This is an article I wrote last week. Don’t ask me why I didn’t post it last week. I was wandering.

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———— Let’s get straight to the point: Although ETFs are good, please be aware of premium risks.

The market has been unstable recently, and there is an ETF that is so awesome that it is like a roller coaster.

Among cross-border ETFs, the Nasdaq ETF has become a favorite in the market. In August, the Nasdaq ETF 513100 rose by 30%. The first three transactions in September continued to soar, but it fell to the limit on September 4 and fell by 7.54% on September 7.

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After looking at the closing price on September 14, the static premium rate of 159941 was 14%, and the static premium rate of 513100 was 19%.

It’s a very exciting ETF that goes up and down.

It looks good when it rises, but there is a potential risk that may be ignored by some investors. These two Nasdaq ETFs have continued to enjoy high premiums for a period of time, and the highest premium has been close to or exceeded 20%.

I once wrote an article that after a Shanghai Stock Exchange 50 ETF surged in several consecutive transactions, the premium exceeded 70%. Please click on the link to see the details.

Come back and look at the Nasdaq ETF. Is it for a similar reason?

Or is there a different reason?

The Nasdaq fell 5% on the evening of September 3. On September 4, the GF Nasdaq ETF (159941) and the Cathay Pacific Nasdaq ETF (513100) fell 10.01% and 8.65% respectively, but because the net value of the cross-border ETF was on T-2

, even after hitting the limit and approaching the limit.

If the Nasdaq Index falls another 2% on the evening of September 4, and the Nasdaq ETF falls by nearly 8% on Monday~ Even so, the premium of the Nasdaq ETF after the close on September 8 is still nearly 10%.

What is premium rate?

Simply put, the premium rate means that if the actual price is 1 yuan, now you have to spend more than 1 yuan to buy it.

If the premium rate of the Nasdaq ETF is 20%, that means the net value of the Nasdaq is 1 yuan, but some investors spent 1.2 yuan to buy it.

The discount is something with an actual price of 1 yuan. Now you can buy it for less than 1 yuan.

For example, many domestic closed-end funds are basically discounted by about 10%, which means that the net value of a fund is originally 1 yuan, because it is in a closed period and cannot be redeemed, and the liquidity on the market is insufficient, and some people need money urgently.

, you can buy it for only 0.9 yuan.

Why do Nasdaq ETFs have such a high premium?

Because ETFs have arbitrage mechanisms in primary and secondary markets, under normal circumstances, the discount and premium rates are very low, but the two Nasdaq ETFs have such high discount and premium rates?

Why?

When things go wrong, there must be a reason.

1. Subscription restrictions QDII funds are different from ETFs that track domestic indexes. ETFs that track domestic indexes often have no limits.

Funds tracking the Nasdaq ETF are QDII funds. Each fund company is subject to foreign exchange quota restrictions and cannot open unlimited subscription quotas.

When QDII funds make overseas investments, they need to convert RMB into foreign exchange. However, the fund company Meinian's exchange is subject to quota limits, because when the quota is tight or has been used up, subscriptions cannot be opened.

For example, Cathay Pacific's Nasdaq 100 ETF has suspended subscriptions since March. Although GF's Nasdaq 100 ETF is open for subscription, the total daily subscription limit is only 1 million units, which is equivalent to its minimum subscription and redemption unit.

E Fund's LOF (161130), which tracks the Nasdaq, has a daily limit of 500 yuan per account, and Dacheng Nasdaq (000834) has a daily limit of 200 yuan per account. Only Huaan's Nasdaq (040046) has a relatively sufficient quota, with a daily limit of each account.

10,000 yuan.

Subscription restrictions restrict the arbitrage mechanism of ETFs or LOFs, and when investors in the secondary market are too enthusiastic, premiums appear.

2. The market is irrational. In fact, many small investors do not know the truth, just like many investors who speculate on low-priced GEM junk stocks. They feel good for a while, but they don’t know whether it is the last straw.

Before buying the Nasdaq ETF, there is no best corresponding homework, or only half of the homework has been copied.

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

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Since March this year, the Nasdaq has risen close to 100%, with a slight correction in the middle. Looking at it now, every correction is an opportunity to get on board. Although we still don’t know how it will play out in the future, but as far as Internet companies or technology

Judging from the attributes of enterprises, the trend of the strong becoming stronger will become more obvious, and the leading position of technology giants will become more important.

Although it is a core asset, is it an unwise investment to buy something worth 1 yuan at a price of 1.2 yuan?

Indeed.

If you are an investor who understands the discount and premium of ETF, it will be difficult to buy it, but many people who don’t know what they really want will buy it without considering that its current price has seriously deviated from its own price, and the market

There are still other similar varieties available for purchase online.