When will ETF come into the market

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2. What is ETF? ETF is the abbreviation of exchange traded fund, which is also called exchange traded fund. ETF is an open-end securities investment fund proct listed and traded on the stock exchange, and the trading proceres are exactly the same as those of stocks. The assets managed by ETF are a portfolio of stocks. The types of stocks in this portfolio are the same as those in a certain index, such as the Shanghai Stock Exchange 50 Index (3128.807, - 40.27, - 1.27%). The number of each stock is consistent with the proportion of the constituent stocks in the index. The transaction price of ETF depends on the value of the portfolio of stocks it owns, namely "net asset value of unit fund". ETF's portfolio usually completely replicates the underlying index, and its net worth performance is highly consistent with the specific index pegged. For example, the net value performance of Shanghai 50 ETF is highly consistent with the rise and fall of Shanghai 50 index. The nature of ETF ETF is a kind of hybrid special fund, which overcomes the shortcomings of closed-end fund and open-end fund, and integrates the advantages of both. ETF can track a specific index, such as Shanghai 50 index; Different from open-end funds using cash to purchase and redeem fund shares, ETF uses a basket of index components to purchase and redeem fund shares; ETFs can be listed and traded on exchanges. ETF is an open-end fund in essence, which has no essential difference from the existing open-end funds. However, it also has its own distinctive characteristics in three aspects: first, it can be listed and traded on the stock exchange, and investors can directly trade ETF shares on the stock exchange like trading indivial stocks or closed-end funds; 2、 ETF is basically an index type open-end fund, but compared with the existing index type open-end fund, its biggest advantage is that it is listed on the stock exchange and trading is very convenient; 3、 Investors can only use a basket of stocks corresponding to the index to purchase or redeem ETF, rather than cash purchase and redemption of existing open-end funds. According to the different investment methods, ETF can be divided into index fund and actively managed fund. The vast majority of foreign ETFs are index funds. At present, the ETF to be launched in China is also index fund, namely Shanghai 50ETF. According to the different investment objects, ETF can be divided into stock fund and bond fund, in which stock fund is the main one. According to different investment regions, ETF can be divided into single country (or market) fund and regional fund, in which single country fund is the main one. According to different investment styles, ETF can be divided into market benchmark index fund, instry index fund and Style Index Fund (such as growth type, value type, large cap, medium cap and small cap), among which market benchmark index fund is the main one. The advantages of ETF: 1. Diversify investment and rece investment risk. When investors buy a fund unit of Huaxia Shanghai Stock Exchange 50 ETF, they buy all the stocks of Shanghai Stock Exchange 50 index by weight. 2. It has the characteristics of both stock and index fund. 1) for ordinary investors, ETF can also be traded in the secondary market of the exchange after being split into smaller trading units, just like ordinary stocks. 2) If you earn the index, you will make money. Investors will no longer have to study stocks and worry about stepping on mine stocks; However, because there is no short mechanism in China's securities market, it is still "losing money if the index falls." 3. Combining the advantages of closed-end and open-end funds, ETF, like the closed-end funds we are familiar with, can be traded in the exchange in the form of small "fund units"; Similar to open-end funds, ETF allows investors to apply for and redeem continuously. But when ETF is redeemed, what investors get is not cash, but a basket of stocks; At the same time, it is required to reach a certain scale before it is allowed to apply for and redeem. 4. The transaction cost is low. Although the transaction cost of ETF in the exchange has not been finalized, it is estimated that it will not be higher than that of closed-end fund, which is far lower than the subscription and redemption fee of open-end fund. 5. It provides an opportunity for ordinary investors to arbitrage on the same day. For example, the Shanghai Stock Exchange 50 fluctuates greatly in one trading day, with an intraday rise of more than 5%, but the closing price is flat or even down. For investors of ordinary open-end index funds, the intraday rise is meaningless, and the redemption price can only be calculated according to the closing price. The characteristics of ETF can help investors seize the opportunity of intraday rise. Because the exchange displays iopv every 15 seconds, the iopv immediately reflects the change of fund net value brought by the rise and fall of index. The price of ETF secondary market changes with the change of iopv. Therefore, investors can timely sell ETF in the secondary market when the intraday index rises, Gains from intraday gains in the index. Operation of ETF the operation of ETF includes issuance and establishment, trading, purchase / redemption, management and information disclosure. 1. The issue and establishment of ETF in foreign countries generally adopt the way of "seed fund", that is, ring the initial issue of the fund, the participating securities companies "pool" a basket of stocks, and then the fund is established and listed on the stock exchange. There are also some ETFs which are set up by IPO. TraHK fund in Hong Kong adopts this mode to rece the government's holdings of a large number of Hong Kong stocks bought in the financial crisis, which has its particularity. The specific plan in China has not yet been finalized, but it will certainly provide one day for cash subscription (online and offline at the same time). At the same time, the stock subscription method may be provided ring the issuance period (a basket of 50 constituent stocks, or a single 50 constituent stock for ETF shares, the specific plan has not yet been determined). After the end of the issuance period, the fund starts to build a position. After the completion of the position, the conversion relationship between the net unit value and the preset net unit value of the trading open-end index fund is determined, and the number of fund units is converted. After the conversion, the trading open-end index fund shares were formally established. 