(1) China Construction Bank Company Limited
(2) Industrial and Commercial Bank of China
(3) Bank of Communications
(4) changjiang securities Limited Liability Company.
(5) Great Wall Securities Limited Liability Company
(6) orient securities Limited by Share Ltd.
(7) soochow securities Limited Liability Company
Dapeng securities co., ltd
(9) GF Securities Limited Liability Company
(10) Guotai junan securities co., ltd
(1 1) Guo Xin Securities Company
(12) Huaxia Securities Co., Ltd.
(13) Huatai Securities Co., Ltd.
(14) Haitong Securities Co., Ltd.
(15) United Securities Co., Ltd.
(16) Jin Xin Securities Co., Ltd.
(17) Shen Yin wanguo securities co., ltd.
(18) Industrial Securities Co., Ltd.
(19) china galaxy Securities Co., Ltd.
(20) CITIC Securities Co., Ltd.
(2 1) China Merchants Securities Co., Ltd.
Ping An Securities Co., Ltd.
The minimum net subscription amount of Bosera theme is 65,438+0,000 yuan, the transaction subscription fee of banks and securities companies is 65,438+0.5%, and the redemption fee is 0.5%. Boss official website subscription rate is 0.9%. Of course, this refers to subscriptions below 500,000.
1. What is LOF Fund?
LOF (Listed Open-end Fund) of Shenzhen Stock Exchange is an open-end fund that can be listed on Shenzhen Stock Exchange. It is a system with China characteristics designed according to the current situation of China's securities registration, settlement and trading system, laws and taxation. LOF is also a listed open-end fund. After the issuance, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. LOF provides a trading platform on which fund companies can open closed-end funds and open-end funds, but it does not have the characteristics of index futures.
Second, raising LOF funds.
LOF fund raising is divided into two parts: on-site and off-site. The amount raised at the counter is registered in the open-end fund registration system of China Clearing Company; The amount of funds raised in the venue is registered in the securities registration and settlement system of China Clearing Company.
1 and LOF's off-site capital allocation
It is no different from the raising of ordinary open-end funds. Investors can subscribe through fund managers or fund agencies such as banks and securities companies, and should use the Shenzhen open-end fund account of China Clearing Company. Subscriptions must be based on the amount. The open-end fund registration system (TA system) of China Clearing Company calculates the fund share subscribed by investors according to the subscription rate given by the administrator and the following formula.
Net subscription amount = subscription amount/1+ subscription rate
Subscription fee = net subscription amount x subscription rate
Subscription share = subscription amount/par value of fund share
Subscription share shall be rounded to two decimal places. The interest during the subscription period can be converted into fund shares, which will be uniformly transferred to the fund account after the fundraising.
2. On-site raising of 2.LOF funds
To raise fund shares through the exchange, in addition to meeting the requirements of general open-end funds, fund managers also need to apply to Shenzhen Stock Exchange for sale. After being confirmed by the Exchange, listed open-end funds will be listed and sold in Shenzhen Stock Exchange during the trading hours of each trading day during the fund raising period. During the raising period of listed open-end funds, investors can subscribe for fund shares online through the securities business department of a securities company with the qualification of fund consignment business on the trading day of Shenzhen Stock Exchange (see the announcement of fund share offering announced by the fund manager for the specific list). Irrevocable orders can be declared multiple times, and the subscription share declared each time must be an integer multiple of 65,438+0,000 or 65,438+0,000, and not more than 99,999,000 fund shares.
Investors must subscribe by shares. The calculation formula is as follows: the listing price of the exchange is the face value of the fund.
Subscription amount = listing price X( 1+ commission ratio of securities companies) x subscription share.
Commission of securities company = listing price ⅹ Commission ratio of securities company ⅹ subscription share
Net subscription amount = listing price x subscription share
Three. Subscription and redemption of LOF shares
The closed period of LOF funds generally does not exceed 3 months, and the open day should be the normal trading day of the stock exchange.
After the LOF fund is purchased and redeemed in the open market, investors can apply for the purchase and redemption through the securities business department of the qualified member units of the Shenzhen Stock Exchange (see the announcement of the fund manager for the specific list) during the trading hours. Subscription is declared by the amount, and the reporting unit is one yuan; Fund share redemption based on share declaration and reporting unit. The declared amount of subscription and redemption shall be limited in accordance with the provisions of the prospectus of the declared fund. The subscription and redemption prices are calculated according to the net value of fund shares calculated after the market closes on the day when the application is accepted.
Four. Listing and trading of LOF funds
The opening price of the fund on the first day of listing is the net value of the fund shares on the trading day before the first day of listing. After the listing of the Fund, investors can buy and sell the fund shares through the securities business departments of the member units of Shenzhen Stock Exchange during the trading hours, and trade at the matching price of the trading system.
Details are as follows:
1.LOF The declared quantity of buying should be 100 or its integer multiple, and the minimum change unit of the declared price is 0. 00 1 RMB.
2. Shenzhen Stock Exchange imposes price fluctuation restrictions on LOF transactions, with the fluctuation ratio of 10%, which will be implemented from the first day of listing.
3. After the investor sells the fund shares on T day, the funds will arrive on T+ 1 day, and the redemption funds will be at least T+2.
Verb (abbreviation of verb) transaction cost
1) The transaction cost in the secondary market (within 3‰ of the turnover) is different from the subscription cost (about 65438+ 0.5% of the subscription amount) and the redemption cost (about 0.5% of the redemption amount), which is reflected in the different transaction prices of the two methods. Investors can choose to buy, sell or purchase and redeem according to the changes in market conditions, the net value of the fund and the cost difference of the day.
In the process of fund issuance, exchanges and clearing companies do not charge any fees. Brokers only need to multiply the total subscription amount by the listing price of the exchange (1 yuan) and pay the subscription amount to the clearing company.
