Taiwan’s huge ETF industry is in an FX pickle

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Financial Times 20h ago

Taiwan’s huge ETF industry is in an FX pickle - Financial Times

Quick Summary:

To put this into perspective, the entire Taiwanese fixed income ETF sector — including those funds investing domestically — was only worth $94bn at the end of March, according to Morningstar.

Soon enough, this spread from Taiwan’s institutional investors to local retail investors, keen on the higher interest rates that even high-grade US Treasuries and corporate bonds offered.

But to get around a cap on Formosa bond ownership, the local investment industry instead nurtured an ecosystem of “Formosa ETFs”, which were locally-listed vehicles that in turn bought dollar bonds.