2. After the ETF trading fund is established, it will be listed on the stock exchange, and investors can buy and sell ETF fund shares in the secondary market. 3. ETF subscription / redemption investors can purchase and redeem ETF with stock basket plus partial cash according to the subscription and redemption list (stock basket list + partial cash change) published by the fund manager before the opening of each trading day through participating securities companies. 4. ETF management at present, most of the existing international ETFs are index funds, which take tracking an index as the investment goal and adopt passive management. Fund managers only need to determine the portfolio distribution in a certain way, and do not take the initiative to research and timing indivial stocks. In general, the management of ETF includes portfolio construction, portfolio adjustment, investment performance and tracking error evaluation, information management, purchase and redemption list design, etc. 5. Information disclosure of ETF in addition to disclosing the net value of the fund, the announcement of the fund portfolio, the interim report, the annual report and other information like the general open-end fund, ETF also needs to publish the list of subscription and redemption of the day through the exchange or other channels before the opening of each trading day, The exchange also needs to calculate and publish the iopv (estimated value of net fund value) in real time for investors' reference in trading and arbitrage. Therefore, the information disclosure content of ETF is more, which is one of the important contents of ETF operation and management. The comparison between ETF and other forms of funds compared with closed-end funds, the characteristics of ETF is that it is an open-end fund, and its share size can be changed. If the amount of subscription is large, its scale will increase, otherwise it will decrease. The scale of closed-end fund will not change after its establishment (it will increase only when it is raised). Fund holders can not ask to redeem fund shares, but can only transfer them through secondary market transactions. Because the closed-end fund is not like the open-end fund to purchase and redeem the fund shares according to the net value of the day, which leads to the large deviation between the price and the net value of the closed-end fund. The closed-end fund usually trades at a large discount. ETF is essentially an open-end fund. Fund holders can purchase and redeem the fund ring trading hours. The existence of arbitrage mechanism makes its trading price basically consistent with the net value. Compared with the traditional open-end fund, the characteristic of ETF is that although ETF is also an open-end fund, ETF only accepts the purchase and redemption of more than one million "Founding units", and the purchase and redemption is a basket of stocks (index component stocks), which is different from the situation of ordinary open-end fund accepting cash purchase and redemption. The biggest difference between the two is that ETFs are listed on the stock exchange at the same time. Investors can buy and sell ETFs at the market price at any time ring the trading hours of the stock exchange, and investors know the transaction price at that time; Ordinary open-end funds can only be traded over the counter through purchase and redemption, and can only be purchased and redeemed according to the net value of the fund after the closing of the stock market (announced the next day) every day. Investors can only know the actual transaction price the day after the order is issued. If there is a big fluctuation in the market ring the trading hours of the exchange, investors can trade ETFs to reflect the latest information and market changes in real time, gain new opportunities or avoid losses. Even if the investors of traditional open-end funds make the right decision very early before the closing, they may eventually get an unsatisfactory closing price of the day, thus falling into the situation that correct judgment is still useless. In terms of the rate, the annual management fee of ETF is far lower than that of the actively managed equity open-end fund, and much lower than that of the traditional index fund. Finally, the transparency of ETF is much higher than that of traditional open-end funds. In practice, fund managers usually publish the ETF portfolio structure before the ETF market is opened every day, while traditional funds usually publish the ETF portfolio every quarter. ETF is a kind of securities investment fund proct listed and traded on the stock exchange. The trading proceres are exactly the same as stocks. The assets managed by ETF are a portfolio of stocks. The types of stocks in this portfolio are the same as those in a certain index, such as the Shanghai Stock Exchange 50 index. The number of each stock is consistent with the proportion of the constituent stocks in the index. The trading price of ETF depends on the value of a bunch of sub stocks it owns, namely "net asset value of unit fund". ETF is a kind of hybrid special fund, which overcomes the shortcomings of closed-end fund and open-end fund, and combines the advantages of both. The research shows that ETF has a broad market prospect in China, which not only helps to attract the savings of insurance companies, QFII and other institutions and indivials into the stock market and increase the proportion of direct financing, but also can activate the secondary market transactions and increase the depth and breadth of the market.

