2022 Greater China ETF Investor Survey: Thematic Demand Accelerates Among Greater China Investors as ETF Adoption Ramps Up

2022 marks our fifth annual survey of ETF investors in Greater China where we highlight emerging trends in usage, selection, and demand for ETFs in the region.

Brown Brothers Harriman recently surveyed Greater China-based institutional investors (42%), financial advisers (15%), and fund managers (43%) who invest in ETFs. The data was gathered as part of a broader survey, which also covered professional ETF investors in the U.S. and Europe.

We have compiled our key findings below, but we encourage readers to download the complete results.

下载调查报告的简体中文版

下載調查報告的繁體中文版

Download the English version of the survey.

Who We Surveyed


  • 157

    respondents in Greater China,
    representing Mainland, Hong Kong, and Taiwan

  • 87% manage more than

    $100 million

    (USD) in assets

  • 66 %

    have more than 25% of their
    portfolio invested in ETFs


Big Changes

  • Investors in Hong Kong (78%) and Taiwan (81%) plan material increases in their use of ETFs this year, up from 65% and 58%, respectively, last year.
  • A third of Mainland China investors plan to invest up to 50% of their portfolios in thematic ETFs in five years.
  • ETF issuer is the selection factor that increased the most. It ranked as the 2nd most important factor for investors in Greater China, up from 6th last year.

Key Findings

  • The pace of ETF adoption continues to ramp up amid intense competition: 84% of Greater China investors expect to increase their ETF allocation in the next 12 months, an increase of 8% from 2021. A staggering 95% of institutional investors in the region expect their allocations to increase, compared to 78% in 2021.
  • The interest seen in thematic ETFs continues to grow, especially in Mainland: There’s resounding interest across the region with 96% of Mainland investors, 78% of Hong Kong investors, and 70% of Taiwan investors looking to increase allocations to thematic ETFs this year. A third of Mainland China investors plan to invest up to 50% of their portfolios in thematic ETFs in five years.
  • Investors across the region lean into digital assets/crypto: 66% of investors across Greater China are planning to add them to their portfolios in 2022. In particular, in Mainland, investors rank crypto ETFs as second highest strategy in demand after defined outcome ETFs. 
  • Interest in ESG grows as policymakers enhance climate disclosure rules: 88% of investors in Greater China plan to allocate more investments to ESG strategies this year. Across all three markets, there is a pronounced uptick in demand for ESG products.  
  • Investor comfort with fixed income ETFs appears to have solidified: 79% of respondents plan to increase their exposure to fixed income ETFs over the next 12 months compared to 76% in 2021. Notably, 88% of institutional investors plan to increase their exposure. 
  • In anticipation of the Mainland-Hong Kong ETF connect, U.S. equity investments earn the highest demand from Mainland investors: U.S. equity and high yield fixed income are the top choice for Mainland investors when buying Hong Kong listed ETFs.

Greater China ETF Marketplace

2021 proved to be another banner year for ETFs in Greater China with the region growing to $300 billion of assets under management.1 Ongoing education efforts across the region around the structural benefits of the ETF wrapper seem to be resonating with investors while regional regulators and stock exchanges remain committed to developing the ETF infrastructure with a focus on enhancing liquidity and bringing more innovative products to investors in Greater China. This has led to the diversification of the respective product platforms in the region and an increase in the exposures that can be accessed on local exchanges.

As evident in the responses, ETF adoption and usage are at varying stages across Greater China. Investors in each market also have distinct views on key criteria for selecting ETFs.

The Mainland market saw record issuance of ETFs in 2021, but intense competition has pushed the average launch size of ETFs to their lowest in nine years, the official Shanghai Securities News reported. Fund houses launched 271 ETFs in 2021, raising a record 187.6 billion yuan (USD $29.44 billion), Shanghai Securities News said.

84% of investors in the region expect to increase their allocation to ETFs in the next 12 months, up from 76% in 2021. A staggering 95% of institutional investors across the region expect to increase their allocations over the next 12 months.

Like investors in Europe, those in the Greater China region are most concerned with trading volume (compared to the highest emphasis placed on the ETF issuer by U.S. investors) followed by ETF issuer. While historical performance has dropped in importance for investors in the U.S. and Europe in the last year, it remains a top concern for investors across Greater China.

In Hong Kong, managers were also allowed to rebalance the underlying stocks in an ETF without the need to pay stamp duty on those transactions, a significant move for ETFs that either track a popular index such as the Hang Seng or invest in A-shares.2 In Taiwan, consistent with 2021, investors remain focussed on the historical performance of the ETF manager.

