The issue price of the super large ETF fund is 1 yuan, why is the trading price only 0 25 yuan?

Regarding the issue of such a low net value or market price of this base, see the announcement of the base on March 16, which is described as follows in (3):

3) Conversion of sharesAccording to the relevant provisions of the "SSE Super ETF Investment Contract" and the "SSE Super ETF Investment Prospectus", Bosera Management (hereinafter referred to as the "Manager") has determined January 26, 2010 as the share conversion date of SSE Super ETF Investment. On that day, the value of the SSE Super Index was points, the net asset value was 1,285,207, and the total number of shares before conversion was 1,406,754,806 shares, and the net value of **shares before conversion was RMB. According to the share conversion formula agreed in the SSE Super ETF Investment Prospectus, the share conversion ratio is rounded to 8 decimal places), and the total number of shares converted is 5,188,459,159, and the net value of the converted shares is RMB.

According to the above-mentioned conversion ratio, the ** manager has converted the ** shares subscribed by each ** share holder, and the Shanghai Branch of China ** Depository and Clearing Co., Ltd. has changed the registration on January 27, 2010. The converted ** share is rounded to the nearest whole number. Investors can check the converted ** shares held by the designated sales agency in their Shanghai ** Exchange ** account from January 28, 2010.

The Manager and the Custodian have carried out corresponding accounting treatment based on the total amount of converted shares and have reconciled with each other.

That is the net value **, the issue price of ** is generally 1 yuan, after the official operation, higher than the subscription ** is the profit, lower than the loss (but also consider the subscription fee).

Ha ha! Suppose you have a company with a 30% annual growth rate, and the company's operating risk is very low, almost as stable as the yield of treasury bonds, I dare to guarantee that you will never sell it for yuan. If you really want to sell it, I will buy as much as you want, and everyone has to go crazy to grab your **.

By doing so, you will be wronged!

It is determined by three factors: profitability, business risk, and growth. For an enterprise to be listed, its entire company management system must be very sound, its business performance must be reviewed by a third-party organization, and it is also a fairly large-scale company in the industry.

Due to the disclosure of information, the sound system and the large scale, the business risk and integrity risk of this kind of company are very low, that is to say, the ** of the listed company has the stable characteristics of bonds, and he must be used as a financial asset to measure his value (which is why the ** of non-listed companies is low). The annual interest of a bond is 1 yuan, and if the yield of the current treasury bond is 5%, the value of this bond is 1 5% = 20 yuan. In the same way, if a ** ticket earns 1 yuan a year, then his ** is 20 yuan.

However, after all, there is a risk in business operation (it is definitely greater than the national debt), so this risk is to be counted as money, so the value of ** cannot be 20 yuan, and this part of the risk must be deducted, so **** should be lower than the bond**, which may be 15 yuan. More than 20 yuan unless you are a fool to buy it. But there is a better place than bonds, that is, the annual income of ** is growing, this year is 1 yuan, next year may be, the year after tomorrow is, this is the company's growth.

Now the **** of 1 yuan income is 15 yuan, which is 15 times. But the earnings per share for the next year is yuan, and the year after tomorrow is 2 yuan, I don't believe you are willing to sell it to others for 15 yuan**. So considering growth, you may be willing to sell to others for 25 yuan, right?

It is the mutual reinforcement and offset of these three factors that form the best value. But in reality, because China's investors are mainly non-professional, most of them don't understand valuation, and they often buy and sell with the ups and downs. In order to get rich overnight, listed companies boast about the profitability of the enterprise without a bottom line, exaggerate the growth, downplay the risks, and raise the issue price without a bottom line.

So these factors are combined, and the ** of new stocks is often outrageously high.

Once listed, it has the characteristics of financial assets, and it cannot be viewed as a simple property right, so it is normal to be higher than unlisted companies. In society, even if it is a non-listed company, the annual performance can steadily grow by 30%, and I have never seen a stupid entrepreneur who sells it for yuan. At least 2 yuan or more.

Let's talk briefly for your reference.

The value of the company is determined by the total assets, net assets, return on net assets, expected growth rate, earnings per share and other indicators. Generally, the net asset value of the company is much greater than the par value, and after listing, the earnings per share * price-earnings ratio is generally used to obtain a suitable value. For example, the company's total assets are 1 billion, net assets are 500 million, the annual business income is 100 million, the net profit is 50 million, and the total share capital is 50 million, so it can be issued to 30 yuan according to the 30 times price-earnings ratio, but the actual par value of its ** is only 50 million, and the market value is 30 * 50 million = 1.5 billion.

This is why companies are vying to go public, before the listing it may only be based on the net assets to calculate the value, and the market value after the listing is generally much greater than the net asset value (there are also broken net, such as banks, coal), then shareholders can get several times or even dozens of times the income of the shares, and can also get a free investment (IPO fundraising) when listed

Because ** in the hype, it has deviated from the original value, and exists independently as a target. Because of the buying and selling of the market, the ** itself has infinite charm, and the ** will deviate from its own value in the impulse of the transaction.

