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是交易形式 最简单的金融交易工具之一
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“交易型开放式指数证券投资基金”(Exchange Traded Fund,以下简称ETF),简称“交易型开放式指数基金”,又称“交易所交易基金”。
ETF通常由基金管理公司管理,基金资产为一篮子股票组合,组合中的股票种类与某一特定指数(如上证50指数)包含的成份股票相同,股票数量比例与该 指数的成份股构成比例一致。例如,上证50指数包含中国银行、中国石化等50只股票,上证50指数ETF的投资组合也应该包含中国银行、中国石化等50只 股票,且投资比例同指数样本中各只股票的权重对应一致。换句话说,指数不变,ETF的股票组合不变;指数调整,ETF投资组合要作相应调整。
ETF的基金管理人每日开市前会根据基金资产净值、投资组合以及标的指数的成份股情况,公布“实物申购与赎回”清单(也称“一篮子股票档案文件”)。投资人可依据清单内容,将成份股票交付ETF的基金管理人而取得“实物申购基数”或其整数倍的ETF;以上流程将创造出新的ETF,使得ETF在外流通量增加,称之为实物申购。实物赎回则是与之相反的程序,使得ETF在外流通量减少,也就是投资人将“实物申购基数”或其整数倍的ETF转换成实物申购赎回清单的成份股票的流程。
ETF的实物申购与赎回只能以实物交付,只有在个别情况下(例如当部分成份股因停牌等原因无法从二级市场直接购买),可以有条件地允许部分成份股采用现金替代的方式。
ETF“实物申购、赎回”的交易对手方是投资者和基金。示意图如下:
申购示意图
是交易形式 最简单的金融交易工具之一
积极推动金融创新 大力提高我国银行业竞争力
信用风险是银行业面临的主要风险之一,也是转轨经济时期我国银行业面临的最大风险之一。近20年多来,国际银行业信用风险转移创新活动十分活跃,最早的信用衍生产品出现在1993年,当时信孚银行(Bankers Trust)为了防止其对日本金融界贷款遭受损失,开始发行一种兑付金额取决于特定违约事件的债券。投资者可以从购买这种债券中获益,但如出现贷款不能清偿时,投资者就必须向信孚银行割赔。信用衍生产品到20世纪90年代末真正取得突飞猛进的发展。以转移信用风险为目的的信用衍生工具的应用和发展,为银行业提供了全新的信用风险管理方法,也为社会提供了新的投资工具。信用衍生工具有四种基本类型,即信用违约互换(credit default swaps)、总收益互换(total return swaps)、信用差幅期权(credit spread option)和信用连接的票据(credit-linked note)。简言之,信用衍生产品是用来交易信用风险的金融工具,交易对象之间签好金融合约,通过这个合约,将信用风险从标的资产中剥离出来,并进行定价,使它能够转移给最适合于承担或最愿意管理这种风险的投资者。其最大的好处在于能够转移风险,特别是能够降低银行业机构信用风险的集中度,增进市场流动性以及市场透明度。