跨境ETF高溢价引监管关注，公募密集提示风险

Core Viewpoint - The recent surge in demand for cross-border ETFs among domestic investors is accompanied by significant premium pricing, raising concerns about market overheating and potential risks for investors [1][2]. Group 1: Market Trends - As of November 18, 19 public fund companies have issued over 330 risk warning announcements regarding 34 cross-border investment products, indicating a heightened awareness of premium risks [1]. - The average premium rate for 192 cross-border ETFs in the market is 0.79%, with 32 products exceeding 1% and 2 products surpassing 10%, highlighting a significant disconnect between price and value [1]. - The Nikkei 225 index has recently declined from historical highs, and major U.S. stock indices have also experienced notable drops, exacerbating the risks associated with high premiums [1]. Group 2: Investor Behavior - Professor Tian Lihui from Nankai University emphasizes that while cross-border ETFs are essential for global asset allocation, the current premium phenomenon suggests that investor enthusiasm may have surpassed rational valuation [2]. - Analysts suggest that the cash creation and redemption mechanism of cross-border ETFs, combined with foreign exchange quota restrictions, can lead to mismatches in supply and demand, driving up secondary market prices and resulting in high premiums [4]. Group 3: Long-term Outlook - Despite short-term risks, the long-term demand for cross-border ETFs remains strong, with a year-to-date growth of 116.86%, reaching 919.949 billion yuan, and a net inflow of over 34 billion yuan in November alone [4]. - Industry experts advocate for a rational investment framework and ongoing investor education to mitigate the risks associated with high premiums and to promote a long-term perspective on cross-border ETF investments [4].