Today, the trading price of Harvest Express money market fund-H experienced a wave of ups and downs. The currency ETF opened near the lower limit, then rose rapidly and closed up 5.82% in the morning, with a premium rate exceeding 20%. However, the ETF fell sharply by 3% at the opening in the afternoon, then turned red, but in the last 8 minutes of closing, it turned green again and finally closed down 1.26%, with the premium rate shrinking to 13.09%.

Looking at a longer time frame, Harvest Express money market fund-H has been surging since June 7th, rising for three consecutive days, with a cumulative increase of 12.74%, but today's candlestick chart shows a positive line with a long upper shadow.

In terms of turnover, on June 7th, Harvest Express money market fund-H saw a trend of large volume rise. Compared with the daily average turnover of 80,000 yuan from June 3rd to June 6th, the turnover on June 7th suddenly surged by 468% to 455,000 yuan, and then continued to rise to 3.0862 million yuan and 8.11 million yuan on June 11th and June 12th respectively.

However, in terms of the net purchases of ETF funds, despite the huge rise, Harvest Express money market fund-H had a net inflow of only 51,000 shares last week, with an increase of 50,000 shares. Among ETF products with positive premium rates on A-shares, only Harvest Express money market fund-H is a money market fund, and the rest are QDII-type ETFs. On June 6th, there was a net inflow of 30,100 yuan, and on June 7th, there was a net inflow of 20,900 yuan. This ETF saw a rise since June 7th, and rose sharply by 6.67% last Friday, with sudden inflows of funds that increased 41 times to 881,100 yuan yesterday, when it rose by 7.04%.

Today, the battle for funds in Harvest Express money market fund-H became more intense. The stock price opened almost at the lower limit, then rose sharply to 6%, but still couldn't hold on at the end and turned green. The turnover increased to 8.11 million yuan, further increasing from the 3.0862 million yuan of yesterday, with a turnover ratio of 68.89%.

It is puzzling that Harvest Express money market fund-H, being a monetary fund, has a premium rate of 13%. Currently, among A-shares ETF products with positive premium rates, only Harvest Express money market fund-H is a monetary fund, and others are QDII-type ETFs.

Typically, money market funds cannot have a huge rise of 6% in a single day, let alone a threefold fluctuation like today's. The abnormal trend of Harvest Express money market fund-H shows that there are funds pushing it.

From the asset composition of Harvest Express money market fund-H in the first quarter, 48.02% of the fund assets were invested in bank deposits and settlement reserves, 37% in bonds, and 13.39% in repurchase financial assets.

From the real-time transaction situation of Harvest Express money market fund-H, the main transaction mode is fast execution of small-lot transactions, with no large-scale buy or sell operations.

Overall, the reason why Harvest Express money market fund-H can have such a large price fluctuation is that it is a relatively small product.

According to the data, Harvest Express money market fund-H was established in December 2015, as an on-exchange money market fund corresponding to the H-class shares of the Harvest Express. As of June 11th, the latest scale of the fund was 10 million yuan.

Industry insiders believe that the relatively small scale of the fund can quickly drive up the secondary market prices with a small amount of funds.

One thing to be aware of is that since the currency ETF belongs to T+0 trading, if investors fail to notice the risk of premium and buy in at a high price, they are likely to encounter the risk of buying high at the high position.