What is Ethereum's ETF

1. 2020 is the first year of proction rection. Everyone turns to BTC, BCH, BSV and other currencies. However, you forget eth. As the king of the public chain, ETH will usher in the big upgrade of 2.0 super version in 2020, switching from the pow mechanism to the POS mechanism. In addition, it will face proction rection in March next year, and its circulation will be reced by 10 times. Its impact is no less than that of bitcoin proction. Since the beginning of the year, the trading volume of eth has grown explosively, and the institutional capital has poured in to preempt the layout. However, the current price of eth is only 260 US dollars. With many super favorable blessings, the market expects eth to usher in a super bull market< In theory, X2
2. The circulation of next year will decrease 10 times. In theory, X2
3. The current price of eth is 260x4 = US $1040 (upgrade + expected price after proction rection)

ring this period, the return comparison between holding spot and ETF fund is as follows:

1. Holding spot makes 4 times of profit
2. Holding Ethereum ETF fund starts with 12 times of profit, Up to more than 30 times (intelligent position adjustment + fund compound interest calculation)

there is no doubt that the Ethereum ETF launched by bitoffer is the best investment choice!

2. Ethereum ETF fund can be sold at a specific price by opening a fund account.

3. Trading open-end index fund is a special type of open-end fund. It combines the advantages of closed-end fund and open-end fund. Investors can buy and sell ETF shares in the secondary market, and can apply for or redeem ETF shares from fund management companies, However, the purchase and redemption must be a basket of shares (or a small amount of cash) in exchange for fund shares or a basket of shares (or a small amount of cash) in exchange for fund shares. Due to the existence of both secondary market trading and redemption mechanism, investors can carry out arbitrage trading when there is a difference between the trading price of ETF secondary market and the net value of fund unit. The existence of arbitrage mechanism can make ETF avoid the common discount problem of closed-end funds. Investors can buy ETFs in two ways: they can buy ETFs from fund managers according to the net value of the fund on the day after the closing of the securities market (just like 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)<

diversifying investment and recing investment risk passive portfolio usually contains more targets than general active portfolio. The increase of target number can rece the impact of single target fluctuation on the overall portfolio, and rece portfolio fluctuation by the different impact of different targets on market risk. 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 Before 2010, there is no short mechanism in China's securities market, so there is a situation that "if the index falls, it will lose money". In April 2010, stock index futures opened. Since December 5, 2011, seven ETF funds have been included in the scope of margin trading. ETF combines the advantages of closed-end and open-end funds. Like the closed-end funds we are familiar with, ETF can be bought and sold in the exchange in the form of small "fund units". Similar to open-end funds, ETF allows investors to purchase and redeem continuously, but when ETF is redeemed, what investors get is not cash, but a basket of stocks. At the same time, they are required to reach a certain scale before they are allowed to purchase and redeem. Compared with closed-end funds, ETFs are listed on the stock exchange, just like stocks, and can be traded at any time ring the day. The differences are: 1) ETFs are more transparent. As investors can apply for / redeem continuously, the frequency of requiring fund managers to publish their net worth and portfolio is correspondingly accelerated. ② Due to the existence of continuous purchase / redemption mechanism, the net value and market price of ETF will not have too much discount / premium in theory. Compared with open-end funds, ETF funds have two advantages: one is that ETF is listed on the exchange and can be traded at any time in a day, which is convenient for trading. Generally, open-end funds can only be opened once a day, and investors only have one trading opportunity (i.e. purchase and Redemption) every day; Second, ETF redemption is to deliver a basket of stocks, without retaining cash, which is convenient for managers to operate and can improve the management efficiency of fund investment. Open end funds often need to keep a certain amount of cash for redemption. When the investors of open-end funds redeem their fund shares, they often force the fund managers to constantly adjust their portfolios. The resulting tax and the loss of some investment opportunities are borne by those long-term investors who do not ask for redemption. This mechanism can ensure that when some ETF investors ask for redemption, it will not have much impact on the long-term ETF investors (because they redeem stocks). Low transaction cost, index investment often has the characteristics of low management fee and low transaction cost. Compared with other funds, index investment is not for the purpose of outperforming the index. Managers only adjust their portfolios according to the changes of index components, and do not need to pay for investment research and analysis, so they can charge lower management fees; On the other hand, index investment tends to hold the purchased securities for a long time, which is different from active management. Because of the high turnover rate formed by active trading, index investment has to pay higher transaction cost. Index investment does not actively adjust the portfolio, so the turnover rate is low, and the transaction cost will naturally decrease. Investors can arbitrage on the same day. For example, the Shanghai Stock Exchange 50 fluctuates sharply in one trading day. The intraday rise once exceeded 5%, but the market closed flat or even fell. For investors of ordinary open-end index funds, the intraday rise is meaningless. 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 (net value valuation) every 15 seconds, this iopv immediately reflects the change of the net value of the fund caused by the rise and fall of the index, and the secondary market price of ETF changes with the change of iopv. Therefore, investors can timely sell ETF in the secondary market when the index rises in the intraday to obtain the income brought by the intraday rise of the index. The highly transparent ETF adopts passive management, which completely replicates the component stocks of the index as the fund's portfolio and the rate of return on investment. The fund's holdings are quite transparent, so that investors can easily understand the characteristics of the portfolio, fully grasp the status of the portfolio, and make appropriate expectations. In addition, the index value and estimated net fund value are updated every 15 seconds for investors' reference, so that investors can keep abreast of their price changes at any time and buy and sell at a price close to the net fund value at any time. Neither closed-end fund nor open-end fund can provide the convenience and transparency of ETF transaction. Increase market hedging tools. Because ETF commodity can be regarded as an index spot in concept, with the commodity characteristics that ETF itself can operate both long and short, if institutional investors have stocks in hand but see bad performance of the stock market, they can sell ETF by margin trading to do reverse operation, so as to rece the amount of spot loss on hand. For the whole market, the birth of ETF makes the financial investment channels more diversified, and also increases the short channel of the market. For example, in the past, when institutional investors operated funds, they could only rece their positions to avoid risks. Although short channels were increased after the introction of futures, when they used futures as long-term hedging tools, they still had to face the problems of monthly closing positions, transaction costs and spreads. Using ETF as a hedging tool can not only rece the risk of stock positions, but also avoid selling stocks in the spot market, So as to provide more diversified choices for investors.

4. The trading open-end index fund, also known as exchange traded funds (ETF), is a kind of open-end fund which is listed on the exchange and has variable fund shares
lof is an abbreviation, including frame loss, Listed Open-end Fund

5. 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. 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'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.

6. 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.