Since this year, Yingweida The heat has remained high, with an increase of more than 160%. The two funds were also on fire, attracting a lot of speculation funds. Recently, these two companies have also issued premium risk warning announcements for many times. Among them, Invesco the Great Wall NASDAQ Technology ETF (QDII) has issued 20 premium risk warning announcements within one month.
Many retail investors have also joined the hype boom. In addition to trading directly in the secondary market, some retail investors will also participate in short-term hype through "tractor account purchase" and "trust transfer arbitrage". In this regard, the insiders remind investors to invest cautiously and pay attention to the various risks that may be faced in the process of speculation.
In addition, for investors who plan to invest in the US stock technology sector for a long time, the insiders also remind that they should pay attention to the risks of US stock shocks, individual stock fundamental performance differentiation and so on.
The two funds frequently issue premium risk warning announcements
On June 17, Invesco Great Wall Fund released the "Report on Invesco the Great Wall NASDAQ Technology market capitalization weighted trading open-ended index negotiable securities Notice on Risk Alert and Suspension of Trading Price Premium of Investment Funds (QDII) in the Secondary Market.
The announcement shows that in the near future, Jingshun Great Wall NASDAQ The secondary market transaction price of the technology ETF (QDII) is significantly higher than the reference net value of fund shares, resulting in a large premium. In addition, the announcement also shows that the trading of the fund will be suspended from the opening of the market on June 17, 2024 to 10:30 on the same day.
The company also specially reminded investors to pay attention to the risk of trading price premium in the secondary market. If investors invest blindly, they may suffer heavy losses.
In addition, on the same day, E Fund was also the S&P IT index of E Fund negotiable securities The investment fund (LOF) issued a premium risk warning announcement.
The announcement mentioned that in the near future, the transaction price of E Fund's Class A RMB share of the Standard&Poor's Information Technology Index (QDII-LOF) (the floor abbreviation: Standard&Poor's Information Technology LOF) in the secondary market was significantly higher than the net value of fund shares. On June 12, 2024, the net value of the fund units will be 4.6065 yuan, while as of June 14, 2024, the closing price of the fund in the secondary market will be 5.168 yuan.
The fund manager reminds investors that they should pay attention to the risk of the trading price premium in the secondary market. If investors buy at a high premium, they may face greater losses.
Recently, due to the high hype in the secondary market, the two funds mentioned above frequently issued premium risk warning announcements.
Including the above announcements, during the month from May 18 to June 17, Jingshun Great Wall NASDAQ Technology ETF (QDII) issued 20 premium risk warning announcements, and E Fund Standard&Poor's Information Technology Index (QDII-LOF) issued 15 premium risk warning announcements.
Why do these two foundations frequently issue premium risk warning announcements? In this regard, the insiders pointed out that "this is due to Yingweida The rapid rise in the market has led to an increase in investment enthusiasm. Many investors who cannot directly invest in U.S. stocks choose to purchase QDII funds for indirect investment. On the other hand, due to the small scale of some funds and the small turnover in the market, the overall liquidity is not strong enough, which is easy to be hyped up by funds to quickly raise prices. "
It is worth noting that not all funds that issue premium risk warning announcements face the problem of small turnover. Taking Jingshun Great Wall NASDAQ Technology ETF (QDII) as an example, data from Shenzhen Stock Exchange shows that the transaction amount of this fund has exceeded 700 million in recent working days.
Two Fund position Yingweida
According to its prospectus, the two funds mentioned above are passive tracking index products using the complete replication method. Among them, Jingshun Great Wall NASDAQ Technology ETF (QDII) tracks the NASDAQ technology market capitalization weighted index, while E Fund S&P Information Technology Index tracks the S&P 500 Information Technology Index. In these two indexes, Nvidia has more weight.
According to the Fund's first quarterly report, the market value of NVIDIA shares held by these two funds accounted for more than 10% of the net worth. As of the close of last Friday's US Eastern Time, Nvidia has risen as high as 166.38% this year, contributing a lot of income to the two funds.
Among them, Nvidia is the largest holding stock of Jingshun Great Wall NASDAQ Technology ETF (QDII) at the end of the first quarter of this year. The fund holds 160900 shares of NVIDIA, with a market value of about 1.032 billion yuan, accounting for 14.33% of the net value.
