This year, leveraged funds have been the subject of significant speculation by many investors. In the initial phase, the high-risk shares were heavily traded, and recently, there are signs of unusual activity in the low-risk shares as well. Currently, the difference in discount and premium rates of leveraged funds is quite pronounced, with a maximum gap of 85 percentage points between the highest and lowest.
In this context of significant differences in discount and premium rates, fund investors should be mindful of both the risks and opportunities involved. If an investor judges that the market's upward momentum is limited, the premium rate of the high-risk shares will significantly revert, which would correspondingly narrow the discount rate of the low-risk shares. This means that, aside from receiving the corresponding interest at the end of each operational cycle, low-risk shares could also gain from the reversion of the discount rate.
The gap between discount and premium rates has widened considerably in recent leveraged funds. As of yesterday, among leveraged funds, Shawan进取 had the highest premium rate at 60.71%; Jiasih多利进取 followed closely behind at 39.93%; Yinhua锐进 and Yinhua鑫利 exceeded 20%; Changcheng久兆积极, Shuangxi B, Jianxin进取, Xincheng沪深300B, and Guotai信用互利B all had premium rates exceeding 10%. The most heavily discounted was Shawan收益, at -24.63%, showing a difference of 85% between the extremes. Currently, the average discount rate for the stable shares of tiered funds in the market generally falls between 13%-20%.
"The discount and premium rates of low-risk A and high-risk B shares function like a seesaw," said Wu Yanan, manager of the Xincheng CSI 300分级 Fund. "The short-term high premium rate of high-risk shares is a key reason for the high discount rate of low-risk shares." For tiered funds that allow paired conversion, the mechanism of converting inside and outside the market will inevitably balance the discount and premium rates of the two shares according to their ratio.