跨境ETF溢价频现：交易活跃度抬升，赛道加速扩容

Core Viewpoint - Recent observations indicate that several cross-border ETFs have experienced temporary premiums in the secondary market, attracting market attention [1] Group 1: Market Dynamics - The cross-border ETF market has seen a rapid expansion this year, with significant growth in multiple thematic products, driven by continuous inflow of incremental funds and the introduction of new products [2][5] - The trading activity of cross-border ETFs has increased significantly due to domestic investors' growing demand for overseas asset allocation, leading to noticeable premiums in the secondary market [3] Group 2: Premium Mechanism - The cross-border ETFs exhibit a "price leading, net value lagging" phenomenon due to their cross-time valuation mechanism and structural capital flows, making short-term mismatches more likely [2][4] - The premium observed in cross-border ETFs is primarily a temporary deviation between price and net value, rather than an indication of inherent excess value in the products [4] Group 3: Fund Size and Growth - The latest scale of cross-border ETFs has reached 9237.82 billion, doubling from 4240.17 billion at the beginning of the year, reflecting a diversification in investor allocation needs [5][6] - Several cross-border ETFs, such as those tracking Hong Kong stocks, have shown particularly notable growth, with some products exceeding 200 billion in incremental scale this year [6]