Ask questions about ETF funds

The dual trading mechanism of ETF** means: one can be subscribed and redeemed at the bank counter, and the other can be monopolized like **Xiang**. The net value of the shares needs to be calculated about five hours after the end of each trading day, and the buying and selling of the shares in the market are randomly floating, and the system is subject to the restrictions of soil 10.

Therefore, during intraday trading on each trading day, the net value of the ETF can be estimated according to the rise and fall of the index, so the two will not deviate too far. The so-called "arbitrage opportunity" means that you can trade at the same time at the bank counter and ** during the trading day to earn the difference. There are two reasons for this difference:

1. Estimation of ****** during intraday trading. 2. Estimation of the heavy stocks held by **.

ETFs** can be traded in two ways.

One is to subscribe or redeem from ** managers in the primary market.

The second is to buy on an exchange.

After the price difference is generated, arbitrageurs continue to trade repeatedly from the two markets to arbitrage the difference, so the price difference between the two markets narrows and narrows until the arbitrage space is zero. This is known as instantaneous arbitrage.

But now that there are many arbitrageurs, instantaneous arbitrage is basically unlikely.

At present, the mainstream arbitrage model is delayed arbitrage.

Because the net worth is calculated according to the assets held, it is very accurate.

And because ETFs will trade in the ** market in addition to normal subscription, they will often deviate from the **net value due to some factors in the **market (such as the positive collective skyrocketing, the negative collective**, etc.), which gives the ETF an opportunity for arbitrage (when the net value of the exchange**, the company** sells on the exchange; The same is true).

Such an operation will make the deviation slowly narrow and return to the vicinity of the ** net value.

ETFs can be traded on an exchange, just like buying and selling**.

ETFs can also be traded at companies or institutions just like regular ETFs.

The same underlying object can be bought and sold in two markets at the same time, and arbitrage behavior will naturally occur when the price difference is greater than the transaction cost, and the arbitrage behavior will reduce the price difference until there is no arbitrage space.

To take the simplest example, there are now 2 villages, they are not allowed to trade directly with each other, and you can trade with these two villages separately. At this time, you can observe the ** of eggs in the two villages at any time, when the ** of the eggs in village A is yuan today, and the ** of village B is yuan, you can buy eggs from village A and sell them to village B immediately, so as to achieve arbitrage.

I've heard of ETF**, and I've also bought ETF**, in fact, this kind of **is considered to be on-site**, that is to say, you need to use a**account to be able to buy**type**, I think ETF** has many advantages compared with ordinary**, first of all, it does not need **management fees, because ordinary whether it is active** or hybrid**, you need to pay a certain percentage of management fees every year, and ETF** compared with**, he does not have to pay stamp duty, Therefore, it is also relatively economical in the transaction fee.

At present, the ETF is still based on the industry ** and the index**, mainly tracking the index ** and dozens of excellent ** in the industry**, in fact, this is a very good investment target, because simply to buy**, maybe the stock price of some excellent companies is already very high, you buy a little bit of tens of thousands of dollars or hundreds of thousands of dollars for most people is a big burden, and many people may only have a principal of 100,000, spend tens of thousands of dollars to buy a**, It's like putting all your eggs in one basket, and the risk is very high.

In the case of ETF**, it is equivalent to spending the same amount of money to buy shares of many companies, but each company only gets a little bit, and the amount of ETF** is relatively small, you can buy it even if you buy one or two hundred yuan, but basically the cheapest one to buy a lot also costs a few hundred yuan, generally thousands to tens of thousands.

Therefore, ETF** is a very good investment target, and now many brokerages for ETF trading is not limited by the minimum handling fee, the minimum handling fee for trading is 5 yuan, and the minimum handling fee for ETF trading is generally one or two cents, which can be ignored, for traders, this has reduced the transaction cost to a minimum, interested friends can study it, but there is a risk, you need to be cautious when entering the market.

