Asia’s ETF market ended 2017 with US$430 billion of assets under management. The pace of growth is nothing to sniff at as it has more than tripled in size over the past five years. But it still lags North America and Europe with each region accounting for US$3.4 trillion and US$757.5 billion, respectively. Indeed, excluding Japan’s US$275.8 billion ETF market, investors in the rest of Asia have only started to uncover what’s behind the surge of activity in the rest of the world. Given its modest size, ETF in Asia has still some ways to go.
But the slow and steady increase in its adoption could soon give way to more robust activity in the coming years. Regulators around the region are actively promoting the usage and offering of ETFs for domestic investors. Institutional investors in Asia are also becoming more familiar with ETFs and using them to achieve their investment objectives whether strategic or tactical. China’s opening will spur increased two-way activity with global investors looking to participate in Asia’s largest capital market while Chinese investors diversifying overseas to increase their international exposures. The launch of the ETF Connect, expected in the second half of this year, could see a bump in new ETF launches or inflows into existing ETFs that are positioned to take advantage of the easier access.
These positive factors, however, have to juxtapose against the challenges ETFs faced in the past years. Beyond markets such as Japan, South Korea, Hong Kong and Taiwan, education is critical to see more activity especially in Southeast Asia. Other headwinds include cultural investment practices and also the commission-based distribution channels that place ETFs at a disadvantage.
2017年,亞洲ETF市場資產規模在過去五年中翻了三倍,達到了4300億美元,發展之快令人矚目。但其仍落後於北美和歐洲ETF市場,北美ETF資產規模為34000億美元,歐洲則是7575億美元。事實上,日本ETF市場規模也達2758億美元之多,除日本外,亞洲其他地區的投資者才剛剛接觸到這一已在世界其他地方興起的投資方式。鑒於其規模尚小,亞洲ETF還有很長的路要走。
但是,未來幾年內,亞洲ETF投資活動可能逐漸從緩慢穩健增長進入快速增長階段。該地區的監管機構正積極推動國內投資者使用和發行ETF。亞洲的機構投資者也越來越熟悉ETF,並利用ETF實現戰略性或戰術性投資目標。中國的開放將刺激更多的雙向往來,全球投資者希望進入亞洲最大的資本市場,同時中國投資者也越發積極地參與海外投資活動。ETF互聯互通機制有望於今年下半年推出,可能增加ETF發行量或刺激更多現有ETF的資金流入,來使用這一更便捷的投資渠道。
盡管存在上述積極因素,過去幾年內ETF面臨的挑戰仍然存在。除日本、韓國、香港和台灣等市場外,投資者教育仍然是增加參與度的關鍵因素,尤其是在東南亞地區。其他不利因素包括文化因素導致的投資行為,以及以收取傭金為主的分銷渠道,在這些方面ETF都處於不利地位。
Limited number reserved exclusively for the chief investment officers or heads of investment management, portfolio analysis, asset allocation, fund selection, product distribution of institutional investors (SWF, pension funds, insurance), commercial or retail banks, private banks, family offices and asset management firms (except ETF providers).
僅為首席投資官或投資管理主管、投資組合分析、資產配置、基金選擇、機構投資者(主權財富基金、退休基金、保險)、商業/零售銀行、私人銀行、家族辦公室和投資管理公司(ETF供應商除外)保留有限免費門票。
Senior representatives of investment banks, business consultancies,
solutions firms, ETF or index providers.
投資銀行、企業咨詢公司、方案提供商、ETF供應商或指數供應商的高層代表。