Topic: 2026 Shanghai Stock Exchange International Investor Conference. On November 12, the 2026 Shanghai Stock Exchange International Investor Conference was held in Shanghai.

During a roundtable discussion titled "Active-Passive Coordination, Domestic-International Linkage — Building a New Ecosystem for ETF Development," Du Meng, Deputy General Manager and Chief Investment Officer of JPMorgan Asset Management (China), stated that active ETFs have become an important growth engine for the global ETF market, and the launch of active ETFs in China will drive structural expansion of the ETF ecosystem.

Du Meng noted that although global active ETFs started relatively late, only beginning to develop in 2008, their scale has now reached $2.5 trillion, with a compound annual growth rate of nearly 40% over the past decade. Currently, active ETFs account for 13% of the global ETF market size but contribute 35% of global ETF net inflows.

He said that traditional passive ETFs mainly provide market or sector Beta returns, while China's market has more structural opportunities. Active ETFs, by combining active management with the ETF format, have the opportunity to generate excess returns while retaining the advantages of ETFs such as high liquidity, high transparency, and low fees.

Turning to new changes in overseas investors' allocation to Chinese assets, Du Meng pointed out that overseas investors initially accessed China market Beta mainly through broad-based ETFs. However, as China's economic structure evolves and the global competitiveness of certain industries improves, overseas capital has begun to pay more attention to sector ETFs in technology, high-end manufacturing, pharmaceuticals, and new energy.

At the same time, overseas investors' preferences have gradually shifted from basic allocation toward a focus on long-term Sharpe ratios — that is, the degree of matching between risk and return — with growing interest in dividend-type and low-volatility ETFs.

Du Meng stated that in the future, he hopes to continue providing overseas investors with standardized, liquid, and distinctive Chinese ETFs, and, subject to regulatory approval, to promote the inclusion of more ETF products in the interconnection framework, offering more choices for overseas investors allocating to Chinese assets.