Retail investors are going crazy for US stocks QDII! Top public sale institutions warn that the premium risk has reached 7%.

On November 17, multiple leading public fund institutions, including E Fund, GF Fund, Invesco Great Wall Fund, Da Cheng Fund, Huaxia Fund, HFT Investment, and Cathay Fund, issued announcements highlighting the premium risk associated with US stock QDII products. In the context of a one-sided strong performance in the US stock market, retail investors and speculative funds have embraced US stock-themed QDIIs, resulting in a significant premium between the secondary market price of these QDIIs and the net asset value of the funds.

Head Public Sale Project Voice Unprecedented

In the context of retail investors chasing US stocks QDII, leading public funds have collectively spoken out. On November 17, E Fund, GF Fund, Invesco Great Wall Fund, Da Cheng Fund, Huaxia Fund, Huitianfu Fund, and Cathay Fund all issued announcements stating that the QDII products under these fund companies are at risk of premium, and these QDII products are all themed around US stocks without exception.

E Fund announced on the 17th that recently, the secondary market trading price of the E Fund Nasdaq 100 ETF (QDII) has surpassed the reference net asset value of the fund shares. According to the latest disclosed net asset value data, on November 14, 2025, the closing price of the fund in the secondary market was 1.767 yuan, representing a premium of 7.47% compared to the fund share reference net asset value on that day. E Fund hereby reminds investors to pay attention to the premium risk of secondary market trading prices. Investors who buy at a high premium may face significant losses.

It is worth mentioning that E Fund indicated that it can, based on actual circumstances, apply for temporary trading halts during trading hours from the Shenzhen Stock Exchange, extend the trading halt period, and other methods to warn the market of risks. As of now, the relevant funds are operating normally, with no other significant information that should be disclosed but has not been disclosed. In addition, similar announcements have been made by QDII funds such as Invesco Great Wall S&P Consumer Select QDII, Cathay S&P 500 Index QDII, GF Nasdaq 100, CMB Nasdaq 100, and Da Cheng Nasdaq 100.

Among them, the S&P Consumer Select QDII Fund emphasizes that if on November 17, 2025, the premium of the QDII Fund's secondary market trading price does not effectively decline, the fund company has the right to take measures such as applying to the Shenzhen Stock Exchange for a temporary trading halt during the trading session or extending the trading halt time to warn the market of risks. This phenomenon of collective voice is extremely rare in the history of public funds, showing the high importance that regulatory authorities and fund companies attach to the current premium risk of US stock QDII.

New narratives attract liquidity, US stocks QDII become a channel for technology stocks

With the new narratives of AI artificial intelligence, chips, innovative drugs, quantum computing, AI healthcare, and other new tracks prevailing globally, the US stock thematic QDII has become a unique existence among public sale QDIIs, continuously attracting a large amount of capital. Although many US stock QDII funds have relatively conservative gains this year, their ability to attract funds far exceeds that of Hong Kong stock QDIIs.

For example, as of November 17, the annual return of the E Fund Nasdaq 100 QDII fund is about 17%. However, the asset size of this QDII has rapidly grown from 1.4 billion yuan at the beginning of this January to 3.7 billion yuan at the end of September this year. In contrast, although many Hong Kong stock QDII funds have achieved excellent returns of over 50%, 60%, or even 90% this year, they lack the ability to attract retail investor subscriptions. Many Hong Kong stock QDII funds that performed well this year are experiencing a situation where they receive applause but not sales.

This may also be due to the relatively conservative gains of the US stock QDII within the year. With expectations of better returns from US stock QDII in the future, a number of speculative capital and retail investors have begun to speculate on the trading prices of these QDIIs in the secondary market, resulting in a significant premium between the trading prices and the net value.

Insiders believe that the Hong Kong stock market has been continuously adjusting recently, especially with increased risks of declines in Hong Kong internet companies, technology companies, and artificial intelligence sector stocks. Many Hong Kong technology funds have experienced significant performance withdrawals in the short term. At the same time, several US technology companies recently released their third-quarter earnings, significantly boosting market confidence, and US technology-themed funds have shown a strong performance recently. This situation of divergence in strength and weakness has also given US QDII more uniqueness.

Three Core Reasons Why U.S. Stocks QDII Are Highly Sought After

Global Technology Giants Concentration Effect: Top global tech companies such as Google, Apple, Microsoft, NVIDIA, and Tesla are all listed on the US stock market, and the US stock QDII provides investors with a convenient channel to cover major global tech giants with one click.

AI Narrative Continues to Ferment: Investment opportunities in new tracks such as artificial intelligence, quantum computing, and innovative drugs are mainly concentrated in the U.S. stock market, while related targets in the Hong Kong stock market are relatively limited.

Higher earnings certainty: The quarterly reports of US tech giants show strong performance, while Hong Kong tech stocks face dual pressures from regulation and the macro environment, leading investors to prefer the more certain US stock assets.

The fund manager liquidates Hong Kong stocks, fully investing in US stocks to seek high flexibility

In fact, both retail investors and fund managers are increasing their U.S. stock assets. When retail investors embrace U.S. stock QDII funds, fund managers managing QDII products are also increasing their positions in U.S. stocks. In the third quarter of this year, fund manager Mao Dingding almost liquidated his previously heavily weighted Hong Kong stocks and instead listed U.S. stocks, which were previously held in smaller quantities, as his largest investment position.

According to the information disclosed by the Chuangjin Hexin Global Pharmaceutical and Biotechnology Fund QDII, the previous position of nearly 60% in Hong Kong stocks has almost disappeared in this QDII product. As of the end of September this year, the proportion of Hong Kong stocks in the QDII is 0. The core logic behind this is the rapid growth of the US stock position, which has surged to become the largest position, accounting for as much as 71%.

It is worth mentioning that the aforementioned liquidation of Hong Kong stock positions, which is almost entirely invested in the US stock market, has led to a rapid rise in the performance of the China Universal Medical Biotechnology Fund. In the first half of this year, this QDII fund was still in a lagging state, but now its performance ranking among QDII funds is among the top in the market. Qu Shaojie, the Deputy General Manager of the International Business Department of Great Wall Fund, is also heavily invested in the US stock market. According to the periodic report disclosed by the Great Wall Global New Energy Vehicle QDII, as of the end of September this year, the US stock position held by this QDII fund was close to 72%, while the position in the Hong Kong stock market was only about 5%.

Qu Shaojie explained his logic for embracing the US stock market. He judged that the United States is currently in a strong cycle of technological innovation, with AI technology continuing to make significant progress this year, especially in areas such as large models, intelligent robots, and autonomous driving. The application scope of these technologies is constantly expanding and is reflected in various industries, including internet services, education, and healthcare. The rapid development of artificial intelligence continues to increase the demand for AI computing power, which in turn drives the demand for high-performance computing chips, such as GPUs and ASICs. Therefore, he remains optimistic about the development prospects of leading US technology companies.

Yifangda Fund Manager Lin Weibin also believes that the market's focus remains on U.S. inflation, employment data, and the direction of the Federal Reserve's monetary policy. In the medium to long term, the U.S. stock market is one of the important components of the global capital market, as well as an important module for U.S. household wealth management and overseas investors to conduct global asset allocation. The Nasdaq 100 Index is a representative index of U.S. technology growth companies, and most of its constituent companies are global leaders in their respective industries. In the medium to long term, the Nasdaq 100 Index has not only shown sustained and significant performance that surpasses the growth rate of U.S. nominal GDP, but it has also significantly outperformed other broad-based U.S. stock indices.