China’s securities regulators have approved the first four exchange traded funds to track Shanghai’s Nasdaq-style Star Market. It is a step towards adoption of these disruptive low-cost funds by China’s army of retail investors, supported by Ant Financial’s monumental flotation.
Chinese asset managers have come late to the ETF game. In the US, where ETFs first burgeoned, the $5tn market is saturated. A record number of funds have closed this year.
In China, ETFs are just getting started. The potential market is huge — 90 per cent of investment comes from individuals. But these visceral stock pickers have easy access to direct trading and have shied away from index-tracking.
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