2065438+On February 24, 2003, 65438+2003, the CSRC presented a rare Christmas gift to securities investors-"Guidelines for Product Registration of Long and Short Graded Funds". If the traditional index investment tool is authentic Shaolin Wushu, the multi-space grading fund is a substitute. For investors with high-risk preferences, the release of the Guidelines is tantamount to releasing the restrictions of the solitary nine swords.
Long-short graded fund refers to a structured securities investment fund that divides the share of the parent fund into two types of sub-shares (multi-share and empty share) with different characteristics of expected risk and expected annualized expected return, and lists and trades the sub-shares.
The following characteristics of the long-short graded fund make it as unique as nine swords:
Compared with ordinary index funds, the leverage effect is obvious. The common index fund pursues the expected annualized expected return that is as consistent as possible with the underlying index. The parent fund share of the long-short graded fund can provide the expected annualized expected return as consistent as possible with the underlying index.
(Even the fixed expected annualized expected return depends on the investment scope of the parent fund); Multi-shares and empty shares in sub-shares can provide up to 6 times forward/reverse leverage.
Compared with traditional graded funds, there is no need to pay the capital cost. The long-short graded sub-fund does not have a stable share to obtain the expected annualized expected return, but is divided into multiple shares and empty shares according to the correlation with the change of the underlying index. The leverage of the sub-fund is no longer provided by the so-called steady share, and there is no need to pay the financing cost, so it has higher leverage efficiency under the same conditions. Moreover, traditional graded funds only provide positive leverage, but cannot provide negative leverage.
Compared with margin financing and securities lending, there is no situation where there is no bond to be melted. On the one hand, the expected annualized interest rate of securities lending business is close to 10%, and on the other hand, it is easily restricted by the stock of the underlying securities of securities firms. As of February 26, 20 13, 13, the balance of financing in Shanghai and Shenzhen stock markets was 340.3 billion yuan, and the balance of securities lending was only 2.6 billion yuan. There are no restrictions on graded funds in this respect. Investors only need to buy the parent share of the long-short graded fund and sell multiple shares in the secondary market after splitting. The whole cost is much lower than 10%.
Compared with stock index futures investment, there are more choices and wider investment scope. The domestic stock index futures target is only the Shanghai and Shenzhen 300 Index. The underlying index linked to the sub-fund of the long-short graded fund can be the same as the basic share tracking index, or it can be set differently. This feature enables the long-short graded fund to track diversified index targets, and even some indexes that cannot be directly invested due to policy restrictions, such as agricultural products index and crude oil index, can also be used as the nominal tracking targets of the long-short graded sub-fund.
Further reading
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