{"id":1535,"date":"2024-09-24T22:30:10","date_gmt":"2024-09-24T14:30:10","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=1535"},"modified":"2024-09-24T22:30:10","modified_gmt":"2024-09-24T14:30:10","slug":"%e4%b8%ad%e5%9b%bd%e8%82%a1%e7%a5%a8%e6%8a%95%e8%b5%84%e8%80%85%e8%bd%ac%e7%a7%bb%e8%87%b3etf%e5%af%bc%e8%87%b4%e8%b5%84%e4%ba%a7%e7%bc%a9%e6%b0%b4%e4%b8%89%e5%8d%83%e4%b8%80%e7%99%be%e4%ba%8c","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=1535","title":{"rendered":"\u4e2d\u56fd\u80a1\u7968\u6295\u8d44\u8005\u8f6c\u79fb\u81f3ETF\u5bfc\u81f4\u8d44\u4ea7\u7f29\u6c34\u4e09\u5343\u4e00\u767e\u4e8c\u5341\u4ebf\u7f8e\u5143"},"content":{"rendered":"

\u5728\u4e2d\u56fd\u80a1\u5e02\u906d\u9047\u6301\u7eed\u4f4e\u8ff7\u7684\u80cc\u666f\u4e0b\uff0c\u660e\u661f\u57fa\u91d1\u7ecf\u7406\u9762\u4e34\u6295\u8d44\u5931\u5229\u7684\u5c40\u9762\uff0c\u8ba9\u6295\u8d44\u8005\u8499\u53d7\u4e86\u635f\u5931\uff0c\u5e76\u5bfc\u81f4\u4e3b\u52a8\u578b\u57fa\u91d1\u8d44\u4ea7\u4ece\u5dc5\u5cf0\u503c\u4e0b\u6ed1\u7ea640%\u3002\u7136\u800c\uff0c\u5728\u8fd9\u4e2a\u5e02\u573a\u4e2d\uff0c\u6709\u90a3\u4e48\u4e00\u7247\u5929\u5730\u6b63\u5728\u84ec\u52c3\u53d1\u5c55\u2014\u2014\u90a3\u5c31\u662f\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1(ETF)\u3002\u5982\u4eca\uff0c\u88ab\u52a8\u578b\u6295\u8d44\u529b\u91cf\u5df2\u7ecf\u6210\u4e3a\u4e86\u4ef7\u503c8.1\u4e07\u4ebf\u7f8e\u5143\u80a1\u7968\u5e02\u573a\u7684\u4e3b\u5bfc\u4e4b\u4e00\uff0c\u76f8\u5173\u4ea7\u54c1\u5360\u6240\u6709\u4fa7\u91cd\u4e8e\u80a1\u7968\u7684\u57fa\u91d1\u8d44\u4ea7\u603b\u989d\u63a5\u8fd145%\u3002<\/p>\n

\u8fd9\u4e00\u6bd4\u4f8b\u5728\u8fc7\u53bb\u4e09\u5e74\u51e0\u4e4e\u7ffb\u4e86\u4e00\u500d\uff0c\u5e76\u4e14\u6b63\u8fc5\u901f\u8ffd\u8d76\u4e0a\u7f8e\u56fd\u5e02\u573a\u3002\u5728\u7f8e\u56fd\u548c\u6b27\u6d32\u7684\u201c\u88ab\u52a8\u9769\u547d\u201d\u8017\u8d39\u6570\u5341\u5e74\u65f6\u95f4\u624d\u53d6\u5f97\u76f8\u4f3c\u6210\u679c\u4e4b\u9645\uff0c\u4e2d\u56fdETF\u5e02\u573a\u7684\u7e41\u8363\u5f62\u6210\u4e86\u9c9c\u660e\u5bf9\u6bd4\uff0c\u53cd\u6620\u4e86\u6295\u8d44\u8005\u5bf9\u4e13\u4e1a\u9009\u80a1\u8005\u7684\u5931\u671b\u60c5\u7eea\uff0c\u4ee5\u53ca\u4e3a\u904f\u5236\u635f\u5931\u800c\u6d8c\u5165\u653f\u5e9c\u652f\u6301\u8d44\u91d1\u7684\u884c\u4e3a\u3002<\/p>\n

