（5）跨境ETF的买卖交易机制 跨境ETF和普通A股的ETF一样，既可以申赎，也可以买卖。跨境ETF买卖交易机制为可以直接实现T+0 交易，当日买入、当日即可卖出，投资者可以利用跨境ETF的T+0交易机制在日内进行回转交易赚取价 差。此外，同普通A股ETF一样，跨境ETF在二级市场上购买的最小单位都是1手（100份）起，投资者 参与的资金门槛非常低。 （6）跨境ETF的净值计算 跨境ETF的净值受到两个因素的影响，即其所跟踪的指数涨跌情况以及汇率的波动情况。跨境ETF投资 于海外资产，因此外币的升值或贬值，均会对其净值造成相应的正面或负面的影响。由于海外股市的开 盘时间与国内市场不同，海外市场T日的收盘时间通常为国内T+1日早上，跨境ETF无法即时公布前一 交易日的净值，因此T日公布的净值是按照T-2日收盘的数据及T-2日的汇率来进行计算的。因此，估算T 日交易时的实时净值，需要在公布的T-2日净值的基础上，考虑T-1日的指数变动因素以及T-1日和T日的 汇率变动因素。 （7）跨境ETF的投资策略 （8）投资跨境ETF的主要风险 ①汇率风险。因为跨境ETF产品主要投资于海外市场，而海外市场的金融凭证以外币计价 ...

Group 1: Brazilian ETF Performance - Brazilian ETFs are rising against the market trend, tracking the IBOVESPA ETF index, which includes around 80 representative companies from Brazil's mining, agriculture, finance, and energy sectors [1] - The current price-to-earnings ratio of the IBOVESPA index is 10.51, positioned at the 43.46th percentile over the past decade, while the dividend yield stands at 7%, at the 73.31st percentile [1] Group 2: Cross-Border ETF Growth - The cross-border ETF market is experiencing rapid growth, with the total number of ETFs reaching 200 and a combined scale of 927.857 billion, indicating strong expansion momentum [2] - Global liquidity easing expectations have led to robust performance in risk assets, attracting more investors to participate in global markets through cross-border ETFs [2] Group 3: Investment Considerations for Cross-Border ETFs - Key factors for investing in cross-border ETFs include the tracking index, liquidity, and premium rate, which significantly influence long-term investment returns [3] - The largest cross-border ETF, the Hong Kong Internet ETF, has a concentrated holding structure, which increases its elasticity [3] - Liquidity is crucial, as insufficient liquidity can lead to price distortions and significant price impacts when large funds enter or exit [3]