First of all, there are two kinds of warrants, namely, call warrants and put warrants. Warrant is a kind of securities designed by using option principle. Suppose there is a warrant with Shougang as the target, which means that those who spend money (this money is called royalty Pw) to buy the warrant can buy Shougang from the issuer at a specific price (this money is called execution price, also called performance price Px) in the future. If the market price of Shougang in the market is Po & gtPw+Px, the investor exercises the right to buy shougang shares and immediately sells it with Po backhand, thus earning Po-(Pw+Px). On the other hand, if the market price of Shougang in the market is po.

Second, futures are standardized contracts designed by futures exchanges. Futures buyers can purchase the subject matter at the settlement market price on a specific date in the future. A person who sells futures may sell the subject matter at the settlement market price on a specific date in the future. Futures are also designed with maturity dates, most of which will not exceed one year, so they are not suitable for long-term investment. But futures are an ideal hedging tool. People who buy stocks are most afraid of falling as soon as they buy them, so they can short stock index futures to hedge. People who have just sold stocks hate the daily limit immediately, or those who are empty-handed but will buy stocks in the future. They are afraid of buying expensive stocks in the future and can hedge with multiple stock index futures.

Third, the fund discount rate means that the market price of closed-end funds is lower than the net asset value; NAV)。 For example, the market price of a closed-end fund is 17 yuan, and the net NAV is 20 yuan, so we say its discount rate is.

( 17-20)/20= - 15% 。 It is normal for closed-end funds to have a discount rate. However, in the first decade of the stock market, there will be a state of net NAV 20 yuan and market price 60 yuan premium. There is no discount rate at this time, only premium rate.

As for open-end funds, the discount rate is always zero. Because the market price of open-end funds is based on the net value, the net value NAV is 20 yuan, and the market price is 20 yuan, so there will never be a discount.

I am Dard, please advise!