Let's look at the domestic Standard & Poor's 500 Index Fund and Bosera S&P (5 13500) managed by Bosera Fund. The disadvantage of this fund is obvious, that is, the fees are too high. The management fee is 0.8% and the custody fee is 0.25%. In other words, if you do nothing for a year, banks and fund companies will take you 1.05%. According to Buffett's point of view, the biggest reason why index funds can outperform active funds is that all kinds of fees are low and banks and fund companies do not need to earn a lot of fees. However, compared with the Standard & Poor's 500 Index listed in US and Hong Kong stocks, the rate of Bosera Fund is too high. As a result, in the long run, Bosera Standard & Poor's will invest in the same Standard & Poor's 500 index, which will greatly underperform the S&P 500 funds of US stocks and Hong Kong stocks.

Of course, the benefits of 5 13500 are also obvious. First of all, there is no need to worry about the risk of brokerage failure. Secondly, this is an old S&P fund with huge market value, high liquidity and frequent premium. Because premiums often appear, more money can arbitrage. And don't worry about inheritance tax, because there is no inheritance tax in China.