LOF fund, that is, exchange-traded fund, is an open-end fund, which can be listed and traded on the exchange or traded on the exchange.

Fund raising is divided into two parts: on-site and off-site. There is no difference between off-site raising and ordinary open-end fund raising. Investors can subscribe through fund managers or fund agencies such as banks and securities companies. To raise fund shares on the exchange floor, 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, but they cannot withdraw their orders, but they can declare them several times. The subscription share of each declaration must be an integer multiple of 65,438+0,000 or 65,438+0,000, and shall not exceed 99,999,000.

LOF stock subscription and redemption: The closing period is generally not more than 3 months, and the opening day should be the normal trading day of the stock exchange. After the purchase and redemption in the open market, you can declare the purchase and redemption through the securities business department of a securities company with the qualification of fund consignment business. 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 shall be based on the net value of fund shares calculated after the closing of the market on the day when the application is accepted.

Benchmark calculation. Off-exchange subscription and redemption are the same as other open-end funds.

LOF fund listing transaction: the opening reference price of the fund on the first day of listing is the net value of the fund share on the trading day before the first day of listing. After the fund is listed, investors can buy and sell fund shares online after opening an account in a securities company during trading hours, and the transaction will be conducted at the matching price of the trading system. The specific requirements are as follows: 1. LOF purchase declared quantity should be 100 or its integer multiple, and the minimum change unit of declared price is 0. 00 1 yuan. 2. The Exchange imposes price fluctuation restrictions on LOF transactions, with the fluctuation ratio of 65,438+00%, 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.

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 transaction price difference between the two methods. Investors can choose trading, subscription and redemption according to the current market conditions, changes in fund net value and cost differences.

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 being transferred to 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

& lt 654.38+0,000 yuan, and the subscription rate is 654.38+0.3%; 1 10,000 ≤ subscription amount

100000, subscription rate1%; The subscription amount is ≥100000, and the subscription rate is 0.5%. The brokerage commission ratio can be set accordingly, and the commission collected can be directly classified as brokerage business income.

(3) The Exchange collects handling fees from brokers and securities management fees on behalf of China Securities Regulatory Commission according to 0.0975‰ and 0.04‰ of the turnover in the secondary market of funds. 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 emergence of LOF has brought new cross-market arbitrage opportunities for investors. Because you can apply for subscription and redemption when you are listed on the exchange, the transaction price in the secondary market will deviate from the subscription and redemption price in the primary market, and arbitrage may occur. When the online transaction price of LOF is higher than the sum of fund share net value, subscription fee, online transaction commission and re-custody fee, arbitrage opportunities for offline buying and online selling arise. Similarly, when the net value of fund shares on a certain day is higher than the sum of online subscription price, online subscription commission fee, offline redemption fee and re-custody fee, there will be arbitrage opportunities in online subscription and offline redemption.

LOF arbitrage needs to be carried out through transfer custody. If the unit net value of a LOF is 1 yuan, and the transaction price of the exchange is 1.2 yuan, then investors can purchase funds through banks, and then transfer the purchased funds to the exchange through sub-custody, and sell them through the secondary market, so that the difference between the net value of funds and the transaction price can be obtained; If the price of an LOF on the exchange is 1 yuan, and the unit net value is 1.2 yuan, investors can buy the fund on the exchange and redeem it at the bank through re-custody. For this arbitrage model, investors must open capital accounts in both the securities business department and the bank business department before trading.

We need to pay attention to the following issues: because it takes two trading days to transfer custody (such as transferring custody on Monday and operating on Wednesday), although the unit net value of LOF may not change much, the transaction price in its secondary market may change greatly. For investment

Generally speaking, when the secondary market price is higher than the unit net value, it will take two days to arbitrage by bank subscription and exchange trading, while the LOF trading price of the exchange fluctuates greatly, and the spread may disappear completely within two days, so its arbitrage value will not exist. Therefore, the best arbitrage method is that when the LOF net value is higher than the secondary market price, investors buy LOF through the exchange and then redeem it in the bank. Here are some concrete examples to illustrate:

1, the secondary market price is higher than the fund's net value: for example, the secondary market price of a source fund in July 2007 1 1 day is much higher than the fund's net value on that day, so it can be subscribed on the spot according to the fund's net value on that day 1.096 yuan, and T+2 is the second day of July 13.

2. The secondary market price is lower than the net value of the fund: for example, in July 1 1 day, the full-day closing price of a fund is 1.805 yuan/share, and the net value of the fund on that day is 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 arrives on the 23rd. On the 22nd, the net value of the fund 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. According to the first way

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In arbitrage, if the price of the fund in the secondary market on T+2 has fallen to near the net value when the fund was purchased at that time, considering that the handling fee can no longer be profitable. Similarly, when using the second method, if the net value of the fund at T+ 1 day falls near the price bought in the secondary market at that time, it is not 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.

How to transfer custody? Investors are free to transfer funds into custody, either from off-site to off-site (including fund direct selling agencies, banks and other consignment agencies) or from off-site to on-site.

There are two ways to transfer custody: one-step transfer custody and two-step transfer custody. Both methods require investors to open additional trading accounts in the sales organization to be transferred. If the "one-step custody transfer" method is selected, investors can apply for custody transfer at the transferor; If the "two-step custody transfer" method is selected, investors should first go to the transfer-out institution for fund transfer, and then go to the transfer-in institution for fund transfer two working days after the fund transfer-out business is confirmed. After confirmation, investors can redeem the fund at the new outlets. The specific processing flow may be slightly different depending on the sales organization.

Under the "one-step custody transfer" mode, after the investor successfully transfers the fund share from the transferor on T day, the fund share will normally arrive at the transferee on T+ 1 day, and the investor can redeem this part of the fund share from T+2 day. Under the "two-step custody transfer" mode, after the investor successfully applies for transferring the fund share from the transferee on T day, under normal circumstances, the fund share will reach the transferee on T+ 1 day, and the investor can redeem this part of the fund share from T+2 day.

Pay attention to the following issues when transferring custody:

1. The number of fund shares transferred out of sub-custody shall not exceed the available fund shares in the transferor's fund account, otherwise the declaration will be invalid.

Second, when transferring custody, the fund holder can transfer all or part of the fund shares he bought in a sales organization (place) at one time, but the balance of the fund shares transferred out and transferred to the sales organization after the transfer custody is completed shall not be lower than the minimum holding share stipulated in the fund contract. If the fund share balance managed by the investor in the sales organization (place) is lower than the minimum share after re-custody, it is confirmed that the re-custody is unsuccessful. If the investor's fund share balance is lower than the minimum share, he must apply for a one-time transfer when transferring custody. Third, the sales organization can charge a certain fee for the re-custody business.

IV. The principle of handling the share details in the sub-trust is "first in, first out", that is, the share will be transferred out first on the registration date and last on the registration date.