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]