ETF\u88ab\u4e2d\u56fd\u5b98\u65b9\u89c6\u4e3a\u91cd\u8981\u5de5\u5177\u7684\u9009\u62e9\uff0c\u5bf9\u4e8e\u5e0c\u671b\u4e0e\u653f\u5e9c\u653f\u7b56\u4fdd\u6301\u4e00\u81f4\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u5b83\u6210\u4e3a\u4e86\u4e00\u4e2a\u6709\u5438\u5f15\u529b\u4e14\u6210\u672c\u4f4e\u5ec9\u7684\u624b\u6bb5\u3002\u4e2d\u56fd\u653f\u5e9c\u901a\u8fc7ETF\u63a8\u52a8\u5e02\u573a\u7b56\u7565\uff0c\u4ee4\u8fd9\u4e9b\u4ea7\u54c1\u5728\u5bfb\u6c42\u53c2\u4e0e\u70ed\u95e8\u4e3b\u9898\u6295\u8d44\uff0c\u5982\u7ea2\u5229\u80a1\u7968\u7b49\u65f6\u53d8\u5f97\u8d8a\u6765\u8d8a\u53d7\u6b22\u8fce\u3002<\/p>\n

\u636e\u300a\u5f6d\u535a\u793e\u300b\u62a5\u9053\uff0c\u57282024\u5e74\u4e2d\uff0c\u4e3b\u52a8\u578b\u80a1\u7968\u57fa\u91d1\u7684\u8868\u73b0\u4ee4\u4eba\u5931\u671b\uff0c\u5e73\u5747\u56de\u64a4\u4e8613.9%\uff0c\u800c\u6839\u636e\u4e2d\u56fd\u6307\u6570\u516c\u53f8\u7684\u8ddf\u8e2a\u8bb0\u5f55\uff0c\u8fd9\u8fdc\u9ad8\u4e8e\u57fa\u51c6\u7684CSI 300\u6307\u65706.4%\u7684\u635f\u5931\u3002\u6295\u8d44\u8005\u7eb7\u7eb7\u5927\u4e3e\u51cf\u6301\u3002\u4ece2021\u5e74\u5e95\u5230\u4eca\u5e74\u516d\u6708\uff0c\u56fd\u5185\u4e3b\u6295\u4e3b\u52a8\u7ba1\u7406\u7b56\u7565\u7684\u57fa\u91d1\u8d44\u4ea7\u7f29\u6c34\u7ea640%\uff0c\u5373\u51cf\u5c11\u4e862.2\u4e07\u4ebf\u5143\u81f33.2\u4e07\u4ebf\u5143\uff1b\u76f8\u53cd\uff0c\u88ab\u52a8\u578b\u6295\u8d44\u57fa\u91d1\u5728\u540c\u671f\u5185\u589e\u957f\u4e8663%\uff0c\u8fbe\u52302.77\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u81f3\u5c11\u670970%\u662fETF\u3002<\/p>\n

\u56de\u987e\u8fc7\u53bb\u51e0\u5e74\uff0c\u4e2d\u56fd\u5e02\u573a\u66fe\u88ab\u4e00\u4e9b\u4eba\u79f0\u4e3a\u201c\u5929\u5802\u201d\u822c\u4e4b\u5730\u3002\u5e9e\u5927\u7684\u80a1\u7968\u5e02\u573a\u2014\u2014\u8d85\u8fc75,000\u5bb6\u4e0a\u5e02\u4f01\u4e1a\u4ee5\u53ca\u70ed\u706b\u671d\u5929\u7684\u4ea4\u6613\u6d3b\u52a8\uff0c\u5c24\u5176\u662f\u5bf9\u4e8e\u6d3b\u8dc3\u578b\u7ba1\u7406\u7b56\u7565\u800c\u8a00\uff0c\u6784\u6210\u4e86\u6781\u5bcc\u6d3b\u529b\u7684\u571f\u58e4\u3002\u7136\u800c\uff0c\u73b0\u5728\u7684\u666f\u8c61\u5df2\u5927\u4e0d\u76f8\u540c\uff1a\u5728\u80a1\u5e02\u6ce2\u52a8\u6027\u3001\u5730\u7f18\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027\u53ca\u623f\u5730\u4ea7\u6301\u7eed\u4f4e\u8ff7\u7684\u5f71\u54cd\u4e0b\uff0c\u6295\u8d44\u8005\u53d1\u73b0\u96be\u4ee5\u8d85\u8d8a\u5e02\u573a\u7684\u8868\u73b0\u3002<\/p>\n

