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International crude oil futures prices have recently recovered to more than US $ 40 a barrel, but the Yuanta S&P Crude Oil Positive 2 ETF (00672L-TW) share price has continued to decline. Many investors have fallen for investment myths. The main reason is that this ETF’s share price premium rate was as high as in the past. 6 times, now the premium rate is only 6-7%, and the “high premium rate convergence” caused the stock price to fall.
On April 20 of this year, the West Texas Light Crude Oil May futures contract had an unprecedented negative oil price event. The futures market exploded with panic and selling pressure. On April 21, June West Texas Light Crude Oil futures were down 68.18%. The Texas crude oil futures price has risen from negative oil prices to more than $ 40 a barrel, but the positive market price of Yuanta crude has continued to decline. From the market price of 3.68 yuan on April 20, it has fallen to just $ 40 a barrel on August 28. 0.94 yuan left, a drop of 74.45%, which is completely different from the trend of the crude oil futures rebound.
In fact, Yuanta S&P Crude Oil Positive 2 ETF is a credit futures ETF, and the credit futures ETF has the function of trading open products and funds on the Taiwanese stock market. Therefore, it has a market price and a net worth. The market price is determined by the supply and demand of the stock market. Net value is calculated from the fund’s actual assets, which is the fund’s actual price. The ETF issuer’s responsibility is to keep the net worth of the fund as close as possible to the index being tracked. Although the market price may be different from the net value, in the long run, the market price will be closer to the net value. If investors do not know anything about the immediate estimated net value of the fund Under certain circumstances, the large-scale entry of ETFs in the market is likely to result in an abnormally high premium where the market price of the fund is substantially higher than net worth.
From April 20 to August 27, the daily yield of S&P Goldman Sachs crude oil doubled followed by Yuanta Crude Oil Positive 2. The value of the ER index fell from 0.1988 to 0.1195, a decrease of 39.89%; But in comparison, Yuanta Crude Oil Zheng 2’s net worth increased from 0.86 yuan to 0.94 yuan, an increase of 9.30%, far ahead of the performance of the tracking index.
And the phenomenon of falling prices “out of the ordinary” is actually the result of the convergence of the high premium, not due to the operations of Yuanta Investment. From April 20 to August 27, although the market price of Yuanta Crude Oil Zheng 2 fell from 3.68 yuan to 0.98 yuan, a drop of 73.37%; however, the fund’s net worth rose slightly 9.30% over the same period, outperforming the index.
Since the premium rate of the Yuanta Crude Oil Positive 2 Fund sharply converged from 237.61% to 2.08%, it can be seen that the drop in market price was not caused by the wrong operation of Yuanta Investment, but mainly due to the convergence of the high premium rate, which has nothing to do with the operation of Yuanta Investment. .
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