Several ETF managers, including ChinaAMC and Harvest Fund, issued notices ahead of ChangXin Memory Technologies' listing, saying some of their ETFs participated in the IPO and valued the stock at the issue price. According to Odaily, the managers said the ETFs' indicative net asset value, or IOPV, only includes ChangXin Memory Technologies' issue price and does not reflect market price swings, so the IOPV on the stock's first trading day may differ from the fund's net asset value.
A fund manager said ETF IPO subscriptions are generally carried out together with active equity funds. The manager said ETF IOPV is calculated strictly according to the PCF list, and newly listed shares and other restricted non-component stocks are not included. If ChangXin Memory Technologies rises sharply on its first day, the actual net asset value of the participating ETFs may be slightly higher than the IOPV, creating a deviation. In that case, possible arbitrage strategies may include buying the ETF while using derivatives to hedge and keeping only the excess exposure from the deviation.
ETF Managers Warn IOPV May Diverge on ChangXin Memory Technologies' Listing Day
2026-07-27 07:23:40
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