ETF the best tool for indexing investment-minmi

ETF: the index of investment in the best tool for newspaper reporter Zhao Rui ETF (Exchange Traded Funds) Chinese commonly known as exchange traded fund, this is not a literal translation, but hold the most important "exchange" and "two characteristics of redemption". ETF can be divided into stock ETF, currency ETF, bond ETF and commodity ETF and other types. Stock index ETF is the most important and mainstream variety at home and abroad, and is also the main character of this article. If you want to invest in an index, the best choice under comprehensive consideration is ETF, none of them. Why? Here’s two things: cheap, transparent. 1, do not know than, than the cost of domestic people an important symbol of a jump is not mature is not sensitive to the cost, but the cost is the most important reason causing active funds in the long run lose generally ETF years, a comprehensive rate of active management funds than ETF generally cost more than 200%, may be a bit hard one year deposit to earn back the money. Specifically, ETF’s cheapness includes going in cheap and holding cheap. The so-called import and export cheap, one is free for ransom, two is trading as low as 2/10000 to three of the transaction commission, three is no stamp tax, compared to ETF, other OTC funds in and out of the general cost of dozens of times. Hold cheap because ETF management fees and hosting fees only 0.6% per year, only 1.75% of the active fund about 13, in addition to very low turnover and transaction commission rate, ETF each year compared to the active fund transaction costs savings rate may be as high as 90%. 2, tracking accurate, real-time transparent ETF most favored by rational investors, because the index of the preparation rules and market performance itself is transparent, the investment index of ETF is possible, and indeed achieved close to real-time transparency. People will choose, people will change the style, people will have a variety of emotions, but the index will never, if you adhere to the "do not buy their own cannot read something, so please consider it under the ETF: ETF full warehouse operation, adhere to the iron discipline and not timing tracking; ETF daily published the list of subscription and redemption (PCF), can be regarded as the basic position of the fund; ETF every 15 seconds (IOPV), the disclosure of reference to the net value of geometric approximation in real time visible; ETF share published daily, and even can be used during the annual data and foreclosure cases with approximately estimated positions. Thanks to the unique physical redemption mechanism, even if compared with other index funds including grading funds, the transparency advantage of ETF is also very prominent, the most intuitive manifestation is that the ETF tracking error is far lower than other index funds. Ordinary index fund because need to deal with cash foreclosure (classification fund under the large redemption when the defect will be interpreted to the extreme), in the scale of change is often unable to achieve accurate tracking, if not allowed, and what about transparency? Based on the above advantages, ETF is not only the highest form of index investment, but also an indispensable basic tool for financial engineering. Financial engineering is similar to building blocks, and grotesque building blocks are often not gregarious, while the four square and steady ETF are the most important

ETF:指数化投资的最佳工具   ⊙本报记者赵睿   ETF(Exchange Traded Funds)中文一般称为交易型开放式基金,这并非直译,但却抓住了其最重要的“交易所交易”和“可申赎”两个特点。ETF可分为股票ETF、货币ETF、债券ETF和商品ETF等类型,股票指数型ETF是海内外最重要和主流的品种,也是本文的主角。   如果你想投资指数,综合考量下的最佳选择就是ETF,没有之一。为什么呢?这里只谈两点:便宜,透明。   1、不比不知道,一比吓一跳的费用   国内基民不成熟的重要标志就是对费用不敏感,殊不知费用是造成主动基金在长期普遍跑输ETF的最重要原因,一只主动管理基金的年综合费率比ETF普遍贵200%以上,可能辛苦存上一年定期存款都赚不回这笔钱。具体而言,ETF的便宜包括进出便宜和持有便宜。所谓进出便宜,一是申赎免费,二是买卖低至万分之二到三的交易佣金,三是无须缴纳印花税,相比ETF,其他场外基金进出费一般贵了几十上百倍。持有便宜是因为,ETF的管理费和托管费合计只有0.6%每年,仅为主动基金1.75%的1 3左右,此外极低的换手率和交易佣金率让ETF每年相比主动基金的交易费用节省幅度可能高达90%以上。   2、跟踪精准、实时透明的ETF最受理性投资者青睐   因为指数的编制规则和市场表现本身透明,投资指数的ETF才有可能也的确做到了接近于实时透明。人会择时,人会改变风格,人会有各种情绪,但指数永远不会,如果你坚持“不买自己看不懂的东西”,那么请考虑下ETF吧:ETF满仓运作,坚守铁一样的跟踪纪律而不择时;ETF每天公布申购赎回清单(PCF),基本可被视为基金持仓;ETF每隔15秒披露参考净值(IOPV),价值几何近似于实时可见;ETF份额每日公布,甚至可以用年报数据和期间申赎情况近似估算出详细持仓。   得益于特有的实物申赎机制,即便与包含分级基金在内的其他指数基金相比,ETF的透明度优势也十分突出,最直观体现就是ETF跟踪误差远低于其他指数基金。普通指数基金因为需要应对现金申赎(分级基金下折时的大额赎回更将此缺陷演绎到极致),在规模变化时往往无法实现精确跟踪,如果跟不准,又何谈透明?   基于以上优点,ETF既是指数化投资的最高形式,也是金融工程不可或缺的基础工具。金融工程类似搭积木,奇形怪状的积木往往不合群,而四四方方、稳稳当当的ETF最适合和其他小伙伴儿一起玩儿出无尽的想象:ETF可以和个股或一篮子股票结伴而行,可以与股指期货共同徜徉于基差套利,可以和期权舞出各种优美的曲线……   ETF没有秘密,但她的美需要悉心发现,有缘人请继续跟随我们的脚步吧。THE_END 进入【新浪财经股吧】讨论相关的主题文章:

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