景顺长城ETF贵40%，也买？警惕跨境基金炒作双重风险 近日，随着A股震荡调整，小市值跨境ETF炒作再升温。3月25日，景顺长城标普消费ETF因市场交易价格明显高于基金份额参考净值，出现较大幅度溢价， 于当日开市起至当日10:30停牌。当日10:30复牌后，该ETF继续上涨，日内涨幅达4.94%，溢价率上升至42%。 据wind数据，截至3月25日收盘，有19只跨境ETF溢价率超2%，包括国泰基金旗下标准500ETF溢价率达22.9%，南方基金旗下沙特ETF溢价率达11.7%。分析 指出，历史数据显示，高溢价ETF的溢价率平均仅维持1.7天，溢价率的迅速回落，使得投资者面临"溢价蒸发+净值下跌"的双重下跌风险。 小市值跨境ETF炒作风再起 景顺长城标普消费ETF溢价超40% 3月25日，景顺长城基金旗下的标普消费ETF因出现较大幅度溢价，当日开市起至当日10:30停牌。景顺长城基金在停牌公告中提示投资者关注该基金二级市 场交易价格溢价风险，投资者如果盲目投资，可能遭受重大损失。 3月25日，跨境ETF交易数据。（数据来源：wind） 据wind数据，3月25日，上述溢价率排名前三的跨境ETF当日交易换手率均接 ...

又有跨境ETF因高溢价盘中停牌。 3月21日，多只跨境ETF大涨，其中国泰标普500ETF在早盘停牌1小时复牌，然后迅速拉升大涨超7%，临时宣布二次停牌，最新溢价率高达28.55%。 近期，资金再度爆炒跨境ETF，以至于发生了ETF走势和基准指数明显背离的情况。在美股高位震荡的情况下，跨境ETF市场随时面临溢价回落产生的回调风 险，基金公司进行了大量风险提示，仍难阻资金疯狂涌入。 跨境ETF出现盘中"叫停" 3月21日，多只跨境ETF迎来大涨和溢价率飙升，多家基金公司发布风险提示公告，甚至罕见出现了"二次叫停"的情况。 比如，国泰标普500ETF在3月20日涨停，基金公司因溢价风险将该基金于3月21日开市起至当日10:30停牌，但该基金在3月21日10点30分复牌后继续拉升，上 午11点左右涨超7%，再度触发临时停牌，仅半小时成交额便超8亿元。 另外，南方沙特ETF、景顺长城标普消费ETF、华泰柏瑞沙特ETF等也分别在3月21日上午大涨5.26%、3.17%、2.65%，其中南方沙特ETF的成交额高达38.73 亿元，换手率已经飙升至521.71%。 值得注意的是，在经过大幅上涨后，这些跨境ETF的溢价率再次 ...

Core Viewpoint - The recent surge in cross-border ETFs has led to significant price premiums, resulting in temporary trading halts due to high volatility and risks associated with speculative trading [2][3][4]. Group 1: Market Performance - On March 21, multiple cross-border ETFs experienced substantial gains, with the Guotai S&P 500 ETF rising over 7% before a second trading halt, reflecting a premium rate of 28.55% [2][3]. - Other ETFs, such as the Southern Saudi ETF and the Invesco S&P Consumer ETF, also saw notable increases of 5.26% and 3.17%, respectively, with trading volumes exceeding 8 billion yuan for the Guotai S&P 500 ETF [3][4]. - The premium rates for these ETFs have reached alarming levels, with the Invesco S&P Consumer ETF exceeding 43% and the Southern Saudi ETF at 11.83% [3][4]. Group 2: Risk Factors - Fund managers have issued multiple risk warnings regarding the high premiums of cross-border ETFs, indicating that the market prices are significantly above the net asset values [4][5]. - The phenomenon of high premiums and volatility has been attributed to speculative trading, which poses risks for investors who may be caught in a "hot potato" scenario if the market corrects [5][6]. - The divergence between ETF performance and underlying indices has been stark, with the Guotai S&P 500 ETF rising 10.24% while the S&P 500 index fell by 7.61% since February 19 [5][6]. Group 3: Broader Market Context - The U.S. stock market has been experiencing high volatility, with major indices like the Dow and Nasdaq declining by 5.99% and 11.79%, respectively, since late February [6][7]. - Concerns over economic growth and geopolitical events have contributed to market uncertainty, with expectations of potential interest rate cuts later in the year [6][7]. - Compared to 2022, the current market conditions are less extreme, as the Federal Reserve has more room to maneuver with interest rates, which may stabilize the market [7].