Mainland has seen a large number of new ETFs coming to market, the majority of which are highly targeted sector or thematic exposures, which hint at how ETFs are being used there. According to ETFGI, total products increased by 257 in 2021. The vast majority target specific sectors or themes, ranging from robots and virtual reality to livestock breeding and comics and games.

Do you expect your use of ETFs to increase, decrease, or stay the same over the next 12 months?



ETFs

Mainland
2022

Mainland
2021

Hong Kong
2022

Hong Kong
2021

Taiwan
2022

Taiwan
2021

Increase

90%

92%

78%

65%

81%        

 58%

Decrease

1%

 2%

0%

 12%

3%        

 6%

Stay the
Same

9%

 6%

22%

 22%

16%        

35%

Total

100%

100%

100%

100%

100%       

100%

When selecting ETFs, please select and rank your top three of the following in terms of importance.*


Mainland
2022

Mainland
2021

Hong Kong
2022

Hong Kong
2021

Taiwan
2022

Taiwan
2021

ETF Issuer

Historical Performance

Trading Volume

Trading Volume

Historical Performance

Historical Performance

Tax Efficiency

Trading Volume

ETF Issuer

Historical Performance

Trading Volume

Trading Volume

Expense Ratio

Trading Spreads

Historical Performance

Index Methodology

Index Methodology

Trading Spreads

Trading Volume

Expense Ratio

Index Methodology

Expense Ratio

Expense Ratio

Expense Ratio

Index Methodology

Index Methodology

Tracking Error

Trading Spreads

Tax Efficiency

Index Methodology

Historical Performance

ETF Issuer

Expense Ratio

ETF Issuer

ETF Issuer

ETF Issuer

Tracking Error

Tax Efficiency

Trading Spreads

Tracking Error

Trading Spreads

Tax Efficiency

Trading Spreads

Tracking Error

Tax Efficiency

Tax Efficiency

Tracking Error

Tracking Error

Please rank the top 3 ETF strategies that you want to see more of in the market.


Mainland

Hong Kong

Taiwan

Defined Outcome ETFs
(Buffered ETFs)

Thematic

Fixed Income

Cryptocurrency

Defined Outcome ETFs
(Buffered ETFs)

Managed Risk

Currency Hedged

Fixed Income

Real Estate

Factors
(e.g. Value, Growth, Momentum)

Environmental, Social, and Governance
(ESG)

Defined Outcome ETFs
(Buffered ETFs)

Environmental, Social, and Governance
(ESG)

Managed Risk

Environmental, Social, and Governance
(ESG)

Commodity

Commodity

Commodity

Market Capitalization
(e.g. Large Cap, Small Cap)

Currency Hedged

Cryptocurrency

Fixed Income

Market Capitalization
(e.g. Large Cap, Small Cap)

Leveraged/Inverse

Leveraged/Inverse

Real Estate

Currency Hedged

Managed Risk

Factors
(e.g. Value, Growth, Momentum)

Factors
(e.g. Value, Growth, Momentum)

Real Estate

Leveraged/Inverse

Market Capitalization
(e.g. Large Cap, Small Cap)

Thematic

Cryptocurrency

Thematic

Thematic ETFs

The significant interest seen in thematic ETFs continues to grow, especially in Mainland. 96% of Mainland ETF investors said they plan on increasing exposure to thematic ETFs this year (up 5% from 2021). Their interest is buoyed by structural trends, which avails them of promising sectors as the country continues to execute its plans and initiatives for the future.3

Urbanization, the continued rise of China’s middle class, the transition to a technology-focused economy and the country’s stated aim to become carbon neutral by 2060 will lead to investments in areas like renewable energy, electric vehicles, and battery storage. Already, China is the world’s leading consumer and producer of solar power; China has 254 gigawatts of cumulative installed solar capacity (more than three times the U.S.) and produces three-quarters of the world’s supply of solar panels.

In addition, given the considerable gains in the value of digital assets throughout 2021, it is not surprising that many investors are gravitating toward digital assets/crypto ETFs with 66% of investors in Greater China planning to add them to their portfolios in 2022.

Technology-focused thematic ETFs still command the most interest from ETF investors as technology is intertwined with these long-term trends, but there were other areas worth noting in the survey, including robotics/AI, electric vehicles and environmental, social and governance (ESG) ETFs. Consistent with 2021, the planned allocations affirm the staying power of thematic strategies in investors' portfolios.

 

Do you plan on increasing your exposure to thematic ETFs?


