跨境ETF高溢价风险发酵，十余家公募月内密集发布警示公告

Core Viewpoint - Multiple leading public funds, including E Fund, Huaxia, and Southern Fund, have issued risk warning announcements regarding cross-border ETFs, with over 200 announcements made by 14 institutions in December alone, indicating a significant concern over premium rates exceeding 5% for some products [2][3][4]. Group 1: Risk Warnings and Market Reactions - Leading institutions like Jiashi Fund and Southern Fund have collectively raised alerts about the premium risks associated with their ETFs, emphasizing the potential for significant losses if investors act blindly [2][4]. - The frequency of risk warning announcements has been high, with over 380 related announcements in November and a continued pace into December, indicating ongoing market volatility [3]. - Specific ETFs tracking indices like the S&P 500 and Nasdaq have been particularly affected, with premium rates reaching as high as 5.58% for the Bosera S&P 500 ETF and 3.41% for the Southern S&P 500 ETF [4]. Group 2: Causes of Premium Increases - Industry experts attribute the high premiums of cross-border ETFs to a combination of supply-demand imbalances and institutional constraints on cross-border investments, particularly due to QDII foreign exchange quota limitations [5]. - The complexity of cross-border ETF transactions, including foreign exchange conversions and delayed asset valuations, contributes to slower arbitrage efficiency compared to domestic ETFs, making it difficult for premiums to normalize [5]. Group 3: Market Growth and Investor Behavior - Despite the warnings, the cross-border ETF market has seen rapid growth, with total assets increasing from approximately 424.2 billion yuan at the beginning of the year to over 930 billion yuan by early December, reflecting a growing demand for diversified global asset allocation among domestic investors [5]. - Experts recommend that investors focus on the net asset value (NAV) and be cautious of purchasing when premiums exceed 3%, suggesting a strategic approach to asset allocation rather than short-term speculation [6].