摩根资产管理中国负责人表示，在公司在中国内地的首只同类基金在发售首日达到20亿元人民币（合3亿美元）的募集上限后，预计将在内地推出更多主动管理型交易所交易基金（ETF）。
JPMorgan Asset Management expects to launch more actively managed exchange-traded funds (ETFs) in mainland China after its first such fund there hit the 2 billion yuan (US$300 million) fundraising cap on the first day of sales, its China chief said.
该公司中国首席执行官王琼在周二接受《南华早报》采访时表示：“首次推出只是更大博弈中的开局之作。”
“The first launch is just an opening move in a much bigger game,” Desiree Wang, the firm’s chief executive for China, said in an interview with the South China Morning Post on Tuesday.
她补充说，任何适合ETF载体并满足投资者需求的积极策略“都将提上日程”。
Any active strategy that suits the ETF vehicle and meets investor demand “will be on the table”, she added.
该基金是10月19日获得中国证券监督管理委员会批准的首批18只主动型ETF中，三只触及上限的基金之一。这批基金在10月份吸引了超过150亿元人民币的总认购额。
The fund was one of three to hit the cap among the first 18 active ETFs approved by the China Securities Regulatory Commission on October 19. The batch drew more than 15 billion yuan in total subscriptions in October.
王琼表示，该基金是18只基金中首个达到目标的，这一结果“确实超出了预期”。她说，在首次亮相之前，她的团队举办了750多场路演和培训活动，以帮助内地投资者做好准备。
Wang said the fund was the first of the 18 to reach the target, a result that “does exceed expectations”. Ahead of the debut, her team held more than 750 roadshows and training sessions to prepare mainland investors, she said.
该基金是这18只基金中唯一一只来自外商独资资产管理的产品，也是其中的唯一一只成长风格基金。
The fund is the only product from a wholly foreign-owned asset manager among the 18 and the only growth-style fund in the group.
该基金由资深基金经理李博管理，他被称为“双十”经理，在十多年的时间里实现了年化回报率超过10%。王琼表示，他的业绩记录使其在本土竞争对手中脱颖而出。
It is managed by Li Bo, a veteran dubbed a “double-10” manager for delivering annualised returns above 10 per cent over more than a decade. Wang said his track record helped it stand out from local rivals.
对于一直由被动指数跟踪基金主导的内地市场来说，主动型ETF还是一个新事物。
Active ETFs are new to a mainland market that has so far been dominated by passive, index-tracking funds.
据《中国基金报》报道，随着散户和机构投资者将资金撤出广基指数产品，内地ETF总资产从今年年初的逾6万亿元人民币降至年中时的4.7万亿元人民币。
Total ETF assets on the mainland fell from more than 6 trillion yuan at the start of the year to 4.7 trillion yuan by midyear, as retail and institutional investors moved money out of broad-market index products, China Fund News reported.
与传统公募基金按季度滞后报告持仓不同，主动型ETF必须每个交易日披露其投资组合。
Unlike traditional mutual funds, which report holdings quarterly with a delay, active ETFs must disclose their portfolios every trading day.
一些市场观察人士警告称，完全披露会将专有策略暴露给模仿投资，并面临量化交易台的抢先交易。
Some market watchers caution that full disclosure exposes proprietary strategies to copycat investing and front-running by quantitative trading desks.
王琼对这些担忧不以为然。她表示：“主动管理的优势不是向你的客户、向你的竞争对手隐藏你的持仓。”“透明度能建立投资者的信任。”她指出，持久的阿尔法（即超越市场的收益）源于基础研究、机构纪律、严格的选股和风险管理。
Wang dismissed those concerns. “The edge of active management is not to hide your position from your clients, from your competitors,” she said. “Transparency builds investor trust.”She said lasting alpha, or returns above the market, stems from fundamental research, institutional discipline, rigorous stock selection and risk management.
