Don't close your eyes and rush towards high premium Nasdaq ETFs anymore. Taking the 159509 Nasdaq Technology ETF as an example, the on exchange premium has reached around 22%. Do you think you bought Nazhi Technology AI、 In the future of the US stock market, the result is likely to be buying a 22% "emotional tax invoice" first. What does this mean? The underlying assets were originally worth 1 yuan, You need to spend 1.22 yuan to buy it now. The extra 0.22 yuan was not due to Nasdaq's 22% increase, but rather due to the crazy funds on the A-share exchange, which forcibly pushed up the ETF trading price. The easiest place for many people to misunderstand is here: The rise of ETFs does not necessarily indicate an increase in underlying assets. It may just be that the premium on the market is increasing. The scariest thing about high premiums is that they will reverse and swallow up profits. Assuming the underlying assets remain unchanged, the premium will return from 22% to 10%. Do you think that if the underlying assets don't fall, there won't be losses? In reality, there may be a direct loss of nearly 10%. The calculation is simple: 1.10 / 1.22 - 1 = -9.84% That is to say, the Nasdaq technology did not fall, and the US stock technology did not fall, but the market sentiment went from extreme madness to less madness, and you have already lost a portion. Even more ruthless is the double kill. If the underlying assets experience a normal 5% correction and the premium shrinks from 22% to 10%, the loss will not be 5%, but approximately 14.3%. 0.95 × 1.10 / 1.22 - 1 = -14.34% This is the most frustrating aspect of high premium ETFs: If the bottom falls, you lose. If the premium shrinks, you will also lose. Killing both the bottom layer and the premium together is a double kill. Even if Nasdaq Technology rises 8% later, as long as the premium returns from 22% to 10%, you may still end up losing money. 1.08 × 1.10 / 1.22 - 1 = -2.62% So the problem is not that these Nasdaq ETFs cannot rise, nor is it that US stock technology has no opportunity. The problem is that a large emotional premium has already been stuffed into the price you are currently paying. What you are buying is not pure US stock technology, but: It includes three things: technology assets in the US stock market, the rush to raise funds in the A-share market, and the risk of high premiums falling back. In the end, if the bottom rises, one may not make any money; Bottom level sideways, one may lose money; When the bottom falls, one is directly killed by both. There is no problem buying the Nasdaq, and there is no problem allocating to US technology stocks. But at least take a look at the premium rate first.