This kind of fund can be traded in the primary and secondary markets at the same time, which is called subscription and redemption in the primary market and trading in the secondary market.
When the primary market purchases ETF shares, it needs to exchange ETF shares with ETF components+cash instead, and when the ETF shares are redeemed, it will get ETF components+cash instead. Both subscription and redemption have minimum redemption units, and Huatai Bairui CSI 300ETF has a minimum redemption unit of 900,000.
Buying and selling ETF shares in the secondary market, just like buying and selling stocks, starts with 1 lot (100 shares).
T+0 operation is a disguised T+0 realized in the primary and secondary markets, that is, the stocks bought on the same day can be used to buy ETF shares and can be sold in the secondary market to get cash; ETF shares bought on the same day can be redeemed on the same day, and a basket of redeemed stocks can be sold.
The fund manager will announce the redemption list, which stocks can be replaced by cash, and will announce it when buying.
In addition, trading ETFs in the secondary market alone can't reach T+0.
Play 1: offline cash subscription
Ms. A has bought an open-end fund before, and now I hear that the T+0 version of the Shanghai and Shenzhen 300ETF has come out. She can go directly to the securities company around her and purchase T+0 version of Huatai Bairui CSI 300ETF, 1 yuan, 1000 copies for sale according to the daily subscription process of open-end funds, plus a handling fee of no more than 1%, and prepare 100 copies.
Play 2: Online Cash Subscription
Mr. B used to issue new shares, so it is easier to buy the T+0 version of Shanghai and Shenzhen 300ETF. He can apply for subscription entrustment at the brokerage firm on any day of April 24th, 25th and 26th, just as he usually does when issuing new shares, by filling in the subscription entrustment form, telephone entrustment, magnetic card entrustment and online entrustment. The subscription code cannot be wrong. The subscription code of T+0 Huatai Bairui CSI 300ETF is 5 10303. Please confirm when placing an order.
Game 3: offline stock subscription
Company C used to hold a constituent stock of the Shanghai and Shenzhen 300 Index, but now it is not optimistic about the short-term performance of this stock and is unwilling to sell it; On any day of April 24th, 25th and 26th, Company C can "redeem" the T+0 version of the Shanghai and Shenzhen 300ETF at the brokerage office, with a single stock 1000.
Need to remind everyone that you need to have an A-share account or a fund account of the Shanghai Stock Exchange to subscribe for an ETF listed on the Shanghai Stock Exchange. It is recommended that you use an A-share account. Among them, two "offline" subscription methods can be handled by 49 large brokerage firms such as Galaxy Securities and Shen Yin Wanguo [2.30 -0.43%] and Huatai Bairui Fund. The list of specific brokers can be found on the website of the fund company; Through these 49 brokers, you need to transfer the specified transaction to this broker in advance. You can't handle the designated transaction on the day of opening an account, and you can't subscribe on the day of changing the designated transaction. I suggest you contact your broker for consultation as soon as possible.
Play 4: Short-term trend trading
Although Mr. D has no time to study thousands of stocks carefully, he has always found that his judgment on megatrends and indexes is more accurate. One day after the listing of Huatai Bairui CSI 300e TF T+0, Mr. D thinks that the CSI 300 Index has reached the investment area, and there is at least room for growth of 10% in the short term. Mr. d's operation is very simple. When the Shanghai and Shenzhen 300 Index reaches a suitable area, he can buy "300ETF (code: 5 10300)" in the secondary market in real time, starting from 1 hand (around 300 yuan), instead of waiting for the close of the day like ordinary open-end funds. On the other day, Mr. D predicted that the Shanghai and Shenzhen 300 Index would rise in place, and Mr. D could sell the ETF in intraday trading, and the funds sold could continue to be used in the market that day. Like stock trading, the transaction cost is more free of stamp duty.
Game 5: "T+0" trend trading to avoid overnight risks.
Mr. e is a medium-sized customer with a capital of 3 million. After Huatai Bairui CSI 300e TF T+0 was listed, one morning 10, Mr. E thought that the current position of CSI 300 index was low, so he subscribed for the T+0 version of CSI 300ETF. At 2 o'clock in the afternoon, the Shanghai and Shenzhen 300 Index suddenly rose, and Mr. E immediately sold the T+0 version of the Shanghai and Shenzhen 300ETF he bought earlier in the secondary market. This kind of operation, the income mainly comes from market fluctuations, investors can use the T+0 version of the Shanghai and Shenzhen 300ETF to capture the daily fluctuation opportunities of the market, conduct repeated transactions, and the funds can be recycled within the day.
Play 6: Premium Arbitrage
It's also Mr. E. One day after the T+0 version of Huatai Bairui CSI 300ETF was listed, he found that the transaction price in the secondary market of CSI 300ETF was higher than the estimated net worth (IOPV) of CSI 300ETF at that time calculated according to the real-time price and weight ratio of these 300 stocks. He immediately bought the required basket of stocks (the list of purchases and redemptions is disclosed on the websites of Shanghai Stock Exchange and Huatai Bairui every trading day). Replenish other required cash, purchase T+0 version of CSI 300 ETF in real time, and then immediately sell the purchased ETF at a higher price in the secondary market, and collect the premium part (the price is higher than the net value, deducting transaction costs).
Play 7: bearish on suspended constituent stocks
Mr. F is an old hand and has a good knowledge of stocks. After the listing of the Shanghai-Shenzhen 300 ETF T+0, one day, a constituent stock of the Shanghai-Shenzhen 300 Index was suspended, and Mr. F happened to hold the stock in his hand. It is expected that bad news will be announced. Mr. F immediately bought other stocks in the basket he needed, supplemented other cash he needed, subscribed for the T+0 version of the CSI 300ETF, and then immediately sold the subscribed ETF in the secondary market, successfully reducing the bearish stock.
Play 8: Put a bearish limit on constituent stocks.
It is also Mr. F. One day, after the listing of the T+0 version of the Shanghai and Shenzhen 300ETF, one of the constituent stocks in the Shanghai and Shenzhen 300 Index closed down. Unfortunately, Mr. F happens to own the stock, and it is expected that the stock will continue to plummet in the next trading day. Mr. F immediately buys other stocks in the required basket (the redemption list is disclosed on the websites of Shanghai Stock Exchange and Huatai Bairui every trading day), and adds the required cash to purchase the T+0 version of CSI 300 ETF.
Play 9: Spot arbitrage
Mr. G is a private equity fund manager and participated in the stock index futures market. After the listing of T+0 Huatai Bairui CSI 300ETF, the futures contract price of CSI 300 stock index is much higher than the price of T+0 CSI 300ETF on a certain day. Mr. G immediately bought the necessary basket of stocks to buy T+0 CSI 300ETF, and at the same time sold the same amount of CSI 300 stock index futures contracts. After the spread between the CSI 300 futures contract and the CSI 300 ETF narrowed, Mr. G immediately used the T+0 mechanism to sell the T+0 version of the CSI 300 ETF he bought that day, and at the same time closed his position and shorted the CSI 300 futures contract to complete this arbitrage. As it happens, the T+0 version of the CSI 300ETF designed by Huatai Bairui corresponds to three stock index futures contracts, which is very convenient to match.