EFT Allocation

Mainland

Hong Kong

Taiwan

Yes

96%   

78%

70%   

No

1%        

4%        

14%        

Keep the Same

3%        

18%        

16%        

Total

100%        

100%        

100%        

What type of thematic ETFs are you most interested in?4


ETF Types

Mainland

Hong Kong

Taiwan

Internet/Technology

67%        

84% ↑

65%        

Robotics & Artificial Intelligence

66% ↑

58%        

59%        

Cannabis

3%        

4%        

0%        

Healthcare

46%        

42%        

41%        

Autonomous & Electric Vehicles

53%        

46%        

68% ↑

Digital Assets/Cryptocurrency

64%        

74% ↑

57%        

Environment/Social/Governance

77% ↑

66%        

43%        

Total

100%        

100%        

100%        


In five years, what percentage of your portfolio will be in thematic ETFs?


Thematic Future

Mainland

Hong Kong

Taiwan

0%

0%        

0%        

0%        

1-5%

2%        

6%        

0%        

6-10%

17%        

28%        

37%        

11-20%

46%        

50%        

41%        

21-50%

31%        

14%        

8%        

Above 50%

4%        

2%        

14%        

China Cross-Border/ETF Connect

2021 was unprecedented in multiple ways. For one, Mainland's market performance diverged from other major markets more than it had in two decades.5

China’s large-cap CSI 300 Index fell roughly 5% for the year. The MSCI China Index ended the year 37% percentage points lower than comparable major indexes.

However, investors continued their trend of increasing allocations to the Mainland equity and bond markets. 79% of global respondents planned to increase their allocations to the China equity and bond markets in 2022 and 38% expected to use ETFs to facilitate their investment. China thematic ETFs were frequently noted by the survey respondents with 45% of global investors planning to allocate to these products in 2022.

In December 2021, regulators China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC), and the stock exchanges of Shanghai, Shenzhen, Hong Kong and China Securities Depository and Clearing Co. (CSDC) announced a plan for including ETFs in the Stock Connect Mutual Market access program. This will expand the investment channels and products available to investors at home and abroad.

With the forthcoming ability to buy Hong Kong listed ETFs through Stock Connect, Mainland investors were most interested in environmental, social and governance (ESG) strategies and managed risk/low volatility products. U.S. equity and high yield fixed income were the two asset classes most demanded by the respondents.

If you are going to invest in China over the next 12 months, how do you plan to do so?6


2022

How do you plan to do so?

U.S.

Europe

Hong Kong

Taiwan

Plan to use ETFs to invest

41%        

41%        

28%        

30%        

Plan to directly invest via inbound channels (Stock Connect, QFII, RQFII, Bond Connect, etc.)

37%        

33%        

62% ↑

49%        

Have no plans to add China exposure this year

21%        

26%        

10%        

22%        

Total

100%        

100%        

100%        

100%        

2021

How do you plan to do so?

U.S.

Europe

Hong Kong

Taiwan

Plan to use ETFs to invest

51%        

43%        

35%        

32%        

Plan to directly invest via inbound channels (Stock Connect, QFII, RQFII, Bond Connect, etc.)

36%        

37%        

61%        

58%        

What type of ETFs do you plan to purchase in the next 12 months to obtain your China exposure?7


Mainland China

United States

Europe

Hong Kong

Taiwan

China Equity (broad based index, example: CSI300, A50, etc.)

54% ↑(35%)

14% ↓(28%)

43%      (41%)  

55%      (30%)

China Treasury/Policy Bank Bonds

28%      (32%)

23%      (30%)  

43%   (24%)     

36%       (30%) 

China Short Duration Bond

28%    (29%)   

27%     (28%)   

21%   (53%)     

27%     (30%) 

China Thematic/Sector (example: technology, internet, robotics, etc.)

38%    (48%)    

48%     (52%)

57%  (59%)      

55%     (30%)  

Emerging Market Equity

62%      (61%)  

48%    (39%)   

64%        (47%)

45%   (40%)     

Other: (please specify)

0%        

0%        

7%      (0%)  

0%        

Total

100%        

100%        

100%        

100%        

If allowed to invest cross border into Hong Kong listed ETFs, what type of ETF strategy could be in demand for your clients and your firm?8


ETFs Strategies

Mainland

Leveraged/Inverse

34%        

Environmental, Social, and Governance (ESG)

