Core Insights - Recent attention has been drawn to the phase premium of multiple cross-border ETFs in the secondary market [1][2] - Industry experts indicate that the valuation mechanism across time periods and structural capital flows contribute to a short-term mismatch where "prices lead and net values lag" [1][2] - The pace of premium convergence is influenced by redemption efficiency, market sentiment, and external conditions, highlighting the need to be cautious of short-term trading risks [1][2] - The scale of cross-border ETFs has continued to expand rapidly this year, with significant growth in various thematic products [1][2] - The overall sector is accelerating its expansion due to a dual effect of continuous inflow of incremental capital and the ongoing introduction of new products, enhancing market participation and product diversity [1][2]