跨境ETF规模逼近9000亿元两只巴西ETF发行配售比创近5年新低

Core Insights - The issuance of the first two Brazilian ETFs has seen a record low subscription ratio of less than 12%, marking the lowest since 2021, highlighting the challenges in the cross-border ETF market [1][2] Group 1: Brazilian ETFs Issuance - The two Brazilian ETFs, managed by E Fund and Huaxia Fund, reported subscription ratios of approximately 11.82% and 11.54% respectively, with total subscription funds exceeding 5 billion yuan [1][2] - The low subscription ratio is attributed to a fundraising cap of 300 million yuan for each product and high investor enthusiasm [2] Group 2: Cross-Border ETF Market Trends - The total scale of cross-border ETFs has approached 900 billion yuan, with a notable increase in products focusing on emerging markets [1][4] - As of November 5, there are 185 cross-border ETFs with a combined scale of 897.97 billion yuan, indicating a growing trend towards global diversification in ETF offerings [4][6] Group 3: Global ETF Connectivity - The cross-border ETF market is characterized by a two-way flow of capital, allowing both foreign and domestic investors to access each other's markets [7] - Recent developments include the launch of mutual ETFs in Brazil and Singapore, enhancing the connectivity between these markets and China's [8]