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金沙网上娱乐注册送:Cross-border ETFs: Artifacts for Globalizing Assets

时间:2018/3/21 18:01:33  作者:  来源:  浏览:0  评论:0
内容摘要: The so-called cross-border ETF refers to the transactional open-end fund that is listed on the domestic stock exchange with the overseas ma...

The so-called cross-border ETF refers to the transactional open-end fund that is listed on the domestic stock exchange with the overseas market index composed of overseas capital market securities as the follow-up target. In simple terms, a cross-border ETF is an ETF product that “tracks overseas indices, domestic listing transactions.” In March 1996, Morgan Stanley, Barclays Global Investment Bank and the American Stock Exchange jointly launched the world's first cross-border ETF: WEBS. In May 2000, WEBS developed into the famous MSCI Market Index Series. product. This series of cross-border ETFs at that time included products that were invested in individual overseas markets such as Australia, the United Kingdom, Canada, France, Germany, Italy, the Netherlands, Sweden, Switzerland, Austria, Spain, Belgium, Japan, Malaysia, and Mexico. Since 2008, thanks to the growing demand from investors for global asset allocation, the global cross-border ETF has developed rapidly. At present, cross-border ETFs have become an excellent tool for investors to conduct global asset allocation and have been welcomed by global investors. As of the end of 2017, the global cross-border ETF assets exceeded US$1.5 trillion.

Cross-border ETF products have the advantages of global asset allocation and low cost. Through cross-border ETFs, investors can diversify risk and reduce the systematic risks caused by concentrated investment in assets in a country or region. In the process of diversifying investment risks, investors may also receive excess returns due to the allocation of assets of a particular category or country. Take the Emerging Markets ETF launched by Pioneer fund company as an example, its asset scale has grown rapidly since 2012 and it has surpassed USD 65.1 billion by the end of 2017, gradually becoming an essential choice for investors to deploy emerging markets.

With the economic development and the opening up of the domestic financial market, global asset allocation has gradually been concerned by domestic investors. At present, the main channels for investors to conduct global allocation in China include direct opening of overseas accounts, QDII funds, and cross-border ETFs. Considering factors such as cost and investment convenience, investing in overseas stock exchanges through cross-border ETFs is the most convenient and efficient method at this stage. On the one hand, cross-border ETFs have less influence on foreign exchange control and relatively free entry and exit of funds compared to direct foreign investment in individual stocks. On the other hand, cross-border ETFs are more convenient for trading transactions than ordinary QDII funds. Lower cost.

The development of domestic cross-border ETFs was relatively late. Only in July 2012 was the company's first issuance of related products - E Fund's Hang Seng H-share ETF and China Henderson ETF. As of the end of 2017, Shanghai and Shenzhen had a total of only 9 cross-border equity ETFs with a management scale of 12.54 billion yuan, accounting for 5.8% of all equity-based ETFs.

From the perspective of the follow-up target, the existing products of the Shanghai Stock Exchange mainly track the major indices of the Hong Kong, US, and German markets in China, of which six products track the broad mainstream overseas index and one track the industry index. The existing products of the Shenzhen Stock Exchange mainly follow the Hong Kong index of China and the major index of the US market.

At present, there are seven fund companies in China that manage cross-border ETF products. Among them, E Fund Management has the largest scale, accounting for more than 60% of the scale, followed by China. The average rate of cross-border ETF products is 0.62%, slightly higher than the mean 0.51% of the equity ETF.

From the global market perspective, the proportion of cross-border ETFs in the overseas market is stable, and the funds continue to flow net inflow . This shows that the long-term growth of demand for overseas assets allocated by investors, and the proportion of overall investment demand is stable. Cross-border ETFs will develop rapidly with the overall ETF. From the domestic market perspective, with the rapid economic development and changes in investment concepts, investors are increasingly demanding global asset allocation. Cross-border ETFs will undoubtedly become the most cost-effective investment "investments" for investors.


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