47%        

Smart Beta

36%        

Active

44%        

Market Capitalization Weighted Index

43%        

Thematic/Sector

37%        

Currency Hedged

44%        

Managed Risk/Low Volatility

46%        

Cryptocurrency/Digital Asset

31%        

If allowed to invest cross border into Hong Kong listed ETFs, what type of ETFs could be in demand for your clients and your firm?9


Type of ETF

Mainland

Hong Kong Equity

47%        

Asia Pacific Equity

49%        

U.S. Equity

53%        

Emerging Market Equity

43%        

Short Duration Fixed Income

43%        

High Yield Fixed Income

51%        

Investment Grade Fixed Income

41%        

Commodity

33%        

ESG ETFs

ESG ETFs attracted significant new assets in 2021 as the China A-share market and Hong Kong market face social pressure for investors to include ESG-related considerations in their decision-making process.  

Globally, a record $130 billion flowed into ESG ETFs in 2021, which is 49% higher than the record full year 2020 net inflows.10 In Mainland, assets in ESG-themed ETFs jumped from US$15.0 million in 2016 to US$2.9 billion in 2020.11 Many sustainability-themed ETFs were launched in 2021, driven mainly by Beijing’s pledge in September 2020 to transform China from the world’s largest carbon emitter into a carbon-neutral nation by 2060. Taiwan has also seen a rise in ESG and sustainability-themed ETF market share, with AUM growing more than 10 times from US$101.4 million in 2018 to US$1.2 billion in 2019, and US$1.7 billion in 2020.

Confusion persists around what constitutes an ESG fund. In Greater China, policy makers are enhancing regulations to further integrate climate-related risks into fund mangers’ investment management and risk processes. Disclosures are being enhanced, which will result in more data being available.

In terms of locally listed products, there is increasing interest from issuers to bring ESG ETFs to the regional market and ETF issuers have recently focused on sustainability within their product development strategies. Across all three markets, there is a pronounced uptick in demand for ESG products.

While there are headwinds, the ESG segment is clearly gaining momentum, particularly in Greater China. Across all three markets, there is a pronounced uptick in demand for ESG products.  

Do you plan to increase your allocation to environmental, social, and corporate governance (ESG) investments (not limited to ESG ETFs) over the next year?


ESG
Allocation

Mainland
2022

Mainland
2021

Hong Kong
2022

Hong Kong
2021

Taiwan
2022

Taiwan
2021

Yes

96%        

92%

86%        

98%

76%        

84%        

No

1%        

5%        

4%        

2%        

16%        

3%        

Not Sure

3%        

3%        

10%        

0%        

8%        

13%        

Total

100%        

100%        

100%        

100%        

100%        

100%        

What is preventing you from adding ESG to your portfolio?


Plan to
increase? 

Mainland 
2022

Mainland 
2021

Hong Kong
2022

Hong Kong
2021

Taiwan
2022

Taiwan
2021

Lack of consistent
methodology and framework
0%         19%         0%         11%         34%         0%        
Lack of client interest 0%         31%         29%         31%         33%         20%        
Concerned about the
performance of ESG ETFs
100%         42%         14%         41%         33%         40%        
ESG ETFs are too expensive 0%         8%         57%         17%         0%         40%        
Total 100% 100% 100% 100% 100% 100%

How do you evaluate ESG?


Evalute ESG

Mainland

Hong Kong

Taiwan

Third party ratings

16%        

6%        

16%        

In-house/proprietary ESG ratings criteria

39%        

34%        

33%        

Review company statements/reports for underlying holdings

24%        

30%        

32%        

Brand recognition of ETF manager

21%        

30%        

19%        

Sustainable Finance Disclosure Regulation (SFDR) article classifications

0%        

0%        

0%        

Total

100%        

100%        

100%        

Fixed Income & Active ETFs

In Greater China, an increasing number of institutional investors are turning to fixed income ETFs for different strategic or tactical use cases. As we look ahead, investor comfort with fixed income ETFs appears to have solidified, but managers should continue to educate their client base about how these products hold up in periods of stress in terms of wider spreads and more persistent discounts. Almost 80% of institutions have allocated more than 30% of their portfolio to fixed income ETFs and investors continued to allocate capital in 2021, with Greater China accounting for 65% of net new flows, into bond ETFs across APAC, excluding Japan. 

This is in part due to the Hong Kong Stock Exchange decision to introduce fee waivers making it easier to directly access the bond market. Historically, due to minimum trading sizes or other challenges, accessing these markets through an ETF can be a much more efficient option. As home to one of the most active stock exchanges, Hong Kong has also launched several initiatives to foster higher participation and lower cost in the ETF market, especially for fixed income products.

