LOF, the English name is "listed open-end fund" and the Chinese name is "listed open-end fund". As the name implies, it is an open-end fund, but it can be listed and traded like a stock. To understand LOF, we must first clarify two concepts, on-site trading and off-site trading.
On-floor trading refers to trading in the stock exchange market, which is what we usually call the stock market. In fact, floor trading is a transaction between people. A holds the fund and provides the selling price. B wants to buy the fund, accepts the selling price of A, and the transaction is completed. In the whole process, the ownership of the fund has changed, but the scale of the whole fund will not change.
Over-the-counter transactions, of course, are transactions outside the stock market, that is, we usually purchase and redeem funds in banks or fund companies. The essence of OTC trading is that you give money to the fund company, and the fund company gives you a new fund share as a voucher. In the future, you will exchange this share for your investment. In this process, because of your subscription or redemption, the size of the whole fund will expand or shrink accordingly. By the way, the subscription or redemption on the fund company's website is also an OTC transaction.
LOF fund is an open-end fund at first, and like ordinary open-end funds, it can be purchased and redeemed in the bank. This process is no different from ordinary funds. If you want to purchase Guangfa Small-Cap in ICBC or China Merchants Bank, you must pay the subscription fee of 1.5% as required, and then get the corresponding fund share according to the net value of the fund on that day, with the minimum amount of 1 1,000 yuan.
LOF funds are characterized by different transactions in the stock market. Because the floor transaction takes place between the buyer and the seller, the transaction price is not the net value of the fund on that day. As long as both buyers and sellers accept a certain price, the transaction will be concluded at this price. This is also why the high increase of LOF funds in the south last year will lead to the phenomenon that the on-site price far exceeds the net value. 165438+1On October 27th, the actual net value of Southern Gaozeng was 1.8 158. When the exchange price was the highest, it actually reached 2.503 yuan, up 37.8% from the net value. Although it fell rapidly immediately, it finally closed at 2. 170 yuan, still 65,438 higher than the net value.
Would it be incredible? The same fund and the same share can only be redeemed by 1.8 158 in the bank, but it can be sold for 2.503 yuan in the market. You should know that LOF funds can be converted off-site and off-site. What do you mean? If you originally applied for a fund share in the bank, you can apply to switch to the stock market for trading; On the other hand, you can also apply to convert the fund shares you bought in the stock market to off-site and redeem them in the bank.
165438+1October 29, with the price falling for two consecutive days, the high increase in the south after a large proportion of dividends (7.47 yuan per share) just calmed down. At the close of the market, funds suddenly appeared in the market, which strongly pushed up the transaction price again. So that in the next 30 days and 65438+February 1, Southern Gaozeng appeared two daily limit boards (two 10% increase) in succession, which once again became the focus of market attention, and actually closed at a price 34.5% higher than the actual net value on 65438+February 1. Seeing this, I'm afraid many friends will be excited. Yes, the price difference as high as 30% at that time made many people feel unbearable like you. After seeing the high closing price on the 29th, I applied for conversion on the 30th. Unfortunately, there is still a time difference here. It takes two trading days from the time you submit the conversion application off-site to the time you can sell it on site. The application was filed on the 30th, and the swarming retail investors finally entered the market on February 4th, 65438 (the 2nd and 3rd were weekends). It's a pity that they were greeted by the daily limit of-10% instead of the daily limit of 10% yesterday. Millions of selling orders were hung up long ago, and retail investors could not sell them even if they wanted to. The plunge continued until 65438+February 8, with a cumulative drop of 3 1%. By the close of the 8th, the on-site transaction price of South China Gaozeng was 1.04 yuan, while the actual off-site net value was 1.055438+0 1 yuan, but the on-site discount was-1.
As can be seen from the above example, LOF funds do have arbitrage opportunities with different on-site and off-site prices, but it is not easy to achieve this arbitrage due to the time difference. Even if the funds are already in hand, it still takes two working days to successfully convert. Therefore, don't buy in a different place just because you see the price difference of a LOF, and then try to change the venue. This process may take at least 4 working days.
