證監會發通函簡化聯接ETF投資海外主動型ETF (20:28) – 20240516 – 即時財經新聞

根據簡化規定,主ETF將涵蓋被動型及主動型ETF,而無需證監會許可;同時將不限於特定的基金類別,前提是它們具有相當規模的管理資產及良好的往績紀錄;及必須設有適當的保障措施和方案的計劃,確保其提供的投資者保障與證監會認可的ETF有高度的可比性。該會表示,將與業界保持溝通,商討能促進市場發展及有利香港整體市場的措施。

現時所謂主動型ETF,即可依經理人的投資策略運作的ETF。聯接ETF方面,則主要利便在一級市場認購,有關基金的絕大部份資產,主要投資於一項標的指數。證監會曾於2019年簡化要求,容許聯接基金投資於海外上市而非證監會認可的主ETF,將ETF的選擇擴濶。今次則是再進一步,涵蓋近年興起的主動型ETF。

該會指,全球ETF市場的管理資產持續增加,於2024年第一季結束時達到12.7萬億美元。當中,主動型ETF於過去五年錄得的增長遠超整體ETF市場。主動型ETF亦在亞太區迅速發展,於該區的管理資產在2023年增加了82%,而其於香港的市場份額亦由2019年底的1%,急升至2023年底的13%。

在此市場趨勢下,有產品發行人近期向證監會表示,它們非常有興趣將發展成熟的主動型ETF,以聯接基金結構的方式由海外引進香港,並有望受惠於香港ETF市場成交額的強勁增長。考慮到主動型ETF對投資者的潛在裨益,及為了促進香港ETF市場的發展,證監會認為,將現有適用於主ETF的簡化規定,延伸至主動型ETF是恰當的。證監會亦將擴大簡化規定所適用的基金類別,前提是這些基金設有適當的保障措施,並能為香港市場創造顯著效益。

證監會投資產品部執行董事蔡鳳儀表示,進一步簡化適用於聯接ETF的規定將為ETF發行人節省成本和提供靈活性,並拓闊投資者的投資選項,同時確保維持適當的投資者保障水平。此舉亦將提升香港在吸引海外ETF方面的競爭力,鞏固其作為卓越資產管理樞紐的地位。

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