In addition, Meta and Google, among the top five holding stocks of the fund at the end of the first quarter, also achieved more gains. As of the closing of last Friday, the two companies had increased by 42.84% and 26.74% respectively.
Looking at E Fund's S&P Information Technology Index (QDII-LOF), Nvidia is the third largest holding stock of the fund at the end of the first quarter of this year. The fund holds 16800 Nvidia shares, with a market value of about 108 million yuan, accounting for about 15.73% of the net worth.
In addition, among the top five heavy positions of the fund, broadcom The increase is also high. broadcom It is also a chip stock. As of the close of last Friday's US Eastern Time, the stock has risen as much as 56.17% this year.
Due to the good performance of heavy position stocks, the performance of these two funds has been good since this year.
In terms of performance, according to the data of Tiantian Fund Network, as of June 13, this year, the return of Jingshun Great Wall NASDAQ Technology ETF (QDII) is 33.45%, and the return of E Fund Standard&Poor's Information Technology Index (QDII-LOF) is 26.32%.
Retail speculation prevails, and insiders warn of risks
In this wave of investment boom led by Nvidia, many retail investors also took action. In addition to trading directly in the secondary market, some retail investors will also participate in speculation through "tractor account purchase" and "custody transfer arbitrage".
Recently, on social media, netizens often publish "teaching posts" that use "tractor account" to participate in QDII investment.
Due to the limited investment amount of QDII, some popular funds often limit the amount of subscription, so some investors will choose to unify three shareholder accounts and three fund accounts into one securities firm for management and trading, form a tractor account, and use six accounts to subscribe for funds, so that the amount of subscription can reach six times the subscription limit. However, only some securities companies support this function.
After successful subscription through normal subscription or tractor account, some investors will participate in the investment of ETF funds with obvious premium through "transfer of custody arbitrage", that is, after the OTC subscription of funds, the funds will be converted into OTC funds, sold in the market, and enjoy premium income. However, some institutions will charge a certain fee for the re custody, and some funds purchased by third-party platforms cannot be re deposited.
What risks will the above operations face? An insider from a large securities firm in Beijing told the reporter, "First of all, the subscription of QDII funds is not real-time. Some QDII funds can only be sold on Thursday after Monday's subscription. During this period, investors will face certain losses if an unexpected event leads to the decline of speculation. In addition, if the liquidity of a fund is poor, investors may also encounter 'stampede' when selling on the market. In this case, if there is no more floating profit accumulated in the early stage, they will often face the situation of loss selling. "
"In addition, the transfer of custody is not real-time, and some institutions will charge a certain fee for the transfer of custody. The time cost and fee cost of the transfer of custody operation are risk factors that affect investors' income," the person added.
Is the technology sector still worth investing in?
The above two US stock technology theme funds still have a certain premium in the short term, and there will be many risks in over-the-counter trading and short-term speculation. From the perspective of long-term investment, what is the investment value and risk of the US stock technology sector?
Some insiders believe that the current risk of US stocks is controllable, and investors can continue to pay attention to the investment value of US stocks' technology sector. Some insiders pointed out that the US stock market may maintain high volatility, while investing in the US stock technology sector needs to pay attention to the risk of the fundamental performance differentiation of individual stocks.
In the first quarterly report of this year, the fund manager of Jingshun Great Wall NASDAQ Technology ETF (QDII) pointed out that the strengthening of interest rate cut expectations will help the three major stock indexes remain stable. The US stock assets that have risen since last year have released some pressure from the valuation end. At the same time, the resilient economy has made corporate profits continue to improve, and the current risks of US stocks are still relatively controllable. with artificial intelligence Science and technology innovation represented by is developing in full swing. At present, the profit forecast of science and technology leaders is generally optimistic. With the decline of risk-free interest rate in 2024, science and technology stocks are expected to continue to show strong performance. As an indispensable part of domestic residents' asset allocation, overseas investment is recommended to maintain the focus on overseas technology investment products.
gf securities The Wealth Management Department pointed out that the overall molecular end of technology stocks in the United States still maintained a steady growth trend, but it is necessary to pay attention to the fundamental differentiation caused by the internal overall recovery and AI investment and fulfillment; At the same time, we are concerned about the disturbance of the Federal Reserve's hawk to the denominator under the stubborn inflation. It is expected that the US stock market will remain high and volatile.
(Source: The Associated Press of Finance and Economics)
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