The Rise of the "Dual-Manager System" in ETFs: What Does It Mean for Products?

　　With the rapid development of passive investing and the expansion in the number of ETFs, management models are quietly evolving.

　　Recently, multiple ETF products have appointed additional fund managers, transitioning from single-manager management to dual or triple-manager co-management.

　　The "dual-manager system" is particularly common among larger ETF products. Nearly half of the ETFs with assets exceeding 30 billion yuan are managed by two or more fund managers. Additionally, enhanced ETFs, which combine "passive tracking + active enhancement" attributes, and credit bond ETFs, which require expertise in both fixed-income research and ETF operations, often adopt the "dual-manager system."

　　Industry insiders point out that the "dual-manager system" allows two managers to share the workload of product management and marketing, thereby improving efficiency. Moreover, larger ETFs adopting this system also have marketing considerations: having two managers for a large ETF can boost both managers' assets under management (AUM) figures, providing an advantage in promotional activities and access to distribution channels.

　　Recently, Cathay CES Smart Car Theme ETF appointed Zhang Haoran as an additional fund manager. After this appointment, the fund transitioned from being managed solely by Wu Kefan to being co-managed by two managers.

　　At the end of September, ICBC Credit Suisse Science and Innovation Bond ETF also appointed Li Ruimin as an additional fund manager. After the appointment, the fund is now co-managed by three managers: Li Ruimin, Wang Zhan, and Yi Fan.

　　Furthermore, Fullgoal CSI Central Enterprise Innovation Drive ETF also appointed an additional fund manager at the end of September. The fund transitioned from being managed solely by Wang Lele to being co-managed by Tang Jieqiang and Wang Lele.

　　With the rapid development of passive investing, more ETFs are adopting the "dual-manager" model. This trend is more pronounced among larger ETF products.

　　According to Flush data, as of October 16 this year, 14 out of 30 ETFs with assets exceeding 30 billion yuan have two or more fund managers, accounting for nearly half of the total. Among them, HFT CSI Short-Term Financing ETF has three fund managers.