摩根资产管理在今年早些时候成为全球最大的主动型ETF管理者，截至4月，其管理的主动型ETF资产约为2570亿美元。
JPMorgan Asset Management became the world’s largest active ETF manager earlier this year, overseeing roughly US$257 billion in active ETF assets as of April.
王琼表示，在岸业务部门将利用母集团的“巨大经验”。她补充说，在中国的进一步扩张所需的资本支出微乎其微，因为交易系统、技术基础设施和分销网络在过去三年中已经建立。
Wang said the onshore unit will draw on the parent group’s “tremendous experience”. Further expansion in China required minimal capital expenditure, she added, because trading systems, technology infrastructure and distribution networks had been built over the past three years.
摩根资产管理亚太区ETF主管菲利普·埃尔-阿斯马尔（Philippe El-Asmar）表示，在中国内地推出主动型ETF，是亚太地区向主动管理型交易所交易基金更广泛转型的一部分。
The launch of active ETFs in mainland China was part of a broader shift towards actively managed exchange-traded funds across Asia-Pacific, according to Philippe El-Asmar, JPMorgan Asset Management’s head of ETFs for the region.
他在新加坡举行的媒体峰会上指出，尽管该地区落后于美国（美国于2008年批准了其第一只主动型ETF），但采用速度正在加快。
Speaking at a media summit in Singapore, he noted that while the region lagged the United States – which cleared its first active ETF in 2008 – adoption was accelerating.
埃尔-阿斯马尔说：“这在该地区仍然是一个较新的趋势。”澳大利亚于2019年开创了该地区的转型先河，紧随其后的是韩国、香港，最近则是中国内地。
“It’s still a newer trend in the region,” El-Asmar said. Australia pioneered the regional shift in 2019, followed by South Korea, Hong Kong and most recently, mainland China.
他以台湾为例说明了快速普及的情况。在去年年初批准主动型ETF后，主动管理型工具已经占该岛ETF资产管理总额的大约10%。
He cited Taiwan as an example of rapid uptake. After approving active ETFs early last year, actively managed vehicles already accounted for roughly 10 per cent of the island’s total ETF assets under management.
随着中国证券监管机构在6月中旬对主动型ETF提供支持，彭博行业研究估计，假设ETF市场份额达到7%（类似于台湾），这些基金在第一年就能向内地股市吸引至少500亿美元资金。
Following an offer of support from the Chinese securities regulator for active ETFs in mid-June, Bloomberg Intelligence estimated the funds could draw at least US$50 billion into mainland stocks in their first year, assuming a 7 per cent share of the ETF market, similar to Taiwan.
展望未来，埃尔-阿斯马尔预计，他所描述的被称为“ETF 3.0”的下一阶段扩张将集中于研究密集型、结果导向的结构。例如利用衍生品产生收益或缓冲损失的基金。
Looking forward, El-Asmar expects the next phase of expansion, which he described as “ETF 3.0”, to centre on research-intensive, outcome-driven structures. Examples include funds that use derivatives to generate income or cushion losses.
埃尔-阿斯马尔表示，被称为“ETF 3.0”的下一阶段扩张将集中于研究密集型、结果导向的结构，例如衍生品收益策略和下行缓冲基金。
El-Asmar said the next phase of expansion – dubbed “ETF 3.0” – will centre on research-intensive, outcome-driven structures, such as derivative-income strategies and downside-buffered funds.
他补充说，实现这一增长取决于各市场的监管转变以及持续的投资者教育，以弥合散户参与者之间的知识差距。
Realising that growth, he added, hinged on regulatory conversion across markets and sustained investor education to bridge knowledge gaps among retail participants.
埃尔-阿斯马尔说：“如果没有行业和媒体来实际提供帮助并开展关于利益和风险的投资者教育，任何人都不可能弄懂它。”
“It’s impossible for anybody to make sense out of it without the industry and the press to actually help and provide investor education on the benefits and the risks,” El-Asmar said.