Greater China 2025 ETF Investor Survey

May 21, 2025

Investor Services

Greater China ETF trends: what you need to know

2025 Global China ETF Investor Survey

The Greater China ETF market is evolving rapidly, fuelled by strong ETF investor demand, growing product innovation, and increasingly sophisticated regulatory frameworks. As global geopolitical and macroeconomic shifts continue to shape investment strategies, ETFs are becoming an essential vehicle for allocators across Mainland China, Hong Kong, and Taiwan. Our 2025 Greater China ETF investor survey offers exclusive insights into how ETF investors are positioning their portfolios, the key drivers of growth, and the competitive landscape facing ETF issuers in the region.

Download the Traditional Chinese version of survey: 2025年大中華區ETF投資者調查

Download the Simplified Chinese version of survey: 2025大中华区ETF投资者调查

ETF demand reaches new heights

99% of ETF investors in Greater China plan to increase their ETF allocations over the next 12 months. This trend is most pronounced in Hong Kong and Taiwan, where over half of ETF investors plan to raise their exposure by over 10%. Mainland China ETF investors are also bullish, with 74% planning increases.

Active ETFs take centre stage

The shift towards active ETFs is gaining momentum across Greater China. 99% of ETF investors in the region plans to increase their active ETF exposure in 2025, with 40% of Hong Kong and Taiwan ETF investors set to increase their allocations by more than 25%.

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Do you plan to increase your exposure to ETFs in the next 12 months?

Greater China total:

Yes, significantly (10% or more) - 42%

Yes, slightly (less than 10%) - 57%

No, I plan to maintain my current level of exposures - 1%

Mainland:

Yes significantly (10% or more) - 26%

Yes, slightly (less than 10%) - 74%

No, I plan to maintain my current level of exposures - 0%

Hong Kong:

Yes significantly (10% or more) - 54%

Yes, slightly (less than 10%) - 43%

No, I plan to maintain my current level of exposures - 3%

Taiwan:

Yes significantly (10% or more) -47%

Yes, slightly (less than 10%) - 53%

No, I plan to maintain my current level of exposures - 0%

Cross-border ETF demand intensifies

Cross-border access is expanding rapidly, particularly with the continued integration of ETFs into cross-border programs like Stock Connect and Wealth Management Connect. In 2024, Mainland China investors accounted for HKS6.7bn in net ETF flows through the Southbound Channel.

Emerging themes

Buffered ETFs

Buffered ETFs, designed to provide downside protection while offering capped upside, are seeing significant interest, particularly in Mainland China, where 34% of ETF investors are planning to invest over the next 12 months. As volatility continues to impact markets, this strategy is gaining appeal for its ability to protect against market downturns while capturing potential capped market upside.

Fixed Income ETFs

The demand for fixed income ETFs is also growing. 27% of Greater China ETF investors are planning to allocate to these products in 2025, with 34% of Hong Kong ETF investors particularly keen on fixed income strategies. These products are seen as a conservative option for portfolio diversification, especially amid uncertain market conditions.

Cryptocurrency ETFs

Despite regulatory barriers, 26% of ETF investors across Greater China plan to buy cryptocurrency ETFs in 2025. While Mainland China ETF investors are not yet able to access these products, Taiwan and Hong Kong are seeing strong demand, supported by favourable regulatory requirements.

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In which of the following ETF strategies do you plan to invest over the next 12 months?

Greater China total:

Defined outcome ETFs (Buffered ETFs) - 29%

Fixed income- 27%

Cryptocurrency - 26%

Dividend/income - 23%

Multi asset - 22%

Commodity - 19%

Liquid alternatives - 18%

Sector or thematic equity exposure - 18%

Leveraged/inverse - 11%

Mainland:

Defined outcome ETFs (Buffered ETFs) - 34%

Fixed income - 26%

Cryptocurrency - 17%

Dividend/income - 23%

Multi asset - 26%

Commodity - 23%

Liquid alternatives - 14%

Sector or thematic equity exposure - 14%

Leveraged/inverse - 17%

Hong Kong:

Defined outcome ETFs (Buffered ETFs) - 26%

Fixed income - 34%

Cryptocurrency - 23%

Dividend/income - 29%

Multi asset - 14%

Commodity - 14%

Liquid alternatives - 17%

Sector or thematic equity exposure - 20%

Leveraged/inverse - 9%

Taiwan:

Defined outcome ETFs (Buffered ETFs) - 27%

Fixed income - 20%

Cryptocurrency - 40%

Dividend/income - 17%

Multi asset - 27%

Commodity - 20%

Liquid alternatives - 23%

Sector or thematic equity exposure - 20%

Leveraged/inverse - 7%

Looking ahead: strong potential

With continued product innovation and investor demand, the ETF market in Greater China is set for another record year. Investors are increasingly using ETFs to hedge against downside risk, particularly as US trade policies and market volatility remain major concerns. There is a significant opportunity for both domestic and international ETF issuers to capitalize on the growing demand in Mainland China, Hong Kong, and Taiwan. Our survey findings provide a roadmap for understanding the preferences and strategies of investors in the region.

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