Operating principle of gold ETF:
1. The operation principle of gold ETF is that large gold producers entrust physical gold to fund companies, and then the fund companies publicly issue fund shares on the exchange based on this physical gold and sell them to various investors. Commercial banks act as fund custodians and physical custodians respectively, and investors can freely redeem the funds during their existence.
2. Gold ETFs are listed on the stock exchange, and investors can trade gold ETFs as easily as buying and selling stocks. Low transaction cost is a major advantage of gold ETF. Investors don't have to pay gold custody fees, custody fees, insurance fees and other fees when buying gold ETFs, but only pay the usual management fee of about 0.3% to 0.4%, which is very prominent compared with the average handling fee of 2% to 3% in other gold investment channels.
3. Due to the high price of gold, gold ETFs generally take 1g as a fund unit, and the net asset value of each fund unit is 1g spot gold price minus accrued management fees. Its transaction price or secondary market price in the securities market is based on the net asset price per share.
4.2065438+2003,65438+2003125 October, China Securities Regulatory Commission issued the Interim Provisions on Gold Trading Open-ended Securities Investment Funds, which clearly discussed the definition, investment target and operation mechanism of domestic gold ETFs. The operating mechanism of gold ETF is similar to that of stock ETF, but there are some differences in the trading, storage, delivery and valuation of physical gold. The main difference between gold ETF and stock ETF is that the underlying index changes from stock price index to single commodity price, and the constituent stocks change from a basket of stock portfolios to a single physical commodity. New york, London, Paris, Tokyo and Hongkong have all launched gold ETFs. By the end of July, 20 12, there were more than 240 gold ETF products with assets exceeding140 billion USD. The largest SPDR gold ETF exceeds $60 billion and holds more than 1000 tons of gold.