SpaceX holdings in the ERShares Public Private Cross-Over ETF soar to over 40%, raising concerns about liquidity risk

华尔街见闻2026/03/06 16:31

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Because the fund prioritizes selling highly liquid public stocks when handling redemptions, the proportion of hard-to-liquidate SpaceX assets in the portfolio is passively increased. This phenomenon has once again sparked intense debate in the market about whether "daily liquidity" ETF products are suitable for holding non-listed assets. Industry experts point out that including assets that are difficult to trade and value in ETFs can intensify redemption pressure and valuation opacity risks for funds under extreme market conditions.

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According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.

华尔街见闻•2026/09/26 11:36