2024-01-27 08:04:11
The abnormal hype of cross-border ETFs has attracted more and more attention from regulators and market participants.
Among them, the Shanghai and Shenzhen exchanges monitor abnormal transactions of cross-border ETFs with high premiums. From January 22 to January 26, the Shanghai Stock Exchange conducted focused monitoring of funds with higher premiums such as E Fund MSCI US 50 ETF.
Brokerages have also conveyed cross-border ETF trading risk warnings to customers. A reporter from the Financial Associated Press learned from the regulatory office that this is mainly due to the recent abnormal fluctuations in cross-border ETFs. When the monitoring warning line is reached, the exchange will issue relevant risk warnings to brokers. Whether it is ETF or other assets, as long as it is an abnormal transaction, the operation process is like this.
At the same time, E Fund also stated that although the company’s remaining QDII quota is very limited, in order to exert the transaction price stabilization mechanism of ETF primary and secondary market linkage and try to alleviate the high premium of secondary market transactions, E Fund MSCI US 50 ETF decided to increase the single-day cumulative The subscription limit was raised from 3 million to 8 million on January 24, to 20 million on January 25, and to 50 million on January 26.
A broker told a reporter from China Finance News that the rising premium of cross-border ETFs is mainly due to the current good trend of overseas stock markets and restrictions on foreign exchange quotas, so the enthusiasm for related subscription transactions is high. In the short term, the premiums of some cross-border ETFs are too high, and the risks have also increased. Investors need to be wary of investment risks.
Brokerages issue intensive ETF trading risk warnings
The Shanghai and Shenzhen exchanges are monitoring a number of cross-border ETFs this week, and brokerages have recently cooperated and issued intensive warnings on abnormal trading risks for cross-border ETF products. According to incomplete statistics from a reporter from Cailian News, many securities firms such as Guotai Junan Securities, Huatai Securities, Galaxy Securities, Everbright Securities, Ping An Securities, Zhongtai Securities, Chengtong Securities, Guorong Securities, and Chase Securities notified customers through APPs, SMS, etc. , indicating the trading risks of some ETF products.
According to risk warnings from brokerages, fund managers of “Nikkei ETF”, “Nikkei 225 ETF”, “US 50 ETF” and “Nasdaq Index” have recently issued reminder announcements many times. Fund prices have significantly deviated from the reference net value of fund shares, resulting in a large premium. Everbright Securities reminds investors to make investment decisions with caution.
Galaxy Securities stated that in order to prevent trading risks and maintain market order, the Shanghai Stock Exchange will further strictly identify abnormal trading behaviors on the above-mentioned securities, and take severe measures to list key monitoring accounts, suspend investor account transactions, and restrict investor account transactions as appropriate. , identify as unqualified investors and other self-regulatory management measures. Investors are advised to judge the market rationally, make investment decisions cautiously, and pay attention to the risks of fund price speculation.
Zhongtai Securities issued an announcement saying that the price of the “S&P ETF” fund fluctuated abnormally, the premium rate was high, and it deviated significantly from the reference net value of the fund shares, and there was market speculation. In order to prevent transaction risks and maintain market order, the Shenzhen Stock Exchange focuses on monitoring the fund and strictly supervises investors who frequently participate in the fund’s transactions in large quantities and have abnormal trading behaviors.
The announcement from Chengtong Securities clearly stated that the Shenzhen Exchange will strictly identify abnormal trading behaviors related to the S&P ETF (159655), and take severe measures to list the account as a key monitoring account, suspend investor account transactions, and restrict investor accounts as appropriate. self-regulatory management measures such as trading and identifying as unqualified investors.
In general, the cross-border ETFs monitored by the Shanghai and Shenzhen Stock Exchanges this time are mainly “Nikkei ETF” (513520), “Nikkei 225ETF” (513000), “US 50ETF” (513850), “Nasdaq Index” ( 513870), “S&P ETF” (159655).
Cross-border ETF transactions have increased recently
On January 26, “US 50 ETF” (513850) issued a premium risk warning and temporary suspension announcement. In order to protect the interests of fund share holders, “US 50 ETF” will temporarily suspend trading for one hour.
Starting from January 16, the Nikkei ETF has issued a “Secondary Market Transaction Price Premium Risk Warning and Temporary Trading Suspension Announcement” for 9 consecutive trading days, and the fund manager applied for a 1-hour trading suspension on the trading day. The previous trading volume of the Nikkei ETF was not high, with only tens of millions of yuan traded on the exchange. After entering 2024, Nikkei ETF transactions have been active, with on-site transactions not only exceeding 100 million yuan, but even reaching 4.8 billion yuan on January 16.
Similar situations exist in other cross-border ETFs. For example, the Nasdaq Composite Index (513870) announced its application for a one-hour trading suspension on January 24 and January 25. The trading volume has increased significantly in recent trading days, and the market (secondary market) The closing price represents a significant premium compared to the reference net value.
It is worth noting that “US 50 ETF” and “Nasdaq Index” are newly established funds. They were established in November and October 2023 respectively. Their current total scale is not particularly high.
Above – Deadline is January 26, 2024
Be wary of excessive cross-border ETF premiums
Lin Weibin, general manager of E Fund Index Investment Department and U.S. 50ETF fund manager, also recently pointed out that since January 22, the U.S. 50ETF secondary market trading activity has increased significantly, and the transaction price is significantly higher than the fund share reference net value (IOPV), and there has been a relatively large trend. Due to the large premium risk, investors are advised to pay special attention to the premium risk of secondary market transaction prices and make investment decisions rationally.
In response to the rising premium rate of cross-border ETFs, Liu Youhua, deputy director of the Wealth Research Department of Paipai.com, told reporters, “On the one hand, overseas stock markets continue to strengthen and domestic investors pay more and more attention to global investment layout, making cross-border ETFs more popular among investors. Favored; on the other hand, cross-border ETFs can be traded on T+0, and ETF taxes and commissions are very low, providing room for price differences.”
Liu Youhua also added, “If the premium rate of an ETF is too high, there may be certain risks, because once the market demand for the ETF drops, the market price of the ETF may fall rapidly, causing investors to face losses.”
The aforementioned brokerage people also said that policies to support the development of A-shares have been frequently introduced recently. In addition, after the sustained decline in the early stage, the risks of A-shares have been effectively released, and the investment value has emerged. Investments must make money within the cognitive ability. However, the international situation has been changing and turmoil has intensified recently, so investors should not over-hype overseas markets.
Regarding the future trend of the Japanese stock market, the macro strategy team of Guolian Securities believes that at the beginning of 2023, the Japanese stock market will have the three advantages of excellent targets, cheap assets, and low concentration, and its comprehensive “core competitiveness” will be high. However, under the current background that the Japanese stock market continues to rise and global investors continue to increase their investment in Japan, its “core competitiveness” is constantly weakening, which may indicate that the short-term allocation performance-price ratio is weakening. In addition, the RSI index also reflects the increase in short-term volatility of Japanese stocks and the sharp increase in trading sentiment, which may reflect the periodic overheating of Japanese stocks.
(Source of article: Financial Associated Press)
Source of article: Financial Associated Press
Original title: Brokerages are intensively warning about the risks of cross-border ETFs. The more they warn about the risks, the more they speculate?What do regulators and various parties have to say?
Solemnly declare:Oriental Fortune publishes this content to disseminate more information. It has nothing to do with the position of this site and does not constitute investment advice. Operate accordingly at your own risk.
#Brokerages #intensively #warning #risks #crossborder #ETFs #warnings #risks #hypeWhat #supervision #parties #say_Oriental #Fortune #Network