\u540d\u566a\u4e00\u65f6\u7684\u57fa\u91d1\u7ecf\u7406\u4eec\u5982\u4eca\u98ce\u5149\u4e0d\u518d\u30022020-2021\u5e74\u7684\u5927\u725b\u5e02\u65f6\u671f\u66fe\u7ecf\u4ee4\u674e\u6625\u6625\u7b49\u660e\u661f\u57fa\u91d1\u7ecf\u7406\u98ce\u5934\u6b63\u52b2\uff0c\u4f46\u968f\u7740\u5e02\u573a\u6b65\u5165\u718a\u5e02\uff0c\u4ed6\u4eec\u9762\u4e34\u7740\u5de8\u5927\u7684\u6311\u6218\u3002\u300a\u4e1c\u94b1\u300b\u4fe1\u606f\u516c\u53f8\u7684\u4e00\u5219\u8bc4\u8bba\u663e\u793a\u4e86\u6295\u8d44\u8005\u5bf9\u4e8e\u7ba1\u7406\u7531Invesco Great Wall Blue-Chip Growth Mixed Fund\u7684\u57fa\u91d1\u7ecf\u7406\u5bfc\u81f4\u635f\u5931\u7684\u6124\u6012\u3002<\/p>\n

\u5728\u4e2d\u56fd\u80a1\u7968\u5e02\u573a\u7684\u957f\u671f\u4e0b\u6ed1\u4e2d\uff0c\u5e76\u975eETF\u8d44\u4ea7\u5c31\u5b89\u5168\u65e0\u6059\u3002\u6570\u636e\u663e\u793a\uff0c\u8be5\u5e74\u5ea6\u5185\u8d85\u8fc71\/3\u7684ETF\u7c7b\u57fa\u91d1\u56de\u64a4\u8d8513.3%\uff0c\u4e0e\u4e3b\u52a8\u578b\u57fa\u91d1\u76f8\u8fd1\uff0c\u8868\u73b0\u4ec5\u7565\u597d\u4e00\u4e9b\u3002\u7136\u800c\uff0c\u96f6\u552e\u6295\u8d44\u8005\u4ecd\u503e\u5411\u4e8eETF\u4f5c\u4e3a\u6210\u672c\u4f4e\u3001\u64cd\u4f5c\u4fbf\u6377\u7684\u6295\u8d44\u5de5\u5177\uff0c\u5c24\u5176\u662f\u5728\u8ffd\u6c42\u5982\u7ea2\u5229\u80a1\u7968\u7b49\u4e0e\u5317\u4eac\u653f\u7b56\u76ee\u6807\u76f8\u4e00\u81f4\u7684\u4e3b\u9898\u6295\u8d44\u65f6\u3002<\/p>\n

\u5728\u653f\u5e9c\u7684\u652f\u6301\u4e0b\uff0c\u56fd\u5bb6\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u4e2d\u592e\u6c47\u91d1\u5728\u4eca\u5e74\u5e02\u573a\u4f4e\u70b9\u5927\u4e3e\u4e70\u5165ETF\uff0c\u5c24\u5176\u662f\u5f53CSHI 300\u6307\u6570\u8dcc\u81f3\u4e94\u5e74\u7684\u6700\u4f4e\u70b9\u65f6\u3002\u636e\u300a\u5f6d\u535a\u793e\u300b\u60c5\u62a5\u5206\u6790\u5458\u6307\u51fa\uff0c\u7531\u6240\u8c13\u7684\u201c\u56fd\u5bb6\u961f\u201d\u8d2d\u4e70\u7684ETF\u5360\u4eca\u5e74\u6d41\u5165\u8d44\u91d1\u603b\u989d\u903e80%\uff0c\u5171\u8ba11080\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u4e2d\u56fd\u96f6\u552e\u6295\u8d44\u8005\u5bf9ETF\u7684\u5174\u8da3\u540c\u6837\u6fc0\u589e\uff0c\u5728\u4ea7\u54c1\u53d1\u5e03\u6570\u636e\u663e\u793a\uff0c\u4eca\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u65b0\u53d1\u884c\u7684\u80a1\u7968\u4e3b\u6253\u88ab\u52a8\u57fa\u91d1\u6570\u91cf\u8fbe\u5230117\u53ea\uff0c\u9886\u5148\u4e8e\u4e3b\u52a8\u578b\u57fa\u91d1\u768475\u53ea\uff0c\u8fd9\u662f\u81ea2004\u5e74\u4ee5\u6765\u9996\u6b21\u5b9e\u73b0\u8fde\u7eed\u4e24\u4e2a\u5b63\u5ea6\u9886\u8dd1\u3002<\/p>\n