In fact, the transaction price of most LOF funds is 1 ~ 2% lower than their actual net value, so we don't need to pay special attention to this price difference. LOF fund is mainly for the convenience of investment. Investors who are used to investing in stocks can buy and sell funds directly without opening an account in a bank. Moreover, compared with the bank's subscription fee of 1.5%, the cost of on-site transactions is undoubtedly much cheaper. Moreover, the funds obtained after selling the fund can be used to buy stocks or other funds on the same day, even if it is withdrawn, it will be no problem the next day. Compared with waiting for 3 or 4 days for off-site redemption, capital turnover is also more flexible.
The last advantage is that you can seize the opportunity to enter the market, because no matter when you apply for off-site subscription on the same day (before 15), you will trade according to the net value after the closing, which is the so-called unknown price principle. For the floor trading of LOF fund, you can know your buying price. At the same time, when there is a sharp intraday decline in the market, such as March 1 and March 19, although the final closing net value is definitely rising, there is an opportunity to buy at a low price on the opening day.
This is also the reason why many closed-end funds are transformed into LOF funds after being closed, because it is absolutely most convenient for the holders who originally bought closed-end funds in the market to sell them directly in the market.
LOF funds that have been issued at present are:
Nanfang Jipei 160 105
Nangaozeng 160 106
Bo Shi Theme 160505
Penghua Value 160607
Penghua Electric Power 1606 10
Jiashi 300 160706
Comrade Changsheng 160805
Guo Futianhui 16 1005
Rongtong juchao 16 1607
Business growth 16 1706
Wanjiagong 16 1903
Great Wall Jiufu 162006
ABN Amro efficiency 162207
Jingshun Dingyi 162605
Jingshun Resources 162607
Guangfa Pan Xiao 162703
Industrial trend 163402
Tian He Zhixin 163503
BOC China 16380 1
Central European trend 16600 1
What is an ETF fund? ETF, English name exchange traded fund. Chinese name, transactional open index fund. Names need triple definition. First, open-end funds, followed by index funds, and finally tradable. What is tradeable? It is similar to stocks and closed-end funds and can be bought and sold on exchanges. Of course, the LOF fund we introduced the day before yesterday is the most similar to it. They are all open-end funds, which can be purchased and redeemed in banks and traded directly in the trading market, so that many people are confused.
In fact, index funds are not as mysterious as imagined. Ordinary index funds, such as E Fund 50 and Penghua 50, are exactly the same as other open-end funds. They also publish their net worth every day and need to apply for redemption in banks or fund companies. Both the transaction process and the method of calculating income are exactly the same as those of ordinary open-end funds.
So why do we treat index funds as a variety alone? It is because their investment methods and investment objects are different. We must first know what a stock index is. It's more complicated. Prepared by a stock exchange or securities institution to reflect the changes of a group of stocks. The rise and fall of a single stock is easy for everyone to see. However, there are more than 800 stocks in Shanghai Stock Exchange, and these stocks go up and down every day. How to reflect whether these stocks are up or down as a whole? According to the number of stock ups and downs? Obviously not, first of all, how to reflect the difference between 500 stocks rising and 800 stocks rising? Secondly, Tianhua, with a market value of 300 million ST, and ICBC, with a market value of 1.39 trillion, both rose by 1 cent, which had obviously different effects on the whole stock market, so the stock index appeared. For example, the Shanghai Composite Index, which has great influence, is compiled by taking all the stocks issued in the Shanghai market as samples and considering their respective market values and their proportion in the total market value. The rise and fall of each stock in the sample will have different effects on the index according to its market value.
Therefore, various stock exchanges and securities institutions began to launch their own indexes to reflect the ups and downs of different stock groups. For example, Shenzhen Composite Index, Shanghai 50 Index, Shanghai and Shenzhen 300 Index and so on. Take the above 50 index as an example. Issued by Shanghai Stock Exchange on June 2, 2004. Select 50 representative stocks with large scale and good liquidity in Shanghai stock market to form sample stocks, which fully reflect the overall situation of a group of high-quality large-cap stock enterprises with the most market influence in Shanghai stock market. Therefore, the rise and fall of SSE 50 reflects the rise and fall of these 50 stocks, which are called the constituent stocks of SSE 50 Index. Of course, with the emergence of new influential stocks, the constituent stocks will also change. For example, after China Ping An was listed on the index, Tong Ren Tang was listed separately, thus maintaining 50 constituent stocks.