3. TF 5774j should be available in August of the second half of the year

4. This question should be answered in two parts: first, what is ETF? Second, what is SSE private enterprise 50ETF

1) what is ETF: ETF is a special kind of fund, the full name of which is exchange traded fund, Trading proceres are exactly the same as stocks

investors can buy ETFs in two ways: they can buy ETFs from fund managers according to the net value of the fund on that day after the closing of the securities market (just like ordinary funds); It can also be purchased directly in the securities market like buying stocks. The price often has a certain gap with the net value of the fund at that time (like ordinary closed-end funds). ETF is considered as one of the greatest financial innovations in the past decade, which has the characteristics of both open-end fund and closed-end fund

so far, almost all ETFs are index funds. For small and medium-sized investors, ETF's transaction costs and management costs are very low, the shareholding portfolio is relatively stable, the risk is often more dispersed, and the liquidity is very high, so it has a strong attraction<

2) what is SSE private enterprise 50ETF: the above said that almost all ETFs are index funds, so is SSE private enterprise 50ETF. He bought 50 stocks of SSE 50 private enterprise index, and built positions according to their proportion in SSE private enterprise 50 index<

Penghua SSE private enterprise 50ETF mainly invests in the constituent stocks and alternative constituent stocks of SSE private enterprise 50 Index (the investment proportion is not less than 95% of the fund's net asset value). In addition, in order to better achieve the investment goal, the fund will invest a small amount in non Shanghai private enterprise 50 Index constituent stocks, new shares (initial issue or additional issue, etc.) and other financial instruments permitted by laws and regulations and China Securities Regulatory Commission

3) therefore, if you buy 50ETF, it is equivalent to buying 50 stocks at the same time (the list can be seen in the fund data). This stock is relatively safe and will not be delisted< br />

5. There is usually a three-month closure period.

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7.

bitcoin ETF is rejected again, and the bull market is long. You can pay attention to bitcoin futures, including CBOE bitcoin futures and CME bitcoin futures, with benchmarking and shorting

the bitcoin ETF was rejected again for the same reasons

sec rejected the bitcoin ETF proposed by ProShares. The reasons for this rejection are similar to those for rejecting the bitcoin ETF application of Gemini, the digital currency exchange, last month. Both of them lack anti market manipulation and fraud mechanisms. The ETF has applied since December, using futures contracts from CME and CBOE rather than holding spot bitcoin. But most people think that this rejection is expected, but they are still full of hope for the ETF proposed by CBOE, and think that its move to hold bitcoin spot will eventually be approved by the sec

so far, the SEC has rejected nine ETFs, including two from ProShares, five from direxion and two from graniteshares, with the same reasons

why does bitcoin need ETF? According to the analysis report of Yingwei financial situation, most of the cryptocurrency holders are relatively young at present. Through the ETF, more institutional capital can enter, and more senior investors can make direct investment across the technical threshold of cryptocurrency investment

8. Ete, short for exchange traded fund in English, is often translated as "exchange traded fund". The Shanghai Stock Exchange defines it as "trading open-end index fund"
internationally, the earliest ETF in the strict sense is the index participation shares (TIPS) launched by Toronto Stock Exchange in 1991, but terminated in 2000. The earliest extant ETF is standard & Poor's depository receipts (spdrs) issued by American Stock Exchange in 1993
TraHK fund was launched in Hong Kong in 1999
the first ETF launched in the mainland of China was on December 30, 2004. Huaxia Fund management company set up "Shanghai Stock Exchange 50 trading type open-end index Securities Investment Fund (50ETF)" based on the Shanghai Stock Exchange 50 index, and listed on the Shanghai Stock Exchange on February 23, 2005
the first ETF launched by Shenzhen Stock Exchange was e-fonda Shenzhen Stock Exchange 100 ETF on February 21, 2006.

9. If the condition is like this: the impact of the same object falling to the ground from different heights. Then the problem is easier to solve
since it is the same object, it can be assumed that the contact time with the ground is basically the same, so according to the momentum theorem (assuming that the contact time is very short, and the momentum change of the object under the action of gravity tends to zero ring this period), there are: (1 + e) MV = ft (E is the elastic coefficient, 0 ~ 1, M is the mass of the object, V is the speed rate of touchdown, f is the average force, t is the contact time), So F1 / F2 = V1 / v2. According to the law of conservation of energy: 2mgh = MV ^ 2. So: H1 / h2 = V1 ^ 2 / V2 ^ 2, comparing the two formulas, we can get: F1 / F2 = (H1 / H2) ^ 0.5, that is to say, the average force is proportional to the 1 / 2 power of height
if we want to measure the absolute value of F, we must measure the contact time between the object and the ground, which is a difficult point. Generally, the time is very short. If it is an experiment in vacuum (ignoring the air resistance), it can be measured as follows: measure the height h of the falling object and the height h of the rebound object; As well as the whole time t from the beginning of falling to the highest rebound (it is easier to measure e to the increase of time, and good measurement also requires higher accuracy), this time t is subtracted from the sum of the falling and rising time T & # 39 The collision time can be obtained by H = GT ^ 2 / 2. If the measurement error is large at one time, the object can bounce several times more, and the falling and rising process of each subsequent cycle is e times of that of the previous cycle/ h) In this way, the height of the first falling h and the first rising h is measured;, And the time t of the whole process;, Then suppose N cycles are measured, then the contact time t = {T & # 39-[ 1+e+e^2+...+e^(n-1)]*t'}/ n. Because t is enlarged by N times, the measurement error is reced. Of course, you can also do a few more round-trip experiments and take the average value
the last simple way is to let the object fall directly onto the electronic scale, and the eye can see the maximum value of the force (in fact, the maximum value is the criterion to judge whether the object will be damaged). This method measures the force of the object and the electronic scale, which is different from the ground contact (E value is different).