This is an article I wrote last week. Don't ask me why I didn't post it last week. I am daydreaming. . . .

————

Cut to the chase: ETF is good, but please pay attention to premium risk.

Recently, the market is not calm, and there is an ETF that is super awesome, just like a roller coaster.

Nasdaq ETF in cross-border ETF has become a fragrant bun in the market. In August, Nasdaq ETF 5 13 100 rose by 30%. The first three transactions in September continued to soar, but fell to the limit on September 4 and fell by 7.54% on September 7. Looking at the closing price of 14 in September, the static premium rate of 15994 1 is 14%, and that of 5 13 100 is 19%.

Ups and downs, very wonderful ETF. It looks happy when it goes up, but there is a potential risk that may be ignored by some investors. These two Nasdaq ETFs have a high premium for a period of time, and the highest premium has approached or exceeded 20%. I once wrote an article that after several consecutive transactions, the premium of a SSE 50ETF exceeded 70%. Please poke the link for details.

Is it a similar reason to come back to see Nasdaq ETF? Or are there different reasons?

On the evening of September 3, the Nasdaq index fell by 5%. On September 4th, Guangfa Nasdaq ETF (1594 1) and Cathay Pacific Nasdaq ETF(5 13 100) dropped by 10.0 1% and 8.65% respectively, but because of the net value of cross-border ETFs,

What's the insurance rate?

Simply put, the premium rate is what the actual price is 1 yuan, and now you have to spend more 1 yuan to buy it. If the premium rate of Nasdaq ETF is 20%, it means that the net value of Nasdaq is 1 yuan, but some investors have already spent 1.2 yuan's money to buy it. The discount is that the actual price is 1 yuan. Now you can buy it for less than 1 yuan. For example, many closed-end funds in China are basically discounted at about 10%, which means that the net value of a fund is originally 1 yuan, because it is closed and cannot be redeemed, and the liquidity in the market is insufficient. If someone is in urgent need of money, you can buy it at the price of 0.9 yuan.

Why can Nasdaq ETF have such a high premium?

Due to the arbitrage mechanism in the primary and secondary markets, ETFs usually have a very low discount rate, while the two ETFs on Nasdaq have such a high discount rate. Why? Everything goes wrong for a reason.

1, subscription restriction

QDII funds are different from ETFs that track domestic indexes, and ETFs that track domestic indexes often have no limit. The fund tracking Nasdaq ETF belongs to QDII fund, and each fund company is limited by foreign exchange quota and cannot open the subscription quota indefinitely. QDII funds need to convert RMB into foreign exchange when investing overseas, but the amount of foreign exchange exchanged by fund companies in the United States is limited, because it is impossible to open the subscription when the amount is tight or the amount has been used up.

For example, Guotai's NASDAQ 100ETF has suspended subscription since March, while Guangfa's NASDAQ 100ETF is open for subscription, but the daily total subscription limit is only 6,543,800+100,000, which is equivalent to its minimum redemption unit. E Fund LOF (161130) has a daily limit for each account, and Dacheng Na Zhi (000834) has a daily limit of 200 yuan. Only Huaan Na Zhi (040046) is sufficient, with a daily limit of 65438+100000 yuan.

Subscription restrictions limit the arbitrage mechanism of ETF or LOF, and when investors in the secondary market are too enthusiastic, a premium appears.

2. The market is irrational.

In fact, many small companies don't know the truth, just as many investors speculate on low-priced junk stocks on the GEM. They were cool for a while, but they didn't know if they were the last. Before buying Nasdaq ETF, I didn't have the best homework, or I only copied half of my homework.

Although the constituent stocks of Nasdaq ETF include global Internet core assets such as Tesla, Apple, Google and Microsoft. Nasdaq ETF is one of the very good investment varieties when the technology stocks are in a carnival, especially when the technology giants are skyrocketing.

Since March this year, the Nasdaq has risen by nearly 100%, with a slight correction in the middle. Now, every correction is an opportunity to get on the bus. Although how to interpret it in the future is still unknown, as far as the attributes of Internet companies or technology companies are concerned, the trend of the strong will be more obvious, and the leading position of technology giants will be more important.

Although it is a core asset, is it unwise to buy something worth 1 yuan at the price of 1.2 yuan? It is.

If you are an investor who knows something about ETF discount premium, it is certainly difficult to start, but many people who don't really want to buy it don't consider that its current price has been seriously divorced from its own price, and there are other similar varieties on the market.

If you are strongly optimistic about Nasdaq, which method is more appropriate to buy now?

It is obviously unwise to buy these two ETFs directly in the market and pay a premium of more than 10%.

If you hold 5 13 100 or 15994 1 now, it is better to sell these two ETFs in theory and replace them with OTC funds with low premium rate. OTC funds also follow Nasdaq, because OTC funds are subscribed on a net basis and do not have to pay a premium, but at present such funds are suspended from large subscription.

1, guangfa Nasdaq 100ETFA(270042) or share c (006479) are linked funds of Nasdaq ETF( 15994 1), and the maximum daily subscription amount is only 200 yuan. The upper limit of the whole market 15994 1 day is 1 10,000 copies. In theory, who can grab 1 10,000 copies, as long as the premium is high, there is appropriate meat, and the rest depends.

2. Guotai NASDAQ100 (160213) is the linked fund of NASDAQ ETF(5 13 100), and the maximum daily subscription amount is only 1000 yuan. The subscription of 5 13 100 has been suspended and can only be traded on the floor.

3. E Fund Nasdaq100 (161130) is an LOF fund, which can be subscribed both on and off the market. The subscription limit for a single account is 500 yuan. From the K-line, even if there is only 500 yuan's quota, it can't hold the wool army. On September 4th, LOF was close to its limit. If it is 1660,

4. The maximum subscription amount of Huaan Nasdaq 100(040046) is 1000 yuan per day (the minimum subscription amount in previous days was 1000 yuan).

5. Dacheng NASDAQ 100(000834): OTC fund with large tracking error. Since its establishment, it has underperformed the benchmark with an average annualized rate of return of 5.79%. In other words, although the fund has tracked the trend of Nasdaq, it has underperformed Nasdaq since its establishment. The maximum daily subscription amount is only 200 yuan.

To sum up: if you want to buy Nasdaq-related funds, different fund strategies have different treatments. If the amount is less than 1000 yuan, you can buy 040046 in Hua 'an or 1602 13 off-site in Guotai (from the historical tracking performance, it is not recommended to buy100 in Dacheng); If the amount exceeds 1000 yuan, you can wait for the discount rate of ETF or LOF to drop to near 0 and buy LOF or ETF in the market. Of course, you may miss the rising price of Nasdaq because of waiting, but the premium exceeds 15%. Really can't do it?

The fund company will adjust the maximum subscription limit from time to time. Please pay attention to the announcement of the fund company in time.

Disclaimer: It is only for content arrangement and does not constitute investment advice.