Leveraged bond fund is a main type of leveraged fund. It is a fund that magnifies the rise and fall of the parent fund. Leverage index funds in China stock market are all aggressive Class B shares of graded bond funds. This is a high-risk, high-expected annualized expected return with leverage. Within a certain range, this share enjoys a certain expected annualized expected return with leverage. They can't be bought and sold through banks, but listed and traded like ordinary stocks. Investors with Shenzhen A-share accounts or fund accounts can purchase through brokerage channels.

There are three main ways to invest in leveraged bond funds:

1, purchased at the time of issue,

2. Buy leveraged bond funds directly after listing.

3. Buy the shares of the parent fund after listing and sell the preferred shares after splitting.

Different leveraged bond funds are issued in different ways. Some leveraged bond funds are issued separately for two types of shares, and such products can be purchased directly at the time of issuance, such as Tian Li B and Mutual Benefit B; Some can only subscribe for the parent fund. After subscribing to the parent fund, such products can only hold leveraged bond funds by selling priority shares after the fund goes public, such as products such as Duoli Enterprising, Convertible Bond B and Bank of China Mutual Benefit B.

The way to buy leveraged bond funds directly after listing is relatively simple, 30 of the 34 leveraged bond funds can be bought in this way, but the turnover of some products is very low, even less than 654.38+10,000 yuan a week, which makes it difficult for investors to invest in such products. Among the leveraged bond funds, the products with good liquidity mainly include Shengyuan B, Tian Li B, Fengli B, Juli B and Bao Li B, and the liquidity of these products is enough to meet the daily trading needs of investors.

Buying and selling leveraged bond funds can't just look at discounts. For products with extremely inactive trading volume, even if the discount is more than 5%, it is best not to intervene, because when investors need to sell, they may need a larger discount because of insufficient liquidity.

The third way is to buy the parent fund and split it into leverage and priority shares, and then sell the priority shares. This investment method is mainly suitable for two types of leveraged bond funds with comprehensive stock premium. Although the investment is a bit troublesome, there can be some arbitrage space, and leveraged bond funds can buy at a lower price. Only those leveraged bond funds with no fixed term can be suitable for this investment method, including Li Duo Enterprising, Convertible Bond B, BOC Mutual Benefit B, China Shipping HSBC B and other products.

How to choose leveraged bond funds?

1, investment type. Leveraged debt base includes pure debt products and mixed debt products that participate in stock market investment. Mixed debt products can invest no more than 20% of stock securities and also have high volatility. Pure debt products are mainly influenced by the bond market, and if the proportion of convertible bonds held is high, they will also greatly increase in value in the bull market. Different types of bonds with good bond market environment have different performances. Therefore, in the economic environment of economic depression and low inflation, financial debt, national debt and high-grade credit debt should be selected with higher leverage debt base. When the economy improves, you can choose low-grade credit bonds and convertible bonds with more leveraged debt bases.

2. Leverage coefficient

Different from the leveraged stock base, the leverage of the leveraged debt base includes the leverage of the parent fund to invest in bonds and the net leverage brought to A-share financing, which are collectively called comprehensive leverage. Investors should make a comprehensive comparison when choosing highly leveraged funds. Some funds are high before and low after, and some funds are low before and high after. Generally speaking, the higher the comprehensive leverage, the more expected annualized income and the higher the risk.

3 discount insurance premium rate level.

When the discount rate is high, it provides investors with a higher safety mat. On the contrary, when the insurance rate is high, the risk is relatively high. Due to different designs, investors should also refer to the maturity date, fund management level and liquidity when looking at the discount rate.

4. Asset liquidity

Liquidity directly determines whether the price of the selected fund fully reflects the trend of the bond market and investors' expectations, and whether it can be bought and sold smoothly. The price of funds with low liquidity is easily affected by small funds, and the logic of price trend even runs counter to the change of value and the trend of bond market, so it is difficult to judge its future trend when investing in such funds. At the same time, when buying and selling such funds, it is difficult to find a counterparty and it is easy to miss the opportunity to buy and sell. The key to checking liquidity is the daily turnover and turnover. Generally speaking, the more market share, the higher the liquidity.