Investors flooded U.S.-based exchange-traded funds (ETFs) that target Chinese markets with $5.2 billion in new assets in the past week when mainland China's ...
FILE PHOTO: Federal Reserve Chair Jerome Powell interest rate announcement at the New York Stock Exchange in New York City - Investors flooded U.S.-based exchange-traded funds that target Chinese markets with $5.2 billion in new assets in the past week when mainland China's financial markets were shut for a national holiday, and some asset managers are hopeful the optimism will be enduring.
China's measures have driven some optimism that the support will sustain and extend the dramatic turnaround in investor sentiment. The $5.2 billion inflow for the week ended Oct. 4 compares to an average weekly outflow of $83 million to date in 2024, and an average weekly outflow of $27 million last year, according to data from Morningstar.
"The China markets have been so oversold," said Jonathan Krane, founder and CEO of KraneShares. His firm's flagship ETF, KraneShares CSI China Internet, pulled in $1.39 billion in new assets last week alone, putting year-to-date flows back in the black, according to Morningstar.The $8.
The vast majority of money in the past week has flowed into the biggest ETFs that offer broad exposure to a range of large-cap Chinese stocks. BlackRock's $7.99 billion iShares China Large-Cap ETF saw inflows of $2.7 billion last week, according to Morningstar. "The next bazooka that Beijing fires has to come in the shape of formalizing new stimulus proposals and adding a timeline," he said.Roundhill launched Roundhill China Dragons ETF last week, focusing on nine of what Roundhill deems the largest, most innovative Chinese technology firms. It attracted net inflows of $35 million in its first two trading days, Mazza said.
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