2) Brokers can set the commission ratio according to the subscription rate agreed in the fund prospectus, and the commission income collected by brokers can be directly included in the income without paying others. For example, the subscription rate stipulated in the prospectus of South Active Allocation Securities Investment Fund is not higher than 1.3%, which decreases with the increase of subscription amount, of which the subscription amount
3) The Exchange will charge 0.0975‰ and 0.04‰ of the transaction amount in the secondary market of funds to brokers and charge securities management fees on behalf of China Securities Regulatory Commission. The sum of the two expenses is 0. 1375‰ of the fund turnover. The Exchange will not charge on-site subscription and redemption fees for the time being.
The intransitive verb LOF fund share is transferred to custody.
LOF's hosting business includes two types: intra-system hosting and cross-system hosting.
In-system custody transfer means that investors transfer LOF shares entrusted to a securities institution to other securities institutions (on-site transfer), or transfer LOF shares entrusted to a fund manager or consignment agency to a securities institution (off-site transfer). Investors will transfer LOF shares from the securities registration system to the OFTA system. From T+2, investors can declare and redeem fund shares at the transferee's agency or fund manager. Investors transfer LOF shares from TA system to securities registration system. On T+2, investors can declare the sale or redemption of fund shares in Shenzhen Stock Exchange through the securities business department of the transferee.
1 How do investors transfer the fund shares entrusted off-site to the market?
Before handling cross-system transfer custody, investors must get in touch with the securities business department to which the fund shares are transferred and obtain the seat number of the securities business department in Shenzhen Stock Exchange. After verifying the above matters, investors can go to the transferor's consignment agency to handle cross-system re-custody business as required on normal trading days. Investors must fill in the application form for re-custody, indicating the seat number of the securities business department to be transferred out, the account number of Shenzhen open-end fund, the code of listed open-end fund to be transferred out and the number of re-custody, in which the number of re-custody should be an integer.
2. How can investors transfer the fund shares held on the market to the off-market?
Before handling cross-system custody transfer, investors should pay attention to the following matters:
(1) Ensure that the Shenzhen securities account transferred from the fund share has been registered in the Shenzhen open-end fund account with the fund manager or its consignment agency.
(2) Knowing that the fund share is to be transferred to the institution code (6xxxxx); And complete relevant procedures (account registration or registration confirmation) according to the requirements of the consignment agency to establish business relations and ensure that the fund shares to be transferred can be accepted by the consignment agency.
After verifying the above matters, investors can go to the transferor's securities business department to handle cross-system custody transfer business with valid identity documents and Shenzhen securities account card on normal trading days. Investors must fill in the application form for re-custody, indicating the code of the re-custody institution (6XXXXX), the number of the Shenzhen securities account, the code of the re-custody listed open-end fund and the re-custody number.
7. How does LOF arbitrage?
Arbitrage principle: According to the current general trading situation, there is generally a spread of 1%-2% between the net value of open-end funds and the real-time trading price. After the Shenzhen Stock Exchange opens the LOF fund market for subscription and redemption, the subscribed fund shares or redemption funds can be obtained on T+2 days. Funds bought in the market on that day can be sold in the market on T+ 1 day; The fund shares purchased on the same day can be sold in the T+2 day market; The funds for selling the fund shares in the market were in place at that time, and the funds for redeeming the fund shares can be received in 2 working days; Greatly shortened the time risk and arbitrage cost of arbitrage. The operating cost of the whole arbitrage process is about 0.6% (the handling fee of on-site trading funds is about 0. 1%, and the redemption cost is about 0.5%). For a long time, the arbitrage space of LOF funds is about 0.4%- 1.4%/ day.
Here are some concrete examples to illustrate.
1, the secondary market price is higher than the fund's net value: the secondary market price of Jing Shun Resources Fund on October 30th, 2006 was much higher than the fund's net value, so it can be purchased on the spot according to the fund's net value on that day 1.096 yuan, and on February 4th, T+2, it can be purchased through the secondary market at the market price of 65,438 yuan.
2. The secondary market price is lower than the fund's net value: the full-day closing price of Guangfa Small Cap Fund165438+1October 2 1.805 yuan/share, and the fund's net value on that day 1.8428 yuan. If you buy an on-market fund on 2 1 day, you will redeem the fund in the on-market market after the fund share is received on the 22nd. The net value of the fund on the 22nd is 1.856 yuan, and the two-day arbitrage income is about 2.82% (excluding the handling fee).
It can be seen that there is still some risk in using LOF fund arbitrage, which is the risk brought by T+2. When arbitrage is carried out in the first way, if the fund price in the secondary market on T+2 day has fallen to near the net value at the time of fund subscription, it is considered that the handling fee can no longer be profitable. Similarly, when using the second method, if the net value of T+ 1 day fund falls near the buying price in the secondary market at that time, it will not be profitable. However, if the price of the secondary market is higher than the net value of the fund, you already have the fund in your account and intend to invest for a long time, then you can sell the fund in the secondary market and arbitrage by buying the same number of funds in the market; On the contrary, if the price in the secondary market is lower than the net value of the fund, you can redeem it according to the net value, and at the same time buy the same amount of the fund in the secondary market, so that you can carry out arbitrage stably.
LOF funds purchased and redeemed in the open market now are:
Rongtong Chaochao100 (161607), Wanjiagong (16 1903), Nanfang Jipei (160 105). Harvest 300( 160706) and southern gaozeng (160 106), BOC China (16380 1), industrial trends (163402). And Jing Shun Guo Fu Tianhui (16 1005), China-Europe new trend (16600 1), ABN Amro efficiency (162207), Penghua Power Growth (160