According to the announcement information, the net subscription amount of Huaxia Hang Seng ETF products during the fundraising period was 3.585 billion yuan, and the total number of effective subscriptions was 265,438+0.504; The net subscription amount of E Fund Hang Seng State-owned Enterprise (QDII-ETF) during the fundraising period was 65,438+0,665,438+0.6 billion yuan, and the total number of effective subscriptions was 3,092. Two products * * * raised 5.2065438 billion yuan.
In addition, the issuance of the first batch of two cross-border ETF linked funds ended, and the subscription ended on August 18, 2065438. main feature
Hong Kong stock ETF refers to a transactional open index fund (ETF) with the Hong Kong stock market index as the underlying index. The Hong Kong stock ETF of Shenzhen Stock Exchange mainly has the following characteristics:
First of all, the underlying index is the Hong Kong stock index, which implements passive investment. The existing ETFs listed on Shenzhen Stock Exchange are all domestic stock indexes, and Hong Kong stock ETFs are the first batch of ETF products with overseas stock indexes as the underlying index. For example, the Chinese Hang Seng ETF on sale is based on the Hong Kong Hang Seng Index.
Secondly, Hong Kong stock ETFs are subscribed, subscribed, redeemed and traded in RMB in China. The subscription and subscription funds are exchanged by fund managers and invested in the Hong Kong stock market.
Third, the ETF share of Hong Kong stocks, like other listed funds, is listed and traded on Shenzhen Stock Exchange.
Fourth, the Hong Kong stock ETF purchases and redeems all cash replacement. Since domestic investors can't directly hold Hong Kong stocks, the subscription and redemption of Hong Kong stock ETFs are in the form of all-cash substitution, and fund managers buy and sell corresponding portfolio securities on behalf of investors in the Hong Kong market, and the buying and selling costs are borne by investors.
In addition, in order to facilitate investors holding foreign exchange to invest in Hong Kong stock ETFs, the linked funds of Hang Seng ETF have been subscribed and subscribed in RMB and USD, and the shares of linked funds subscribed or subscribed by investors in RMB/USD are still RMB/USD after redemption.
Investment model
Under China's current foreign exchange management system, domestic investors can't directly buy and sell overseas stocks, and the Hong Kong stock ETF provides the most convenient and effective tool for domestic investors to invest in the Hong Kong stock market. Investors can achieve a variety of investment objectives and trading strategies through the Hong Kong stock ETF.
First of all, the Hong Kong stock ETF is a long-term investment tool for investing in the Hong Kong stock market. Take Huaxia Hang Seng ETF( 159920) as an example. Hang Seng Index is the flagship index of Hong Kong market, with high market value and turnover coverage and strong market representation. The dividend yield of Hang Seng Index 20 12 is 2-6%, which is attractive to long-term investors.
Secondly, Hong Kong stock ETF is an important choice for institutional investors' asset allocation. Because the correlation between Hong Kong stock index and domestic index is low, investors can optimize their portfolios by adding Hong Kong stock ETF to their asset allocation, thus diversifying their portfolio risks.
Third, Hong Kong stock ETFs can do band operation and short-term trading. The band trend characteristics of Hang Seng Index are obvious and the amplitude is large. Experienced investors can carry out band operation and short-term trading of Hang Seng ETF according to the fluctuation of Hang Seng Index, and gain income.
Fourth, professional investors can also carry out arbitrage transactions. When the Hong Kong stock ETF is discounted, investors can buy the Hang Seng ETF and redeem it. When the ETF of Hong Kong stocks has a premium, investors can buy ETFs and sell the ETF shares held in advance, or sell the ETF shares through securities lending. In addition, investors can also carry out cross-species arbitrage such as matching transactions between Shanghai and Shenzhen 300ETF and Hong Kong ETFs according to the market trends of A shares and Hong Kong stocks.
investment risk
Like investing in other ETFs, investing in Hong Kong stock ETFs will face the following risks:
First, the risk of fund net value fluctuation. Since the target of Hong Kong stock ETF is to copy the target index, when the target index fluctuates due to various factors, the net value of Hong Kong stock ETF will also fluctuate. This is the biggest risk of investing in Hong Kong stock ETFs.
The second is the risk of tracking error between the fund net value and the underlying index. Due to the influence of management fees, dividends of constituent stocks and other factors, it is difficult for ETF managers to completely copy the index performance, resulting in tracking errors.
The third is the risk of trading discount premium. Due to the arbitrage mechanism of discount premium in Hong Kong stock ETF, the transaction price tends to be consistent with the net value under normal circumstances, but due to the influence of market supply and demand, its discount premium may also fluctuate greatly in the short term.
Affected by some special factors, investing in Hong Kong stock ETFs may also face the following risks.
The first is the risk of exchange rate fluctuations. Hong Kong ETFs are denominated in RMB, and the assets they hold are Hong Kong stocks denominated in Hong Kong dollars. The fluctuation of RMB exchange rate against Hong Kong dollar may cause the fluctuation of fund net value.
Second, the risk of a large discount in non-overlapping trading time. Shenzhen and Hong Kong have different holidays and trading schedules. In the non-overlapping trading period, the discount premium arbitrage mechanism fails, and the ETF trading price may deviate greatly from the net value.
