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The period from the basic concept of cross-market ETF, features and subscription and redemption transactions in other aspects were introduced.
(A) cross-market ETF Introduction
1, the basic concept of cross-market ETF's?
Cross-market ETF is a cross-market index (such as the CSI 300 index) to track the subject ETF. Wherein the cross-market index refers to a component securities comprising the index of the Shenzhen Stock Exchange and the Shanghai Stock Exchange listed securities.
2, cross-market ETF What are the characteristics?
Cross-market ETF mainly in the following four characteristics:
(1) in the Shenzhen Stock Exchange / traded on the Shanghai Stock Exchange;
(2) passive investments, track the underlying index, the pursuit of the tracking error is minimized;
(3) adoption of internationally accepted model, the implementation of off-site purchase and redemption;
(4) the use of in-kind redemption application mode, investors use the underlying index corresponding to a basket of deep, when Shanghai Portfolio to purchase ETF shares, redemption of ETF shares was also a basket of Shanghai and Shenzhen portfolio.
(B) cross-market ETF subscription and redemption transactions
1, to participate in cross-market ETF investors need to open what account?
Due to the Shenzhen Stock Exchange cross-market ETF involves both Shenzhen and Shanghai stock, it is the account provisions than the single market ETF to be more complex. Specifically described as follows:
(1) purchase, redeem cross-market ETF, should hold and use while the Shenzhen A-share accounts with the Shanghai A-share accounts;
(2) in the secondary market trading cross-market ETF, you should use Shenzhen / Shanghai A-share accounts or Shenzhen / Shanghai securities investment fund account.
2, investors how to handle cross-market ETF subscription and redemption?
In cross-market ETF began to open subscription and redemption period, investors should stock exchange trading hours, in other ways and redemption agent brokerage business premises or by subscription and redemption agent securities provided to make the purchase and redemption of the Fund. Redemption application should also apply for the use and possession of Shenzhen A-share accounts with the Shanghai A-share accounts and compliance.
Investors handle cross-market ETF subscription and redemption should note the following:
(1) the Shenzhen Stock Exchange cross-market ETF subscription and redemption of shares are declared, and each declaration must be the smallest integer multiple of the subscription and redemption of units.
Listing subscription and redemption (2) investors should fund managers released on the same day an ample supply price, including the Shanghai and Shenzhen market portfolio, cash alternative, the difference between the cash and other consideration. With particular reference to the fund subscription and redemption list published daily (ie PCF list);
(3) declare the opening time of the exchange time, specifically from Monday to Friday from 9: 30-11: 30 pm and 1: 00-3: 00 (except holidays)
(4) the date of purchase ETF shares, T + 2 days can be sold and redeemed; the date of redemption of ETF shares obtained a basket of stocks, T + 2 Ri available.
3, investors how to trade cross-market ETF?
Investors in stock exchange trading hours, members of the Exchange through the sale of the brokerage commission ETF share price of the transaction in order to match the trading system.
Cross-market ETF trading to share declared, the minimum price fluctuation unit 0.001 yuan, the smallest unit of 100 sell fund shares (ie "1 hand"), the smallest unit is a sell fund shares. Fund the implementation of the transaction price limit, the proportion is 10% of Price.
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