Following two days of high premiums,on July 3rd,the Nasdaq Technology ETF was suspended for one hour due to the risk of high premiums,but this did not "cool down" the market enthusiasm.By the close,the product's total transaction volume for the day reached 2.11 billion yuan,and although it closed down by 1.41%,the IOPV premium rate was still as high as 15.05%,leading among QDII products.

On the same day,there were also premium risk warnings issued for Huaxia Nomura Nikkei 225 ETF,Bosera S&P 500 ETF,and seven other products.By the close,most of these products had IOPV premium rates exceeding 5%.Industry insiders believe that overseas investments continue to attract market attention due to the obvious profit-making effect.

Wind data shows that as of July 2nd,nearly 70% of QDII products have achieved positive returns this year,with 44 having returns exceeding 20% within the year.Among them,the Nasdaq Technology ETF,with a return of 34.24% within the year,ranks first in the public fund market.With the market's heat comes more than 580 premium risk warnings for QDII funds.

Some fund investment researchers believe that a high premium means that the product's secondary market price has significantly deviated from the actual net value.Once the high premium falls back,investors will face great risks.It is recommended not to blindly chase high-premium products to avoid unnecessary losses.

There is a phenomenon of market speculation.

On July 3rd,the Jing Shun Great Wall Nasdaq Technology Market Value Weighted ETF (abbreviated in the market: Nasdaq Technology ETF; trading code: 159509) announced that the secondary market trading price of the fund was significantly higher than the reference net value of the fund shares,showing a large premium.To protect investors,the fund was suspended from the opening of the market until 10:30 that day.

By the close,the product fell by 1.41% that day,with an IOPV premium rate of 15.05%,leading among similar products; the transaction volume for the day was 2.114 billion yuan,doubling the average daily transaction volume in the second quarter; the full-day turnover rate was 20.63%,an increase of 9.33 percentage points from the 11.3% average daily turnover rate in the second quarter.

This is not the only example.From July 1st to 3rd,more than ten securities firms such as Xingye Securities,Chengtong Securities,Hualin Securities,GF Securities,and Kaiyuan Securities also successively issued similar risk warnings.For example,GF Securities announced that recently,the "Nasdaq Technology ETF" fund has a high premium rate,significantly deviating from the fund's net value,and there is a phenomenon of market speculation.

Integrating the content of the above announcements,the Shenzhen Stock Exchange will focus on monitoring this fund,strictly regulate investors who frequently and massively participate in the trading of this fund and have abnormal trading behaviors,and take self-regulatory management measures such as listing as a key monitoring account,suspending investor account transactions,restricting investor account transactions,and identifying as unqualified investors according to the situation.

Dongxing Securities also reminded of the monitoring time in the announcement,with key monitoring starting from July 1st and the ending date being no less than 10 trading days.In addition,some investors have reported that they have received risk warning text messages from securities companies,stating that the Nasdaq Technology ETF has been listed as a key monitoring security,and the exchange will strictly determine abnormal trading behaviors of this security.From the perspective of fund subscriptions,consecutive actions to "discourage" have not dampened investors' enthusiasm.Since May 31,the fund shares of the Invesco Great Wall Nasdaq Technology Market Value Weighted ETF have increased by 6 million shares daily.As of July 3,the latest fund shares of this product stand at 6.086 billion,more than doubling within the year and continuously setting new highs.

Why is it so "crazy"?

Why has the Nasdaq Technology ETF attracted so much attention?"Indeed,it has been quite fruitful this year," said an investor holding the product.

Wind data shows that as of July 2,the year-to-date cumulative return of the Invesco Great Wall Nasdaq Technology Market Value Weighted ETF was 34.24%,ranking first in the public fund market.

"The Nasdaq Index did not start performing well this year," said Zhang Xiaonan,the fund manager of Invesco Great Wall ETF and Innovation Investment Department,to First Financial.At the end of 2022,after OpenAI's ChatGPT went viral,the world is currently brewing a new round of technological revolution,with the theme being generative AI large models.A series of companies that have benefited the most in this wave of AI,such as Nvidia,Microsoft,Google,etc.,are all listed on the US Nasdaq market.

"Affected by the expected and fundamental resonance of these technology companies in the AI wave,their stock prices have also set new highs repeatedly,driving the Nasdaq Index to rise continuously," Zhang Xiaonan believes that the rise of the US market in the past two years has mainly been driven by technology leaders,but focusing on technology leaders means holding more concentrated risks and greater fluctuations,and investors need to match suitable products based on their own risk tolerance.