The third is the premium risk brought by the insufficient QDII quota. After the QDII foreign exchange quota of Hong Kong stock ETF is used up, the subscription will be suspended until the quota is increased, and the premium arbitrage mechanism will temporarily fail, which may lead to a large premium.
In addition, since there is no price limit for Hong Kong stocks, the price limit for ETFs listed on domestic exchanges is 10%. When Hong Kong stocks fluctuate greatly, the ETF of Hong Kong stocks may rise and fall.
Before investing in Hong Kong ETF, investors should carefully read the fund contract, prospectus and relevant announcements, fully understand the operating mechanism, risk-return characteristics and potential risks of the products, fully consider their own risk tolerance and cognitive ability, rationally judge the market and make investment decisions cautiously. 1990, the Toronto Stock Exchange (TSE) launched the world's first ETF- Index Participation Share (TIPs). The first ETF Standard & Poor's Depositary Receipt (SPDRs) in the United States was born in 1993, and then ETF developed rapidly around the world. In 2002, the assets managed by 280 ETFs in the world were $65,438+0.410.6 billion; In 2003, the assets managed by 28 1 ETF increased to $2,654.38 billion.
There has always been a theory in the asset management industry in mature markets that active investment is difficult to outperform the market for a long time, and its long-term performance is lower than the market average. Take the American market as an example. During the period of 1984- 1994, although the average annual return rate of active stock funds is 12. 15%, it is still lower than the average annual return rate of SP500 index 14.33%. Under the background of the operation of index funds in China, some insiders pointed out that ETF does not need cash purchase and redemption and reveals its net value in real time, which has an irreplaceable market position and role in terms of transaction convenience, information transparency and cost.
China's first ETF development memorabilia
1 and 200 1 When the Strategic Development Committee of Shanghai Stock Exchange studied product innovation, it put forward the initial ETF idea. Due to the lack of a suitable index, the cash model was considered at that time.
2. At the beginning of 2002, Huaxia Fund Management Company started the basic research work ETF (Exchange-traded Fund) on the design of state-owned shares reduction.
3. In April 2002, Huaxia Fund Management Company established contact with the International Development Department of Shanghai Stock Exchange to exchange ETF research results.
4. On July 1 day, 2002, SSE launched SSE 180 index.
In August, 2002, at the invitation of Shanghai Stock Exchange, Huaxia Fund Management Company participated in the "SSE180TF Design Seminar" held in Qingdao, and made a special speech on ETF design.
6. On June 5438- 10, 2002, Huaxia Fund Management Company submitted the ETF research report: SSE 180ETF Master Plan to the Fund Department of China Securities Regulatory Commission and the International Development Department of Shanghai Stock Exchange.
7. On June 5438+065438+ 10, 2002, Huaxia Fund Management Co., Ltd., Bank of China and Guotai Junan Securities Co., Ltd. jointly conducted an ETF market demand survey, and the relevant survey results were submitted to the Shanghai Stock Exchange.
From June 8.5438 to February 2002, Huaxia Fund Management Company made a special trip to Shanghai Stock Exchange, and together with Guotai Junan Securities Company, made a special report on ETF products and business plans designed by Huaxia Fund Management Company to the "ETF Joint Research Group of Shanghai Stock Exchange and China Securities Depository and Clearing Company Shanghai Branch".
9. On June 5438+ 10, 2003, Huaxia Fund Management Company participated in the seminar on ETF product scheme held by Shanghai Stock Exchange in Jiaxing, Zhejiang.
10. In April 2003, the Shanghai Stock Exchange reported the progress of ETF to the CSRC, and submitted the report on launching ETFs as soon as possible.
11In the first half of 2003, Huaxia Fund Management Company submitted several research reports to the Shanghai Stock Exchange.
12.in June 2003, at the invitation of Shanghai Stock Exchange, I participated in the joint research plan of Shanghai Stock Exchange, and submitted a special report "Research on the issuance mode and operation management of Shanghai Stock Exchange 180ETF" to Shanghai Stock Exchange. In addition, from 2002 to 2003, Zhang Ling of the Postdoctoral Research Center of Huaxia Fund Management Company participated in the research of ETF projects during her internship in Shanghai Stock Exchange.
13,10 In 2003, Huaxia Fund Management Company signed technical cooperation agreements with State Street Bank and State Street Global Investment Consulting Company.
1 4,65438+in 200410/month, and the SSE launched the SSE 50 Index.
On June 5438+05 and June 5438+0, 2004, Huaxia Fund Management Co., Ltd. participated in the bidding of ETF investment managers in Shanghai Stock Exchange and obtained the first batch of partner qualifications.
16, in April 2004, SSE formally applied to develop ETF.
17.in June 2004, ETF was recognized by the State Council and approved by CSRC.
18, 201165438+125 October, 7 ETF funds (50ETF, 180ETF, bonus ETF, governance ETF, Shenzhen ETF, small and medium-sized ETF. 201165438+February 5, the transaction was officially completed.
19,2012 On April 5, 2002, Shanghai Stock Exchange and Huatai Bairui Fund Management Company launched the first cross-market ETF-launched in T+0 mode-SSE CSI 300ETF.
20.20 13 13 on may 5th, the Nasdaq 100 ETF fund launched by cathay pacific fund officially started trading on the Shanghai stock exchange.