\u300a\u5f6d\u535a\u793e\u300b\u60c5\u62a5\u90e8\u95e8\u9884\u8ba1\uff0c\u4e9a\u592a\u5730\u533a\u5c06\u521b\u9020\u5386\u53f2\u7eaa\u5f55\uff0c\u5e74\u5185ETF\u65b0\u589e\u4e0a\u5e02\u6570\u91cf\u4e3a520\u4e2a\uff0c\u5176\u4e2d\u4e2d\u56fd\u5360\u636e\u4e86\u603b\u53d1\u884c\u91cf\u7684\u4e00\u534a\u4ee5\u4e0a\u3002\u5e02\u573a\u89c2\u5bdf\u5bb6\u6307\u51fa\uff0cETF\u7684\u8fc5\u901f\u91c7\u7528\u6709\u53ef\u80fd\u98a0\u8986\u57fa\u91d1\u884c\u4e1a\uff0c\u5e76\u5e26\u6765\u65b0\u7684\u98ce\u9669\u3002\u5c3d\u7ba1\u80a1\u5e02\u4f4e\u8ff7\uff0cETF\u4ea7\u54c1\u4ecd\u80fd\u5438\u5f15\u8d44\u91d1\uff0c\u5176\u5927\u89c4\u6a21\u5b58\u5728\u548c\u503e\u5411\u4e8e\u6301\u6709\u5927\u5e02\u503c\u80a1\u7968\u4ee5\u53ca\u4f4e\u5ec9\u8d39\u7528\u7684\u60c5\u51b5\uff0c\u4e3a\u96f6\u552e\u6295\u8d44\u8005\u63d0\u4f9b\u4e0e\u80a1\u7968\u7c7b\u4f3c\u7684\u6295\u8d44\u5de5\u5177\u3002<\/p>\n

\u201cETF\u7684\u5e7f\u6cdb\u4f7f\u7528\u5728\u589e\u5f3a\u6d41\u52a8\u6027\u7684\u540c\u65f6\u4e5f\u589e\u52a0\u4e86\u5e02\u573a\u7684\u6ce2\u52a8\u6027\u3002\u201dGrow Investment Group\u9996\u5e2d\u7ecf\u6d4e\u5b66\u5bb6\u8868\u793a\uff0c\u201c\u8fd9\u79cd\u6a21\u5f0f\u5728\u7f8e\u56fd\u5e02\u573a\u4e2d\u540c\u6837\u53ef\u89c1\uff1a\u8f83\u9ad8\u7684ETF\u6301\u80a1\u6bd4\u4f8b\u4f1a\u52a0\u5feb\u4e0a\u5347\u8d8b\u52bf\u7684\u901f\u5ea6\uff0c\u5e76\u5728\u4e0b\u8dcc\u65f6\u52a0\u5267\u5e45\u5ea6\u3002\u201d<\/p>\n

\u9762\u5bf9\u4e2d\u56fd\u80a1\u5e02\u6301\u7eed\u4f4e\u8ff7\u7684\u5c40\u9762\uff0c\u4eba\u4eec\u9884\u671fETF\u8d44\u4ea7\u5c06\u7ee7\u7eed\u589e\u957f\u3002\u4e0e\u7f8e\u56fd\u76f8\u6bd4\uff0c\u88ab\u52a8\u57fa\u91d1\u5728\u80a1\u7968\u578b\u57fa\u91d1\u4e2d\u7684\u4efd\u989d\u4ece\u7ea630%\u9010\u6e10\u5347\u81f350%\uff0c\u5927\u7ea6\u82b1\u8d39\u4e8610\u5e74\u65f6\u95f4\uff1b\u5728\u4e2d\u56fd\uff0c\u8fd9\u4e2a\u6570\u5b57\u5728\u8fc7\u53bb\u5341\u5e74\u5927\u90e8\u5206\u65f6\u95f4\u5185\u7ef4\u6301\u572820%-30%\u4e4b\u95f4\uff0c\u76f4\u5230\u4eca\u5e74\u9996\u6b21\u7a81\u783440%\uff0c\u5e76\u4e8e6\u6708\u5e95\u8fbe\u5230\u4e8645%\uff0c\u63a5\u8fd1\u82f1\u56fd\u768444%\uff0c\u636e\u5f6d\u535a\u7edf\u8ba1\u7684\u6570\u636e\u663e\u793a\u3002<\/p>\n

