1. The discount rate of an ETF fund means that the market price of the ETF fund is lower than the net asset value, where the net value of the ETF refers to the price of a basket of stocks represented by each unit of the ETF. For example, the market price of an ETF is 19 yuan, and its net value NAV is 20 yuan, and its discount rate is 5%. When the market price deviates from low/higher than the net value, the market outlook may be corrected by a decline/increase in the net value, or by a rise/fall in the market price. In fact, it has no predictive effect on the market.

2. The discount rate can guide us to arbitrage. When the difference between the net value and the market price is greater than the transaction cost, arbitrage can be made. If the market price is higher than the net value, you can arbitrage at a premium. The method is: buy index constituent stocks - subscribe for ETF - sell ETF - take more money and leave; if the market price is lower than the net value, you can arbitrage at a discount. The method is to buy ETF – Redeem shares – Sell shares – Walk away with more money.

1. Financial terminology. According to different standards, securities investment funds can be divided into different categories: Funds

(1) According to whether fund units can be added or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not listed for trading (it depends on the situation). They are purchased and redeemed through banks, securities firms, and fund companies. The fund size is not fixed; closed-end funds have a fixed duration and are generally listed and traded on securities exchanges. Investors pass Fund units are bought and sold in the secondary market.

(2) According to different organizational forms, they can be divided into corporate funds and contract funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; it is established by a fund manager, a fund custodian and an investor through a fund contract, which is usually called a contract fund. my country's securities investment funds are all contract funds.

(3) According to different investment risks and returns, they can be divided into growth, income and balanced funds.

(4) According to different investment objects, they can be divided into stock funds, bond funds, money market funds, futures funds, etc.

2. Warrant Funds Warrant Funds: This type of fund mainly invests in warrants. Based on the high leverage and high risk product characteristics of warrants, this type of fund has The fluctuation range is also larger than that of stock funds.