Reporter Wu Shan and trainee reporter Peng Yanxiang.
Recently, a number of ** products investing in overseas markets such as the United States and Japan have been suspended due to continued high premiums, and relevant ** companies have frequently issued risk warning announcements.
Yang Delong, chief economist of Qianhai Open Source, said in an interview with the reporter that at present, the overseas market is generally at a historical high, and investors should be fully aware of the risks and make prudent decisions when investing in high-premium QDII (Qualified Domestic Institutional Investor) products.
A number of ** companiesRing the premium alarm bell
On February 7, the fifth trading day of the month, there were 48 premium risk warning announcements related to investing in overseas products, involving 15 products, and even expanded from popular ETFs (exchange-traded open-ended index**) to LOF (listed open-ended**) products.
Judging from February 7 alone, E Fund announced that recently, the secondary market trading of E Fund's Class A RMB shares** was significantly higher than the net value of its shares. Investors are hereby reminded to pay attention to the risk of premium in secondary market trading**, and if they invest blindly, they may suffer significant losses.
Previously, the risk warning announcement was also issued by ChinaAMC** and E Fund**, involving 27 products such as Huaxia Nomura Nikkei 225 ETF and E Fund S&P Information Technology A USD Spot Exchange.
Wind data shows that as of February 7, among the top 20 IPOs with the highest premium rate of IOPV (** share reference net value), QDII** accounted for 10, and Invesco Great Wall Nasdaq Technology ETF (QDII) and Nikkei ETF were among the top, with an IOPV of 36% or more.
Yao Xusheng, a partner of Paipaiwang Wealth Management, said in an interview with ** reporter that the high premium of QDII products is caused by short-term irrational factors in the market, which is usually related to the shortage of products, overheated investment sentiment, and poor liquidity.
Regarding the risks that may be caused by high premiums, Yao Xusheng said that first, the secondary market will converge to the same as the net value, resulting in the risk of the disappearance of the premium; The second is the risk caused by the overheating of the underlying asset, and investors should be cautious about high-premium QDII products. Investors need to fully understand the characteristics of the product and their own risk tolerance, try to avoid high-premium varieties to avoid major losses.
Some products are temporarily suspendedGuiding overheated investment to "cool down".
In order to alleviate the phenomenon of high premiums in secondary market transactions and effectively protect the interests of investors, in the past month, a total of 4 products, including Nikkei 225, ChinaAMC S&P 500 ETF (QDII), ChinaAMC Nomura Nikkei 225 ETF, and E Fund MSCI US 50 ETF (QDII), have successively announced temporary suspension of trading.
For example, on February 6, ICBC Credit Suisse** announced that in order to protect the interests of investors, this ** (Nikkei ETF) will be suspended from the market open on February 6, 2024 to 10:30 on the same day. This is the sixth suspension of this product in the past month.
Yuan Shuai, executive director of the high-quality development promotion project of specialized, special and new enterprises, believes that the company's suspension of large-scale subscription and other measures is to protect the interests of the first share holder and ensure the smooth operation of the company. In the case of an imbalance between supply and demand, the suspension of large-scale subscriptions can slow down the excessive growth of the scale and avoid the difficulty of the manager to achieve the investment goal due to the excessive scale. In addition, the suspension of large subscriptions can help curb excessive investment enthusiasm and reduce potential investment risks.
Yuan Shuai also said that before investing, investors should fully understand the characteristics and risks of QDII products, as well as their own investment objectives and risk tolerance. In the face of high premiums, investors can pay attention to the difference between the net value and the secondary market to avoid blindly chasing up. In the process of investment, it is necessary to remain rational, pay attention to market dynamics, and adjust according to market conditions and your own investment needs. At the same time, investors can also reduce investment risks through strategies such as diversification and regular fixed investment.
Yao Xusheng said that although the overall performance of QDII** is strong, historical experience has proved that the high premium of ETFs cannot be sustained for a long time, and the risk of this liquidity premium is uncontrollable. It is recommended that investors rationally participate in investment QDII** from the perspective of asset allocation in order to achieve a balance between returns and risks.
* |Station cool Hailuo production |Zhou Wenrui audit |Edited by Xing Meng |Caishandan final review |Zhang Yiliang