\u201cETF\u5e02\u573a\u7684\u589e\u957f\u662f\u4e00\u79cd\u81ea\u6211\u5b9e\u73b0\u7684\u8fc7\u7a0b\u3002\u201d\u4e00\u4f4d\u7ba1\u7406\u7740\u6700\u5927\u7684\u56fd\u5185ETF\u2014\u2014\u4e2d\u8bc1300 ETF\u7684Huatai-Pinebridge\u8d1f\u8d23\u4eba\u5982\u6b64\u8bf4\u9053\u3002\u201c\u968f\u7740\u4fe1\u606f\u901a\u8fc7\u77ed\u89c6\u9891\u548c\u5176\u4ed6\u5a92\u4f53\u5f62\u5f0f\u7684\u4f20\u64ad\uff0c\u6295\u8d44\u8005\u505a\u51fa\u51b3\u7b56\u7684\u81ea\u4e3b\u6027\u589e\u5f3a\u3002ETF\u52a0\u901f\u4e86\u6295\u8d44\u51b3\u7b56\u5206\u6563\u5316\u7684\u8fc7\u7a0b\u3002\u201d<\/p>\n

\u4f18\u5316\u540e\u7684\u7ffb\u8bd1\u7248\u672c\u6ce8\u91cd\u7b80\u6d01\u3001\u7d27\u51d1\u548c\u7b26\u5408\u4e2d\u6587\u9605\u8bfb\u4e60\u60ef\u7684\u8bed\u8a00\u98ce\u683c\uff0c\u5e76\u4fdd\u6301\u539f\u6587\u7684\u5173\u952e\u4fe1\u606f\u4e0e\u4e8b\u5b9e\u4e0d\u53d8\u3002 <\/p>\n

\n

\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China Stock Pickers Lose $312 Billion of Assets in Shift to ETFs<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-23
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

