China Southern, and Fullgoal. The latest figures indicate that the cumulative scale of these 17 products has reached 81.722 billion yuan. Among them, the ChiNext ETF from E Fund ranks first with a scale of 51.451 billion yuan, followed by the ChiNext ETF from GF Securities at 11.065 billion yuan, and the third-ranked ChiNext ETF from Tianhong at 6.968 billion yuan, while the remaining 14 products are all below 5 billion yuan, with the smallest being the Chuang 100 ETF from Rongtong at only 0.076 billion yuan
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In terms of fee rates, among the 17 ChiNext ETFs, as many as 12 products adopt the industry’s lowest fee rate of 0.15% management fee + 0.05% custody fee, while the management fee rates of the remaining 5 products range from 0.3% to 0.7%, with a custody fee rate of 0.1%.
Overall, the scale of leading ChiNext ETFs shows a significant Matthew effect, and they generally maintain the lowest fee rates to maintain their advantages. So, what impact will this policy implementation have on the subsequent landscape of ChiNext ETFs and the fund advisory industry?
Tian Lihui stated that the advantages of leading ChiNext ETFs are reflected in three dimensions: liquidity premium forming an absolute advantage in transaction costs, brand effect reducing the selection cost for investors, and the richness of strategies brought by derivative products. The inclusion of this policy into the fund advisory scope will indeed strengthen the Matthew effect in the short term. Most fund advisory institutions will prioritize allocating to liquid leading products to control impact costs and tracking errors. However, in the medium to long term, if regulators promote a comprehensive coverage of the market maker system, and small and medium-sized ETFs adopt differentiated fee competition, along with deepening investor education that enhances awareness of segmented indices, some tail-end products can still break through through specialized positioning.
From the perspective of advisory institutions, An Wei stated that the inclusion of ChiNext ETFs provides richer and more flexible tool choices for equity asset allocation. Advisory institutions can develop more differentiated and refined advisory strategies around growth styles, segmented industry themes, etc., to better match investors' diversified asset allocation needs. At the same time, on-site ETF trading also raises higher requirements for advisory institutions in terms of trading execution efficiency, market timing, and full-process risk control. Advisory institutions need to further strengthen the construction of research and investment systems, improve the full-chain risk control processes and compliance management systems for on-site trading, and ensure compliant and stable business operations.
According to Yingmi Fund, the policy is expected to bring four major impacts on the development of the fund advisory industry. In addition to broadening the boundaries of advisory strategies mentioned above, it also includes reducing investor costs, attracting long-term funds into the market, and laying the foundation for more ETFs to be included in fund advisory. ETFs themselves have advantages of low fees and convenient trading, which are expected to further reduce portfolio costs. At the same time, advisory funds have characteristics of high stability and long duration, which help improve the chip structure and provide long-term stable funding support for new productive forces. In the future, advisory institutions need to continue to focus on strategy innovation, system adaptation, and investor education, including the transformation of trading systems and further popularization of the tool attributes of ETFs, while paying attention to the pace of policy opening for more ETF categories.
Beijing Business Daily Reporter Liu Yuyang

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The ChiNext ETF welcomes dual benefits, with the introduction of after-hours trading and inclusion in fund advisory allocations. The China Securities Regulatory Commission (CSRC) has released the "ChiNext Opinions," introducing a fixed-price trading mechanism for ETFs after hours, allowing fund advisors to allocate ChiNext ETFs. This new regulation will activate the trading demand for ETFs, impacting the ChiNext ETF landscape and the development of fund advisory businesses. Tian Lihui, a finance professor at Nankai University, pointed out that after-hours fixed-price trading reduces trading slippage, meets the needs of institutional investors, and is expected to enhance ETF liquidity, attract long-term capital allocation, and promote steady expansion of ChiNext ETF scale

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ChiNext ETF welcomes double benefits! After opening after-hours trading and being included in investment advisory, which of the 17 products will benefit the most?