China-Focused ETFs Have Become 'Political Footballs' In US As Investor Apprehension Leads To Large Scale Shutdown
China-Focused ETFs Have Become 'Political Footballs' In US As Investor Apprehension Leads To Large Scale Shutdown
The year 2024 has reportedly seen a record number of U.S.-listed China-focused exchange-traded funds (ETFs) closing down, marking an all-time high since the inception of these funds. This trend reflects growing investor concerns about the world's second-largest economy.
據報道，2024年，在美國上市的以中國爲重點的交易所交易基金（ETF）的關閉數量創歷史新高，創下這些基金成立以來的歷史新高。這一趨勢反映了投資者對世界第二大經濟體的擔憂與日俱增。
What Happened: According to data from Morningstar Direct, 13 U.S.-listed China ETFs have ceased operations in the first quarter of 2024 alone, the Financial Times reported on Monday.
發生了什麼：據《金融時報》週一報道，根據晨星直銷的數據，僅在2024年第一季度，就有13只在美國上市的中國ETF停止運營。
This surge in closures significantly surpasses the previous annual record of five closures in 2020 and 2023. Despite the global popularity of ETFs, which have seen 58 consecutive months of net inflows, leading to a record $12.7 trillion in assets by the end of March, ETFs focused on environmental, social and governance (ESG) factors are also witnessing record closures in the U.S. and globally.
關閉人數的激增大大超過了之前在2020年和2023年關閉五次的年度記錄。儘管ETF在全球廣受歡迎，已連續58個月淨流入，截至3月底資產達到創紀錄的12.7萬億美元，但專注於環境、社會和治理（ESG）因素的ETF在美國和全球也出現了創紀錄的關閉情況。
Bryan Armour, director of passive strategies research, North America at Morningstar, links these closures to political pressures, stating that both China-focused and ESG ETFs have become "political footballs."
晨星北美被動策略研究主管布萊恩·阿莫爾將這些封鎖與政治壓力聯繫起來，他表示，以中國爲重點的ETF和ESG的ETF都已成爲 “政治足球”。
Furthermore, the rate of new ETF launches has significantly dropped. Only 33 China ETFs were introduced in the first quarter of 2024, a drastic decline compared to the 160 launched during 2023 and a record 291 during the peak in 2021. Similarly, the 18 ESG launches in the first quarter are a sharp slowdown from last year's 151 and 2021's peak of 313, as per Morningstar data.
此外，新ETF的發行率已大幅下降。2024年第一季度僅推出了33只中國ETF，與2023年推出的160只和2021年高峰時期創紀錄的291只相比，大幅下降。同樣，根據晨星的數據，第一季度推出的18份ESG報告比去年的151份和2021年的峯值313份大幅放緩。
Despite these closures, global ETF assets have increased. ESG ETFs worldwide now hold a record $542 billion of assets, driven by rising demand in Europe. Similarly, China-focused ETFs now hold $364 billion, up from $320 billion at the start of the year.
儘管關閉了這些股票，但全球ETF資產仍在增加。受歐洲需求增長的推動，全球ESG ETF目前持有創紀錄的5,420億美元資產。同樣，專注於中國的ETF現在持有3,640億美元，高於年初的3,200億美元。
Why It Matters: Earlier this year, Chinese stocks saw a significant rally, with the SSE Composite Index reaching its highest level since September, indicating a potential economic turnaround. This was largely due to the country's economic recovery following the bursting of a real estate bubble.
爲何重要：今年早些時候，中國股市大幅上漲，上證綜合指數達到9月以來的最高水平，這表明經濟可能出現轉機。這主要是由於房地產泡沫破裂後該國的經濟復甦。
Moreover, key ETFs such as KraneShares CSI China Internet ETF (NYSE:KWEB), KraneShares Bosera MSCI China A 50 Connect Index ETF (NYSE:KBA), iShares MSCI China ETF (NYSE:MCHI), and iShares China Large-Cap ETF (NYSE:FXI) outperformed major U.S.-equity ETFs, signaling a potential shift in the market landscape.
此外，KraneShares CSI中國互聯網ETF（紐約證券交易所代碼：KWEB）、KraneShares Bosera MSCI中國A50互聯指數ETF（紐約證券交易所代碼：KBA）、iShares MSCI中國ETF（紐約證券交易所代碼：MCHI）和iShares中國大盤股ETF（紐約證券交易所代碼：FXI）等關鍵ETF的表現優於主要的美國股票ETF，這表明市場可能發生轉變景觀。
Despite the closures, the potential for growth in China's internet and technology industries remains promising, as stated by Henry Greene, Investment Strategist at KraneShares, in an exclusive interview with Benzinga. This indicates the complex dynamics at play in the Chinese market.
正如KraneShares的投資策略師亨利·格林在接受Benzinga獨家採訪時所說，儘管關閉，但中國互聯網和科技行業的增長潛力仍然令人鼓舞。這表明中國市場存在着複雜的動態。
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譯文內容由第三人軟體翻譯。