A relentless slump in Chinese equities has pushed star money managers , left investors saddled with losses and driven a 40% drawdown in active fund assets from their peak. Yet one corner of the market has been booming.Exponential growth in exchange-traded funds has made passive investing an influential force in the $8.1 trillion stock , with such products now accounting for about 45% of all equity-focused fund assets. The ratio has doubled in just three years and is fast catching up with the US, where passive equity strategies command 58% of market share after  the active ones in 2019. The rapid upswing in China stands out given that the so-called passive revolution took hold over decades in the US and Europe. The boom is a stark reflection of investors\u2019 disenchantment with professional stock pickers as the market heads for an unprecedented fourth straight annual drop, as well as an influx by state funds seeking to arrest losses. The emergence of ETFs as the preferred tool for Chinese authorities to has made them an important choice for investors looking to align with the government\u2019s agenda. Read more: \u201cIndex investing is being embraced by individual investors and institutions alike and is a trend that\u2019s likely to extend,\u201d said , executive director at China Asset Management Co., the biggest onshore manager of ETFs. \u201cThe failure of active mutual funds to generate outperformance despite charging higher fees has turned investors away.\u201d Active equity funds have returned a negative 13.9% this year, according to a  of their performance tracked by the China Securities Index. That\u2019s more than twice the 6.4% loss for the benchmark CSI 300 Fed up, investors have left en masse.Onshore assets under active funds shrank about 40% \u2014 or by 2.2 trillion yuan ($312 billion) \u2014 since the end of 2021 to 3.2 trillion yuan as of June 2024, data from Morningstar Inc. show. Passive funds assets surged 63% during the period to 2.77 trillion yuan, with at least 70% of them in ETFs. Go back just a few years, China was touted by some as a \u201c.\u201d Its vast equity universe \u2014 with over 5,000 listed companies \u2014 and eye-popping gains from hot trades in sectors such as  and  made it a fertile ground for active management.Not anymore. Stock pickers are finding it extremely difficult to beat the market due to China\u2019s unpredictable , geopolitical whirlwinds as well as a prolonged property downturn that has hurt the economy and corporate earnings alike. High-profile fund managers have fallen from grace. One prominent case is  \u2014 who enjoyed a celebrity-like status during the bull market of 2020-2021, with followers fondly calling him Chun Chun.A fund commentary page on East Money Information Co., a financial , shows investors\u2019 rants over losses incurred by the Invesco Great Wall Blue-Chip Growth Mixed  managed by Liu. The fund has lost more than 19% in 2024, according to data compiled by Bloomberg. It returned 92% in 2020.\u201cWhy is everyone still holding on to this fund? They don\u2019t manage it for free, just buy the CSI 300 ETF, it might be easier to make up for your losses there,\u201d complained one holder of the fund.A spokesperson for Invesco Great Wall Fund Management declined to comment for this story. That is not to say that passive funds have proved a haven amid the drawn-out market slump. A  of the cohort has lost 13.3% in 2024, only slightly better than active peers, according to data by the China Securities Index.Still, retail investors see ETFs as a hassle-free and less expensive tool that allows them to pursue themes such as dividend stocks that dovetail with Beijing\u2019s . At 0.15% to 0.5%, their management fee is much lower than a 1.2% cap for actively managed mutual funds.Zhu Shengwei, a 26 year-old employee at a state-owned enterprise, is one of millions of retail investors who have ditched active products in favor of ETFs.\u201cMuch of the fund raising has occurred at the market\u2019s peak and the managers\u2019 interests are misaligned with that of investors,\u201d he said in an interview, adding that he plans to buy ETFs tracking the Star 50 Index if sentiment stabilizes.  Read more: To be sure, other countries have also seen rapid growth in passive investing as the ETF universe broadens. Take South Korea, for example, where ETF assets have more than  since the end of 2022. And this year\u2019s boom in China has a lot to do with state-backed investors. Sovereign wealth fund Central Huijin Investment Ltd. made notable ETF purchases when the CSI 300 tumbled to a five-year low in early , and then again in  around a key political event.Bloomberg Intelligence analyst   that purchases by the so-called National Team account for more than 80% of this year\u2019s ETF inflows of $108 billion. The analysis is based on a calculation of excess flows into 13 ETFs.Read more: But retail interest has surged too, product launches show. The number of new equity-focused passive funds was 117 for the second quarter compared with 75 for the active category, marking the first back-to-back quarterly lead in data going back to 2004.  Bloomberg Intelligence  the Asia Pacific region to see a record 520 ETF launches this year, with China accounting for more than half of the total. Some market watchers say the rapid adoption of ETFs has the potential to upend the fund industry and introduce new risks. The products have been  money even as the stock market slumps, with their outsized presence opening up the door for volatility given their tendency to carry the largest names and cheap fees that allow retail investors to buy and sell like stocks.\u201cOne clear impact is that an ETF-heavy market typically exacerbates market momentum, and that holdings will get quite heavy toward the biggest stocks,\u201d said , chief economist at Grow Investment Group. \u201cWe can see some of that in the US market as well, so high ETF ownership will speed up gains on the way up, but also makes any downturn steep.\u201d With China\u2019s stock rout showing few signs of abating, expectations are rife for ETF assets to keep growing. In the US, it took about a decade for the passive ratio in equity funds to gradually rise from around 30% to 50%, according to Bloomberg Intelligence data.In China, the ratio was largely stagnant between 20% to 30% over the past decade, before first exceeding 40% this year and reaching 45% at the end of June, Bloomberg calculations based on Morningstar data show. That\u2019s close to 44% in the UK, according to data by EPFR Global. \u201cThe growth of ETFs is a self-fulfilling cycle,\u201d with greater scale and liquidity improving market efficiency and again attracting big investors, said , who manages the Huatai-Pinebridge CSI 300 , the largest onshore ETF. \u201cWith increased information via short videos and other media forms, it\u2019s become easier for investors to make decisions for themselves. ETFs have accelerated the \u2018decentralization\u2019 of investment decision-making.\u201dRead more: <\/pre>\n
<\/p>\n
<\/div>
\r\n