来源：Y趣理说 港股昨日下午进入圣诞假期，暂停交易。但是内地ETF正常交易，我们看到部分港股ETF出现了较高的 溢价。同时部分场外买联接基金的投资者就发现，ETF联接的涨幅似乎跟不上场内ETF，究竟是怎么回 事？ 为什么ETF联接和ETF的涨跌会有差异？ ETF有净值和交易价格两个价格指标，而ETF联接的净值确认依据ETF的净值，所以ETF联接基金的涨 跌幅以ETF的净值涨跌幅为基准，而非ETF交易价格的涨跌。 当市场情绪高涨，ETF的交易价格很有可能会大于IOPV，这时候，ETF的价格涨幅就会高于净值的涨 幅，自然也会高于ETF联接基金的净值涨幅。 其次，又因为ETF联接对指数是间接跟踪，仓位限制和资金申赎也会导致ETF联接和ETF的涨跌幅差 异，具体来看： 仓位限制：作为场外基金，ETF联接需要留有部分现金来应对投资者的赎回，所以仓位一般不会超过 95%，就造成了ETF联接与ETF表现的差异； 资金申赎：当行情火热时，当日申购联接基金的资金可能没办法立即投入到ETF中，而联接基金的净值 又会因为份额的增加被分摊，涨幅就可能跟不上标的ETF。 跨境ETF联接是否更为特殊？ 整体而言，ETF联接基金和ETF的 ...

Group 1 - The core viewpoint of the article highlights the significant increase in trading activity and premium risks associated with cross-border ETFs, with over 300 risk warning announcements noted in November alone [2] - The article explains the relationship between ETF trading prices and net asset values (NAV), emphasizing that the high premiums have become a norm in the market [2][3] - It discusses the differences in performance between ETFs and their corresponding linked funds, particularly how market sentiment can lead to discrepancies in price movements [8][9] Group 2 - The article outlines the mechanisms behind ETF pricing, where the price is influenced by supply and demand, while the NAV reflects the underlying asset values [4][5] - It details the scenarios of price and NAV alignment, including conditions of premium and discount states, which indicate market demand [6] - The differences in performance between ETFs and linked funds are attributed to factors such as cash reserves and redemption processes, which can affect the tracking of the underlying index [8][9] Group 3 - The article notes that cross-border ETF linked funds often exhibit larger discrepancies in performance due to trading time differences between markets [9] - It emphasizes the unique advantages of ETF linked funds, such as lower investment thresholds, ease of operation, and the absence of premium/discount risks [10][12][14] - The article concludes that the choice between ETFs and linked funds should be based on individual investor preferences and circumstances [15]

Core Insights - The popularity of cross-border ETFs has surged in 2023, with the number of domestic cross-border ETFs increasing from 139 to 191 and total assets growing from 428.48 billion to 928.62 billion yuan, indicating a doubling in size within ten months [2][5] - The investment landscape for cross-border ETFs is expanding, now including emerging markets in Latin America, as evidenced by the recent listing of two Brazilian ETFs on domestic exchanges [2][5] - Despite the growth, high premium risks are emerging as a significant concern for investors, with instances of ETFs trading at prices significantly above their net asset values [7][9] Investment Trends - Cross-border ETFs are defined as those tracking indices outside of A-shares and listed on domestic exchanges, becoming increasingly attractive to investors seeking global asset allocation [2][5] - The core markets for these ETFs remain Hong Kong and the US, with Hong Kong-related products accounting for 74.69% of the total market size, while US-related products make up 17.72% [5][6] - The top 22 cross-border ETFs have assets exceeding 10 billion yuan, with several surpassing 40 billion yuan, highlighting a pronounced head effect in the market [5][6] Risks and Concerns - High premium rates pose a risk, as seen with the Huaxia Nomura Nikkei 225 ETF, which maintained a premium rate above 5% since November 5, prompting warnings from the fund manager [7][9] - Historical instances of extreme price movements and high turnover rates have raised alarms, with the Jiashi Germany DAX ETF experiencing a 61.27% price increase over 13 trading days earlier this year [8][9] - The underlying causes of high premiums include market sentiment and the inefficacy of arbitrage mechanisms during extreme market conditions, leading to sustained premium situations [9][10] Future Outlook - Experts believe that the cross-border ETF market has significant growth potential, driven by increasing global asset allocation needs among domestic investors [6][10] - The ongoing opening of China's financial markets and the growing wealth of residents are expected to further enhance the demand for cross-border ETFs [10]

Core Insights - During the Hong Kong stock market closure from April 18 to April 21, related ETFs experienced significant price increases, with some premium rates exceeding 20% [1][2] - The surge in ETF prices is attributed to speculative trading by capital during the market closure, leading to a disconnection between prices and actual values [1][6] ETF Performance - On April 21, the Hong Kong Stock Connect 100 ETF reached a trading volume of 201 million yuan, closing with a premium rate of 20.14% after hitting the daily limit [3] - The Hong Kong Stock Connect 50 ETF and Hang Seng ETF also saw premium rates above 10%, while the Hong Kong National Enterprises ETF exceeded 8% [5] Market Dynamics - The trading of ETFs during the market closure was influenced by the inability to update net asset values (NAV) due to the suspension of subscription and redemption channels [6] - The small scale of many ETFs contributed to their susceptibility to speculative trading, as they could not adjust supply in real-time [6][7] Investor Considerations - The phenomenon of premium and discount in ETFs is linked to their unique trading mechanisms, allowing for price discrepancies between primary and secondary markets [7] - Recent announcements from several ETFs have warned investors about the risks associated with high premiums, emphasizing the potential for significant losses if purchased at inflated prices [8][9]