To meet the needs of investors for cross-market investments, cross-listed ETFs emerged.

Cross-market cross-listing is mainly through the same fund issuing new shares in local currencies in different markets and listing them for trading, giving local investors the opportunity to invest in other markets.

At present, the international ETF cross-listing methods can be roughly divided into two types: one is direct cross-border listing, that is, ETFs listed on stock exchange A are directly listed on stock exchange B.

The other is to issue a feeder fund, which is to raise an investment portfolio in country B and invest almost 100% in ETFs listed on stock exchange A.

The two forms of fund management are different and subject to different regulatory constraints.