进军“足球王国”！跨境ETF再出“新品”，配售创近5年新低

Core Insights - The issuance of the first two Brazilian ETFs has seen a low subscription ratio of less than 12%, marking the lowest level since 2021 and highlighting the evolving landscape of cross-border ETFs [1][3][4] Group 1: Brazilian ETFs - The subscription ratio for the E Fund Itaú Brazil IBOVESPA ETF is 11.823%, while the Huaxia Bradesco Brazil IBOVESPA ETF has a ratio of 11.54%, both reflecting a significant oversubscription with total funds exceeding 5 billion yuan [3][4] - The low subscription ratios are attributed to a set fundraising cap of 300 million yuan for each product and high investor enthusiasm, with total subscription funds exceeding 5 billion yuan [4] - The trend of low subscription ratios is not isolated, as seen in the first two Saudi ETFs launched in June 2024, which also faced fundraising caps due to QDII quota limitations [4] Group 2: Cross-Border ETF Trends - The total scale of cross-border ETFs has reached nearly 900 billion yuan, with emerging markets becoming a focal point for investment [1][6] - Since 2025, the scale of cross-border ETFs has increased by 473.75 billion yuan, accounting for 52.76% of the total, with 47 new products launched [6] - The majority of cross-border ETFs focus on Hong Kong and US markets, with 24 ETFs exceeding 10 billion yuan in scale, indicating a strong market interest [6] Group 3: Global Investment Trends - The trend of "global layout" is becoming increasingly evident, driven by investor demand for diversification and the opening of mechanisms like the Shanghai-Hong Kong Stock Connect [9] - Cross-border ETFs facilitate a two-way flow of capital, allowing both foreign and domestic investors to access each other's markets [11] - Emerging markets, including India, Vietnam, and Russia, are expected to become future focal points for fund companies, as they have shown strong market performance [12]