Having said that, let's go back to index funds. Different index funds invest in constituent stocks of different indexes. Take the E Fund 50 Index Fund as an example. When the fund was established, it was announced that the stocks invested by the fund were the constituent stocks of SSE 50. What is the final effect of investing in these stocks in different proportions? That is, the net value of the fund is synchronized with the rise and fall of the index! For example, if ICBC rises by 1 cent, it will lead to an increase of 1% in the SSE 50 Index. It will also increase the net value of this index fund by 1%. Of course, the rise and fall of the other 49 stocks will also affect the rise and fall of the 50 index and the net value of the fund. This is why we call index funds "passive investment funds" because the proportion of their investment in stocks is influenced by the constituent stocks in the index. Of course, it is impossible for the net fund value and the index to rise and fall in full synchronization. It is usually required that the change of net value is within an acceptable error range relative to the index. And I believe that investors in each fund will not mind that the net value increase is higher than the index increase. Therefore, in order to pursue higher returns or lower risks, fund managers will also buy a small number of stocks other than constituent stocks. For example, the fund Penghua 50 also invested in Vanke, a stock in Shenzhen.
Then talk about ETF funds. First of all, ETF funds must be index funds, which is also the difference between them and LOF. LOF funds are characterized by: open-end funds that can be bought and sold in the stock market, which can be either index funds or other types of funds.
ETF trades in the market in the same way as LOF, with buyers and sellers quoting their own prices and buying and selling at the same price. Another difference between them is over-the-counter trading, that is, when buying and redeeming. The OTC subscription and redemption of ETFs are oriented to institutions and large households, and it is difficult for ordinary retail investors to reach the minimum subscription amount. For example, the minimum subscription share of Huaxia 50ETF is 6.5438+0 million. In fact, subscribing to 50ETF is not to buy fund shares with money, but to exchange stocks. The fund company will list a subscription according to the proportion of its constituent shares before the market opens.
2. Listed Open-end Fund (LOF)
(1) On-site operation: investors do not need to open a separate fund account, but must have an account card (shareholder account card or fund account card) of Shenzhen Securities.
Trading channel: enter the Qianlong trading system of the sales department and click "on-site fund"
"2" entrustment in telephone entrustment-"4" fund redemption
Online trading system stock entrustment-floor fund
(2) Secondary market trading: enter the fund account (the account must be associated with the Shenzhen securities account card), select stock trading, and enter the fund code to buy like normal stock trading. This process is called LOF secondary market buying, just like buying and selling closed-end funds.
3. Shanghai Stock Exchange Fund Connection
(1) On-site operation: investors do not need to open a separate fund account, but must have an account card of Shanghai Securities ((shareholder account card or fund account card)).
Trading channel: enter the Qianlong trading system of the sales department and click "on-site fund"
"2" entrustment in telephone entrustment-"4" fund redemption application
Online trading system stock entrustment-floor fund
(2) Off-site operation: Investors need to open a separate fund account in the company they want to buy open-end funds (for example, any fund in the south must open a southern fund account, and any fund in China must open an Huaxia fund account, etc.). ).
A. floor trading: investors enter the entrustment system to subscribe, purchase and redeem funds in the "open-end fund" module.
B online trading: investors can open the online entrustment function of securities trading, and use the online trading module to complete the fund subscription, subscription and redemption in the "open-end fund" business module.
C. Telephone entrustment: Investors can complete the subscription, subscription and redemption of funds by opening telephone entrustment (9672 18, 4008 139666, 2033000 and 204400).
4. Transactional open index funds
(1) On-site operation: investors do not need to open a separate fund account, but they must have a Shanghai or Shenzhen securities account card.
Trading channel: enter the Qianlong trading system of the sales department and click "on-site fund"
"2" entrustment in telephone entrustment-"4" fund redemption
Online trading system stock entrustment-floor fund
(2) Secondary market trading: enter the fund account (the account must be associated with a Shanghai or Shenzhen securities account card), select stock trading, and enter the fund code to buy like normal stock trading. This process is called ETF secondary market buying, just like buying and selling closed-end funds.
3. bought LOF, a listed trading fund
The subscription fee is generally 1.5%, and the redemption fee is 0.3%.
The on-site price is inconsistent with the off-site price, and there are premiums and discounts in the market. Buy at a discount, sell at a premium, and earn the difference.
I haven't bought an ETF, but I know a general idea. Please go to the "Fund School" section to learn more.
Like buying and selling stocks, buy today and sell tomorrow.