In recent years, Chinese ETFs (Exchange-Traded Funds) have been accelerating their global expansion through the Depositary Receipt (DR) model. The DR structure enables international investors to gain indirect exposure to Chinese ETFs—such as those tracking benchmarks like the CSI 300 or CSI 500—without directly holding A-shares, thereby lowering cross-border investment barriers. Leading Chinese asset managers have partnered with global custodian banks to list DR-based ETFs in financial hubs such as Luxembourg, Singapore, and the United States. This approach not only enhances the global accessibility of Chinese assets but also boosts the appeal of RMB-denominated investments in international portfolios. Moreover, the DR framework helps meet diverse regulatory requirements across jurisdictions, facilitating smoother entry into mature markets like Europe and North America. As China continues to open its capital markets and improve cross-border connectivity mechanisms, DR-listed Chinese ETFs are poised to become a key vehicle for global investors seeking exposure to China, further advancing the internationalization of Chinese financial products.
近年来，中国ETF（交易所交易基金）正通过存托凭证（DR, Depositary Receipt）模式加速“出海”，拓展全球资本市场。DR模式允许境外投资者在不直接持有中国A股的情况下，通过在海外交易所上市的存托凭证间接投资于中国ETF，有效降低了跨境投资门槛。例如，一些中国头部资产管理公司已与国际托管银行合作，在卢森堡、新加坡或美国等地发行基于沪深300、中证500等主流指数的ETF DR产品。这种模式不仅提升了中国资产的国际可及性，也增强了人民币资产在全球配置中的吸引力。同时，DR结构有助于满足不同司法辖区的监管要求，为ETF顺利进入欧美等成熟市场铺平道路。随着中国资本市场持续开放和互联互通机制不断完善，以DR形式出海的中国ETF有望成为全球投资者配置中国的重要工具，进一步推动中国金融产品的国际化进程。
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