This paper 1 100 words takes 5 minutes.
The full name of ETF fund is exchange traded fund (ETF), which has the advantages of low cost and convenient transaction. At present, ETF is one of the lowest-cost funds. Generally, the management fee of ETF funds is 0.5%, and the custody fee is 0. 1%, while the management fee of active funds is generally 1.5%+0.25%, which is only 1/3 of that of active funds. Moreover, ETFs are traded on the stock exchange, and the commission is generally 2.5 ‰ (you may get 65433 if you catch up with the brokerage preferential activities).
ETF trades in the form of a package of shares, and there is no need to reserve redemption funds. The tracking index is more accurate than that of OTC funds.
ETF funds trade T+0 in the market from time to time, which has good liquidity.
Now ETF funds are more and more favored by investors. However, in addition to formulating investment strategies, investment ETFs are not directly traded by account opening brokers, and there are still precautions.
Open the brokerage operation page and you will see a time-sharing chart like an electrocardiogram. Many people turn a blind eye to this. It is estimated that most people can't understand it. Today, I'm going to popularize science.
The red line represents the actual net asset value of all stocks corresponding to ETF during this period.
The white line represents the transaction price of ETF in the secondary market.
The yellow line is the average price of the day.
If there is no red line in your brokerage time-sharing line, it is recommended to try other brokerage trading software to clear the eastern wealth used.
Everyone wants value for money, and it is certainly more cost-effective to trade when the price is lower than the value. When buying an ETF, of course, you choose the white line under the red line and buy it when the transaction price is lower than the actual net asset value of the stock.
Popular science, the white line is below, the red line is above, and the transaction price is lower than the actual value, which is called discount. If the red line is above the white line, the transaction price is higher than the actual value, which is called premium.
Under normal circumstances, the price of course fluctuates around the average price, and it would be more perfect if the white line was bought under the yellow line.
Because ETF has arbitrage mechanism, the difference between the transaction price and the actual value of the stock will not be too big. But if there is a high premium, it is very dangerous to buy funds again.
For example, Bosera Standard & Poor's 500ETF(5 13500) stopped subscription at the beginning of 16 due to insufficient foreign exchange purchase quota. From July 2006 16 to the end of February 2009 19, the S&P 500etf rose as high as 43. 19%, while the S&P 500 index rose only 7.86% in the same period, although it also hit record highs. The daily closing price of 65438+February 2/kloc-0 increased by 26.72% compared with the reference net value.
Boss announced that the S&P 500ETF was open for subscription on the 28th. At this time, a large number of arbitrage funds are first bought at the net value and then sold at the transaction price. All of a sudden, the high premium was smoothed out, which led to a sharp drop in the transaction price of the fund.
It's a pity that Xiao Bai, who is discounted at a premium, has not been stepped on.
Huh? You want to learn ETF arbitrage?
ETF subscription needs an integer multiple of 6,543.8+0,000 copies, and for Boss Standard & Poor's 500, it needs more than 6,543.8+0,000 copies. On February 2 1 day, the subscription of this fund was suspended again, and now there has been a premium of 7.8%. When the fund is open for subscription, let's talk about arbitrage.