I haven't heard of this kind of **, but it may also belong to one of the **, and it seems that there is still some connection with **.

I haven't heard of it, because I don't pay attention to the information at all, so I don't even know what it does.

I've heard about it. This kind of ** is actually a private placement**, which is particularly popular in the investment circle and has relatively high benefits.

I haven't heard of it, and I don't usually notice this**, so I don't know anything about it.

One: It is only for large households. Many investors mistakenly believe that the investment threshold of ETF** is too high, and the minimum redemption unit is as little as hundreds of thousands and as much as one million, and the physical redemption method of a basket of ** is cumbersome and complicated, which is only suitable for investors with large amounts of funds to participate.

In fact, ETF** shares can be listed and traded like ** and are tax-free, with one lot (100 shares) as the starting point, and investors with small funds are also fully capable of participating.

Two: You can only make a profit in a bull market. With the expansion of the application scope of ETFs**, many application strategies are unrelated to the bull and bear phase of the market.

For example, there is a swing operation strategy that has a profit opportunity when there is volatility, a pair trading strategy that has a profit opportunity when there is a price difference, and an ETF** that includes margin trading as an underlying securities lending and securities lending is short-selling in the market.

Three: only for speculative speculation. ETFs** have both trading and allocation capabilities.

As an index**, ETF** is perfectly suited to the mission of medium- to long-term indexed investment and portfolio asset allocation, with transaction costs and tracking errors much lower than ordinary open-ended indices**. With the succession of innovative products such as cross-border ETFs**, fixed expected annualized return ETFs**, commodity ETFs** and even leveraged ETFs**, ETFs** can provide more abundant medium and long-term asset allocation solutions.

Four: only keen on arbitrage trading. Instantaneous arbitrage in the primary and secondary markets is only one of the many application strategies of ETF**, and in recent years, the profit space has been very correct, in addition to swing operations and asset allocation, intraday T 0 trading, industry rotation, style rotation, market neutrality, long and short and many other strategies have been applied to actual combat.

Even in arbitrage trading, multi-strategy event arbitrage, spot arbitrage, and cross-market arbitrage continue to expand the application boundaries of ETFs.

Five: only think that the risk is extremely high. **ETF** is almost full of positions, and the net value fluctuates greatly.

However, ETF** can be regarded as a "super**" composed of many constituent stocks, which can fully diversify risks compared to a single **, and is an excellent tool for diversifying non-systematic risks for investors with weak ability to select stocks in the order of funds.

Six: Only focus on advanced strategies. Some investors believe that the more complex the ETF** trading application strategy, the more sophisticated the trading system, and the higher the trading frequency, the higher the profit probability and the higher the expected annualized return.

However, practice has proved that the complexity and frequency of ETF** trading strategies are not necessarily proportional to the expected annualized return. In practice, ordinary investors also have many opportunities to obtain satisfactory returns by analyzing simple technical indicators and even using simple regular investment strategies.

With the development of the times, the market has become a popular way to invest. The types are diverse. Many novices are difficult to distinguish, causing unnecessary losses.

An ETF is an open-ended exchange-traded exchange** and is an abbreviation for Exchange Trading** (ETF). This is an open-ended, variable type of exchange that is listed and traded. Since it can be traded on an exchange (floor), it is also known as exchange trading**.

To be exact, it is tradable on an exchange (Shanghai or Shenzhen). The vast majority of ETFs in China and overseas are indexes. As with **, buying and selling is an investment activity in the secondary market, so there will be a slight discount or premium between the ETF** and the actual net value of **.

Currently, ETFs launched in China are indexed**, so when we buy an ETF index**, we are buying an index-tracked basket**. To a certain extent, the risk is diversified and the huge losses brought by **** are avoided. It is an efficient and simple investment variety.