Meanwhile, actively managed ETFs are still a relatively new concept in Greater China, but new structures have been introduced through which active managers can deliver their investment strategies. It stands to reason that the segment will grow: across geographies, there was a pronounced uptick in surveyed investors’ planned allocations to active ETFs.

In Hong Kong, issuers continued to add new active ETFs to their platforms. Similar to Europe and the U.S., transparency continues to be top of mind for active asset managers who are assessing these products. Finally, Defined Outcome (buffered ETFs) is an area to watch. The products continued their ascent in the U.S. in 2021 and caught the attention of managers and investors globally. These products will likely be a basis for additional innovation in the ETF market, especially in how active management is deployed in the ETF wrapper.  


Do you expect your exposure to fixed income ETFs to increase, decrease, or stay the same over the next 12 months?


Allocation

Mainland

Hong Kong

Taiwan

Increase

89%        

66%        

78%        

Decrease

5%        

4%        

8%        

Stay the Same

6%        

30% ↑

14%        

Total

100%        

100%        

100%        

What types of fixed income ETFs do you plan to add to your portfolio?


Type of ETF

Mainland

Hong Kong

Taiwan

Short-Duration Bond ETF

21%        

36%        

31%        

US Treasury ETF

39%        

48%        

31%        

Treasury InflationProtected Securities (TIPS) ETF

34%        

36%        

34%        

Mortgage-Backed or Asset Backed Securities (MBS/ABS) ETF

50%        

39%        

34%        

Corporate Bond – Investment Grade ETF

34%        

39%        

45%        

Corporate Bond – “High Yield” ETF

35%        

48%        

31%        

Municipal Bond ETF

34%        

45%        

28%        

Sovereign Debt

52% ↑

42%        

34%        

Emerging Market Bond ETF

39%        

61% ↑

28%        

China Treasury ETF

48% ↑

55% ↑

38%        

Total

100%        

100%        

100%        

Do you expect your exposure to actively-managed ETFs to increase, decrease, or stay the same over the next 12 months?


Active ETF
Exposure

Mainland
2022

Mainland
2021

Hong Kong
2022

Hong Kong
2021

Taiwan
2022

Taiwan
2021

Increase

84%        

86% ↑

74%        

63%        

76%        

48%        

Decrease

3%        

3%        

2%        

6%        

0%        

10%        

Stay the Same

13%        

11% ↓

24%        

31%        

24%        

42%        

Total

100%        

100%        

100%        

100%        

100%        

100%        

In what asset class would you be most likely to look for in an actively-managed ETF?


Asset Class

Mainland

Hong Kong

Taiwan

Fixed Income

14%        

10%        

11%        

Domestic Equity

10%        

6%        

3%        

Global Equity

17%        

36%        

24%        

Asset Allocation

17%        

12%        

16%        

Commodities

4%        

4%        

5%        

Alternatives

3%        

6%        

14%        

Currency

6%        

2%        

8%        

Buffered ETFs (e.g. Defined Outcome ETFs)

29%        

24%        

19%        

Other (please specify)

0%        

0%        

0%        

Total

100%        

100%        

100%        

What concerns you most when investing in active ETFs?


Concerns

Mainland

Hong Kong

Taiwan

Performance

14%        

22%        

27%        

Manager tenure/experience

40% ↑

32%        

22%        

Trading volume

26%        

16%        

27%        

Expense ratio

20%        

30%        

19%        

Other (please specify)

0%        

0%        

0%        

I don’t invest in active ETFs

0%        

0%        

5% ↑

Total

100%        

100%        

100%        

Preview of the PDF file

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Up Next
Up Next
March 15, 2022
In our ninth annual ETF survey, we examine how investors are selecting and utilizing ETFs in their portfolios.

1 Source: ETFGI
2 https://www.statestreet.com/content/dam/statestreet/documents/Articles/Capturing-Opportunities-in-Asia-Burgeoning-ETF-Market.pdf
3 https://fifthperson.com/china-structural-trends-thematic-etfs/
4 respondents could choose multiple responses
5
https://www.barrons.com/articles/chinas-stocks-had-a-tumultuous-year-what-to-expect-in-2022-51640960489
6 respondents could choose multiple responses
7 respondents could choose multiple responses
8 respondents could choose multiple responses
9 respondents could choose multiple responses
10
https://etfgi.com/news/press-releases/2021/11/etfgi-reports-record-year-date-net-inflows-esg-etfs-and-etps-listed
11 https://www.cerulli.com/news/asia-pacific-investors-take-passive-route-to-sustainability

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