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The current cost for investors when cross-market ETF, special risks, refer to net share (IOPV) how to calculate and announce how the equity distribution was introduced.
1, cross-market ETF investors What are the costs?
When the subscription and redemption of ETF, the commission rate paid subscription and redemption agent securities in the fund prospectus agreed by the fund manager, it is generally not more than 0.5%, which includes expenses charged by securities exchanges, registration and settlement institutions ;
Buying and selling ETF shares only need to pay their respective brokerage firm securities trading commissions, without paying stamp duty on transactions;
Fund management fees occurring in the course of operations, custodian fees and fee index fund managers in accordance with the fund prospectus ratios prescribed accrued daily from the fund assets.
2, cross-market ETF investors there any special risks?
(1) transaction risk: ETF works with the existing single market ETF is different, should be familiar with prior to ETF investors to participate in investment product characteristics, such as account opening requirements, fund redemption application and transaction efficiency so as to avoid losses. Investors for the first time to participate in the primary market ETF subscription and redemption agent securities company shall be required to sign their risk disclosure statement.
(2) Market risk: ETF joins the Shanghai and Shenzhen stock index futures market and its NAV will fluctuate with the market price of the securities market that is the basis of price, stock index futures prices and the combined effect of other market factors. For example, when the stock index futures market, the spot with respect to the existence of discount, premium arbitrage opportunities, investors implement arbitrage strategies, a lot of selling or buying ETF, may lead to price volatility ETF.
Risk (3) the failure of unilateral transfer: point final settlement, securities registration and settlement agency for subscription and redemption business combination involved, fund shares when the change of registration services, such as investors in Shanghai or Shenzhen securities account portfolio, fund shares due to insufficient registration and settlement institution in which investors account designated to pay a success, another account change registration fails, the subscription and redemption of fund managers or brokers agency will submit an instruction to the hedge account registration and settlement institutions, such as hedge account is successful, investors cash alternative, cash will be refunded the difference between the delivered investors, such as hedge account is not successful, the investor is obliged to continue to pay full price to the Fund.
3, with reference to cross-market ETF share net (IOPV) how to calculate and publish?
Cross-market ETF fund shares refer to net (IOPV) is based on the list of ingredients provided for Portfolio ETF fund managers, according to the latest real-time intraday transaction prices, the fund shares through the exchange and publish net estimate for investors to trade , when the redemption application by reference.
Exchange on the trading day by publishing systems market fund shares fund managers reveal offered the previous day, and in the trading of fund shares announced in a reference to the net every 15 seconds, investors can Qian, Wang and other exchange market analysis software queries.
4, how to cross-market ETF equity allocation?
Cross-market ETF equity allocation with the same single-market ETF, take only cash dividend payment, by the China Securities Depository and Clearing Corporation, Shenzhen / Shanghai Branch in accordance with the interests of the record date (R Day) end of the day investors roster data.
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