Hello,** The risk is high, there is a high and a low, it is not easy to measure, unless there is a feeling inside

This ** is an index based on the 20 largest blue chips in the Shanghai Stock Exchange**. In other words, if you buy this, you are holding the top 20 blue chips in the Shanghai Stock Exchange. When you bought the SSE 50, it was 2500 points, and now it is 2000, so you lose 20%.

If you want to rise back to 1 yuan, you have to wait until the SSE 50 rises back to 2,500 points. (SSE 50 is the index closest to your investment target, and cannot be completely equated, only for reference).

In fact, this kind of ** is suitable for regular investment, not for one-time purchase. In the long run, this ** is still good, and holding it for a long time (more than 10 years) will have a good return. It is not recommended that you redeem ** now, if you have spare money, you can also invest more, after all, the current **blue chips are in a historical position.

I guess you are a risk-averse investor, and the right one for you should be capital preservation and bonds.

No one can predict the future Only ask God Especially now that the global economy is in a downturn, China will not be able to stand alone.

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.

1. T+1 transaction.

2. The handling fee is the same as the ** transaction fee, and the commission is generally different for each person's account funds, and the commission standard is also different), and the commission is paid for buying and selling, and the stamp duty of 1 is also paid for selling. When buying and selling in the Shanghai account, a transfer fee of 1 yuan will be paid for every 1,000 shares.

3. No. Addendum: Short selling means that some ETFs** can be used as securities lending targets! Securities lending is very demanding for individuals, and it seems that a minimum of 500,000 funds can be done.

Securities lending is to borrow **company** (such as ETF**), and then sell, and then buy back the stock price ** and pay it back, making a difference in price.

An ETF is a basket of pools. He is operated on T+0. Because of his T+0 operation and frequent operation, the handling fee is generally very low, reaching a price similar to the cost price of the brokerage.

It is not the same thing as a warrant, there is no concept of exercise, but if it has a warrant in the pool, it may involve the exercise.

The operation of the ETF is to reverse the primary market and the secondary market, which means which one is sold higher and which one is taken back from the lower one. ETF shorting is to sell a large amount of ETF in the secondary market, which is equivalent to selling a large amount of **, which is short. There are ** types of margin trading, it can be borrowed to one of the ETF basket**, or more, but it is difficult for you to finance all the ** in the ETF, so it is difficult to short the ETF varieties.

In fact, there are very few people who do ETF arbitrage now, because the market liquidity is not enough now, they have no space for arbitrage, you just know how it is done, and then there will be room to make money. Now do it for nothing or do index arbitrage to make money.

The amount of the purchase ** is 1000 RMB. Why is there only a dollar when earnings. When the loss is negative, it is close to 50?

It may be that the subscription fee or handling fee is calculated.

Did you buy it through a broker**? As far as I know, the brokerage's system will also include the subscription fee in the loss, and it will be double-counted, mainly because the brokerage's system is mainly used for ** transactions, ** transaction commissions, transfer fees, etc. are additionally charged, and are not deducted in the subscription amount, so there will be double calculation of the subscription fee. The most accurate and simple way to calculate is to look at the current market value of your **, and subtract 1,000 yuan from the market value to be your profit and loss.

ETF** trading: The handling fee is only a commission (no more than 3/1000 of the transaction amount, the starting point), and no transfer fee, stamp duty, etc.

ETF** Redemption: The starting point of ETF subscription and redemption is different, the amount is larger, and the specific subscription amount and redemption fee can be found in detail on the ETF prospectus.

ETF** Trading Rules:

1. The ** shares subscribed on the same day can be sold on the same day, but cannot be redeemed.

2. The ** share of the same day can be redeemed on the same day, but it cannot be sold.

3. The ** redeemed on the same day can be sold on the same day, but it cannot be used to subscribe for ** shares.

4. The ** on the same day can be used to subscribe for ** shares, but it cannot be sold.

Since ETFs are trading in a more open way, there are certain risks associated with buying and selling ETFs, and investors with no market experience need to be cautious about buying and selling.

ETF** Trading Rules:

When buying and selling ETFs**, you should pay attention to:

1. Because ETF** is traded on the floor, it is the same as **. If there is not enough transaction volume every day, it means that there are not many buyers and sellers of this **, which may lead to your **transaction being unsuccessful.

2. ETF** is the index**, and the rise and fall track the performance of the index. **The quality of performance depends on the index, and the error of tracking the index is very important. Therefore, when choosing an ETF**, you should also pay attention to the tracking error of the ETF**.

3. When the ETF secondary market transaction deviates from the net value of the share, that is, when there is a discount or premium, investors can arbitrage between the primary market, the secondary market and the spot market to obtain risk-free returns.