Hefei to choose Danfeng Chaoyang

1.

ETF fund generally refers to trading open-end index fund. Investors can buy ETF in two ways: they can buy ETF from fund managers according to the net value of the fund on the day (the same as ordinary open-end mutual funds); It can also be purchased directly from other investors in the securities market. The purchase price is determined by both the buyer and the seller. This price often has a certain gap with the net value of the fund at that time (like ordinary closed-end funds)

extended data :

tradable open-end index funds are index funds in essence, but different from traditional index funds, tradable open-end index funds can be listed on the stock exchange, so that investors can buy and sell a kind of fund representing the "underlying index" just like buying and selling stocks

tradable open-end index fund is a special kind of open-end fund, which not only absorbs the advantage that closed-end fund can trade in real time on the same day, but also allows investors to buy and sell shares of tradable open-end index fund in the secondary market just like trading closed-end fund or stocks; It also has the advantage that open-end funds can be freely purchased and redeemed. Investors can purchase or redeem shares of trading open-end index funds from fund management companies just like trading open-end funds

the purchase and redemption of trading open-end index funds must exchange a basket of stocks (or a small amount of cash) for fund shares or exchange a basket of stocks (or a small amount of cash) for fund shares. Because of this special mechanism, investors can carry out arbitrage trading when there is a price difference between the secondary market transaction price and the net value of the fund unit. In addition, the market price of tradable open-end index fund is basically consistent with its net unit value, and there is no common discount problem of closed-end fund

as ETF trades in the secondary market, the price of ETF market will deviate from its net value e to the influence of supply and demand. In addition, ETF's collection of management fees, payment of transaction costs and distribution of dividends will also cause some deviation between the two. When the deviation is large, investors can use the redemption mechanism to carry out arbitrage trading

for example, when the market transaction price of SSE 50ETF is higher than the net value of fund shares, investors can buy portfolio securities, use the portfolio securities to purchase ETF fund shares, and then sell the fund shares in the secondary market to earn the difference after decting transaction costs. On the contrary, when the market price of ETF is lower than the net value, investors can buy ETF, redeem it through the primary market, exchange for a basket of stocks, and then sell the stocks in the A-share market to earn the price difference

The arbitrage mechanism provides investors with a new profit opportunity, but its biggest function is to eliminate the deviation between the trading price of ETF and its net value through the purchase and redemption transactions of arbitragers, so that the trading price of ETF is always consistent with the index

it must be emphasized that arbitrage transaction needs operational skills and powerful technical tools, and one arbitrage transaction of one or two institutions eliminates the opportunity of arbitrage. Therefore, arbitrage transaction is not suitable for retail investors. The starting point for the purchase and redemption of Shanghai 50ETF after listing is 1 million shares, which also determines that small and medium-sized retail investors can not participate in arbitrage

according to the reasons of arbitrage opportunities, ETF arbitrage can be divided into many categories: arbitrage between primary and secondary markets, arbitrage between futures and spot markets, arbitrage between different pegged indexes, etc

Arbitrage between primary and secondary markets: the traditional ETF trading mechanism has two layers: first, ring trading hours, investors can purchase and redeem ETF shares in the primary market at any time in the form of portfolio securities; Secondly, in the secondary market, ETFs are listed on the exchange, and investors can buy and sell ETF shares at market prices

when the secondary market price of ETF is higher than the reference net value of fund shares (iopv) by a certain range, investors can purchase ETF shares at a relatively low price and sell them in the secondary market at a higher price to obtain arbitrage income; When the secondary market price of ETF is lower than iopv by a certain extent, investors can reverse the operation. This arbitrage mode requires investors to have a certain capital base, too little capital can not be operated

Arbitrage between futures and spot markets: arbitrage between futures and spot markets is to make profits by using the deviation between index futures and ETF (representing a basket of stock spot). For example, the arbitrage with CSI 300 index futures as the trading target. There are some investors in the market who will arbitrage by using the ETF which is highly synchronized with the CSI 300 index and occasionally deviated

arbitrage between different pegging indexes: if investors judge that although the overall direction of the market is upward, the prospect of the ETF pegging to instry a is better than that pegging to instry B, investors can sell the ETF pegging to instry B and buy the ETF pegging to instry a, so as to obtain the price difference between the two ETFs

the other is arbitrage between ETF and pegged index: some fund companies use representative replication method to set up ETF and rece transaction costs by optimizing some component stocks to replicate index. The ETF that chooses to use the representative replication method does not completely the component securities in the pegged index, so there is an asynchronous change direction and range between the ETF and the pegged index from time to time

2.

Bus line: No.41, about 5.9 km

1. Walk 470 meters from Weigang to Weigang station

2. Take No.41, pass 8 stops, and reach Yufeng Huashi station (or take No.135)

3. Walk 810 meters to Hefei Danfeng Chaoyang moon meeting

3.

Hello, the trading of ETF is exactly the same as that of stocks and closed-end funds. Fund shares are traded among investors. Investors can make use of the existing Shanghai securities account or fund account to trade without opening any new account. The trading of ETF in the secondary market also needs to comply with the relevant rules of the exchange, such as the fund units bought on the same day can not be sold on the same day, and the relevant provisions of block trading can be applied

The trading diagram of ETF secondary market is as follows:

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