JPMorgan Asset Management is issuing its first Taiwan-focused wealth management product in more than a decade, joining global rivals rushing into one of Asia’s hottest exchange-traded funds markets.

Traders are swarming to equity-focused, exchange-traded funds listed in Taiwan, with demand from retail investors and a strong local currency driving up flows.

With Taiwan Semiconductor Manufacturing Co. still trading at pedestrian valuations even after surging to a record high, there is potential for its upcoming results to drive the stock even higher.

Taiwan’s economic and financial decoupling from China has deepened with the near-collapse of what was once the world’s largest Chinese bond exchange-traded fund market.