**Trading rules for expropriation and redemption: The minimum expropriation and redemption unit is generally 500,000 or 1 million, and when requisitioning and redeeming, investors need to use a basket of requisition, and the redemption after receiving is also a basket. Secondary Market Trading Rules:

Requires the use of ** account for trading; implementation of the T+1 trading system; The upper or lower limit is 10%; The minimum purchase unit is 1 lot, and 1 lot is 100 shares. The minimum change unit for ETF** filing is RMB. In fact, most investors only trade in the secondary market, and rarely involve subscriptions and redemptions.

Trading on the secondary market, ETFs have the advantage of being able to invest in the index and reduce the impact of volatility.

ETF indices** trade in both the primary and secondary markets, which are different, i.e. at a premium or discount. The primary market refers to the net value, and the secondary market refers to the real-time transactions of buying and selling. The first type of premium arbitrage refers to the ETF secondary market ** *

At this point, investors can buy in the primary market and then in the secondary market**. Earn the middle spread and achieve arbitrage. The second type of discount arbitrage refers to the net unit value of the ETF secondary market.

At this time, investors can buy ETFs in the secondary market, and then apply for redemption in the primary market, and get the corresponding **, and then **. At the same time, since the application and redemption of ETFs requires a large amount of capital, institutions and extended families can generally participate.

This is an open type of bond**, when trading, you must choose within the trading hours, you should pay attention to risk avoidance, and you must choose the way to sell high and buy low.

It is an open type, you need to understand the connotation, you need to do a good job in the allocation standards, you also need to understand the rules, you need to understand the difference, there are very perfect rules, you can observe the index trading situation.

Generally speaking, ETFs are purchased in cash, and it is unlikely that they will be redeemed with a basket.

So it should be t+1.

I don't know how much the handling fee is, but it's certainly lower than buying and selling** and buying**.

There should be no exercise.

The method of shorting ETFs is as follows: (I have operated it specifically).

At present, there are a total of 7 ETFs that can be used for margin trading, which can be queried on the Shanghai Stock Exchange and the Shenzhen Stock Exchange**.

Short selling and T+0 can be achieved at the same time.

For example, if I sell an ETF in the morning, ** is 2 yuan, and the quantity is 10,000 units, and in the afternoon, I see that ** has dropped to yuan, and I buy back 10,000 units, and I make a profit from short selling.

Of course, there will be handling fees and securities borrowing fees.

The trading rules for [ETF**] are the same, it is T+1, not T+0, but it is more risky than ordinary **;

Regarding the transaction fee of [ETF**], it is the same proportion as the commission of the same account**, the same submission time, and the same deduction method;

ETF** has nothing to do with warrants, and there is no similar exercise operation.

The ETF handling fee is less than 5 yuan and charged according to 5 yuan, and more than 5 yuan will be charged according to the agreement with ** company, generally at 1.2 per 10,000. A little lower is 0.7 per 10,000, do you think you're overcharged or.

Because as long as you buy and sell according to the proportion of the index you track, you can save the cost of research and other natural costs, but there is a handling fee in the secondary market, but there is no tax.

The first thing you should know is what an ETF isIt's actually transactional, open-ended. It is not qualitatively different from the general development style.

Now the SFC will"Two fusions", with 7 ETFs in the range. While"Two fusions"It is possible to perform T+0 operations.

The rationale for shorting is simple; That is, you didn't have ETF**, but you are bearish on the market outlook, at this time you can borrow securities from **company (that is, borrow ** from him**), and then sell, the next day, **of** and your judgment is the same, really fall, you can immediately ** the same amount, return to **company, this buy and sell, you make the difference. For example, if you are short of a certain **, in the morning to ** the company to finance ** 100,000 shares, at 2 yuan per share to sell, to the afternoon ** fell to the yuan, you immediately **the same amount** returned to the company, the difference between the two is 10,000 yuan, that is, you earned 10,000 yuan in one day, of course, you have to remove the handling fee of securities lending and the commission of buying and selling**. It is estimated that no more than 2%.

This example fully explains the t+0 sum"Go short"Two concepts. Shorting means that you can buy and sell on the same day.