According to the fund's first-quarter report data,the top ten heavy positions of the Invesco Great Wall Nasdaq Technology Market Value Weighted ETF are Nvidia,Microsoft,Apple,Facebook,Google-A,Broadcom,Google-C,Advanced Micro Devices,Adobe,and Qualcomm.As of July 2,the average increase of the above individual stocks this year has exceeded 39%,with Nvidia's increase reaching 147.74% within the year.

So,after a period of rise,does the Nasdaq Index still have room for growth?"Given that the rise of this round of the US stock market is mainly triggered by AI,the subsequent development of the market still needs to be combined with the stage of AI development," said Zhang Xiaonan.Looking at the AI industry chain,more profits and expansion are currently concentrated in computing infrastructure and large model training,and Nvidia,OpenAI,etc.,have already enjoyed the first wave of dividends.

Zhang Xiaonan further analyzed that the downstream model inference and application of the subsequent industry chain may become new profit growth points,and in the long run,it will also bring new market space for technology leaders with deep technical accumulation.At the same time,he also warned,"The development of emerging industries is difficult to go smoothly,and the development of AI is also inevitable to encounter twists and turns,which brings fluctuations in the stock prices of related companies,and investors also need to be prepared for the risk of fluctuations."

"Under the 'rising voice,' high premiums frequently appear."The situation with the Nasdaq Technology ETF is not an isolated case.On July 3rd,Huaxia Nomura Nikkei 225 ETF,Bosera S&P 500 ETF,Bosera NASDAQ 100 ETF,Huaxia NASDAQ 100 ETF,Guotai S&P 500 ETF,Huaxia S&P 500 ETF,and Yifangda Crude Oil A RMB,among 7 other products,also issued premium risk warnings.

As of the close on that day,there were 20 QDII products with an IOPV discount rate exceeding 3%.Except for Yifangda Crude Oil A RMB,the IOPV discount rates for the aforementioned 7 products all exceeded 5%,such as Huaxia Nomura Nikkei 225 ETF and Bosera S&P 500 ETF with IOPV discount rates of 7.79% and 7.77%,respectively.

The premium in cross-border ETFs mainly stems from two different pricing mechanisms in the primary and secondary markets.One is the real-time trading price in the secondary market (i.e.,the current price),and the other is the fund share reference net value (i.e.,IOPV).The price difference between the primary and secondary markets is known as the discount or premium.

"ETFs can be traded in both markets simultaneously.When the market has an optimistic view of the ETF and there is a strong willingness to buy,a certain premium rate is generated.The corresponding investment strategy at this time is the premium arbitrage strategy,which is to subscribe to the ETF in the primary market and sell it in the secondary market," said a fund marketing department person from South China in a conversation with a reporter,adding that the limited QDII quota is an important reason for the high premium.

In fact,overseas investment has continued to attract market attention,which is based on the obvious profit effect.Wind data shows that as of July 2nd,among the 618 QDII products with available data,more than 68% of the products have achieved positive returns within the year.Among them,44 QDII funds have returned more than 20% since the beginning of the year.

"Returns are the baton that determines the flow of capital.QDII products generally have good performance and can obtain tangible profits,so investors naturally have a demand for such products," said the aforementioned fund marketing department person.

Following this,these cross-border funds that mainly invest in overseas markets have frequently issued premium risk warnings.According to a preliminary count by First Financial,as of July 3rd,this year,a total of 48 QDII products (calculated separately for different shares,the same below) have issued a total of 586 fund premium risk warnings.

In addition to the Nasdaq Technology ETF,Huaxia Nomura Nikkei 225 ETF and Yifangda Crude Oil A RMB have also issued 65 and 62 related announcements within the year,respectively; Yifangda S&P Information Technology A RMB and ICBC Daiwa Nikkei 225 ETF have also issued more than 30 warnings.There are 16 products with more than 10 warnings,such as ICBC India Market USD,Yifangda MSCI USA 50 ETF,Harvest Crude Oil,etc.

In the view of the aforementioned fund marketing department person,QDII funds are suitable as a beneficial supplement to the investment portfolios of domestic investors,but they also imply various risks,such as market short-term fluctuation risks,exchange rate risks,policy and regulatory risks,etc.It is recommended that investors should carefully identify and make choices based on their actual situation,and should not invest impulsively just because of the high short-term returns of the products.