news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

On August 5, affected by the decline in external stock markets, cross-border ETFs continued to decline. The Nikkei 225 ETF and Nasdaq Technology ETF hit the limit down. The Nikkei ETF, Asia Pacific Select ETF, and Nikkei 225 ETF of E Fund fell by more than 9%. The Japan Topix Index and Nikkei ETF followed suit.

It is worth noting that the premium rates of funds such as Nikkei 225 ETF and Nasdaq Technology ETF have narrowed significantly, but are still positive.

Recently, the Japanese stock market has been falling. On August 5, the Nikkei 225 index closed down 12.4% at 31,506 points, wiping out all gains since the beginning of the year and setting a record for the largest drop in points in history, surpassing the "Black Monday" in October 1987.Records.Earlier on August 2, the Nikkei 225 index fell 2,216 points.

CICC Forex Research said that the main reasons for the recent sharp drop in Japanese stocks are three: concerns about global recession, the impact of the appreciation of the yen, and the involvement of semiconductors. In addition, from the perspective of capital flow, the main selling force in the recent period may come from overseas investors.

A reporter from Southern Finance Express noticed that on the evening of August 4, the Nasdaq Technology ETF issued a secondary market trading price premium risk warning and a suspension announcement. In order to protect the interests of investors, the fund will be suspended from the opening of the market on August 5, 2024 to 10:30 on the same day.The reporter also noticed that in early August alone, the Nasdaq Technology ETF had issued three secondary market price premium risk warnings and suspension announcements. In addition, the Nasdaq ETF and the Nasdaq ETF also issued two secondary market trading price premium risk warning announcements in early August.

It is worth mentioning that cross-border ETFs have been active since the beginning of this year. In January and June of this year, cross-border ETFs showed high premiums. According to Huabao Securities' May research report, the premium rates of E Fund Nikko Asset Management Nikkei 225 ETF and Huaxia Nomura Nikkei 225 ETF reached 22.44% and 17.34% respectively, setting a record high.

Huabao Securities believes that the market sentiment and the failure of the arbitrage mechanism have jointly catalyzed this wave of premium rate increases. Historically, the premium rate of ETFs cannot be maintained at a high level for a long time. Since 2020, there have been 47 cases in which the premium rate of domestic listed ETFs has exceeded 15%, and the average number of days it has remained above 15% is only 1.7 days. In other words, if it does not exceed 2 days on average, the high premium rate will converge downward.

Huafu Securities said that the premium or discount is actually the price difference between the primary and secondary markets, and the reasons for this price difference include foreign exchange transaction quotas, transaction time differences, arbitrage efficiency and market sentiment. Among them, market sentiment is affected by the trading psychology of investors. When the fundamentals are favorable or the market continues to rise, the attention to ETF-related targets continues to increase, the market sentiment is high, the related ETFs are hotly sought after by funds, and the secondary market prices also rise, which can easily lead to high premiums.