China's first batch of 18 actively managed ETFs officially launched their initial fundraising on the morning of October 23. The fundraising limit for a single active ETF is 2 billion yuan, with a total quota of 36 billion yuan, which will become a significant source of incremental capital for the market in the near future. The management fees for these products are uniformly set at 1%, generally lower than traditional off-exchange actively managed equity funds, and they are managed by experienced fund managers. With the exception of E Fund, the remaining 17 products adopt a broker-settlement model to deeply tie in with broker sales resources. The biggest feature of active ETFs is the requirement to disclose a complete PCF (Creation/Redemption Basket) holding list before the market opens daily, achieving almost transparent public trading of the portfolio.