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1、etf联接基金产品特征及影响分析（CharacteristicsandinfluenceanalysisofETFlinkedfundproducts）CharacteristicsandinfluenceanalysisofETFlinkedfundproductsTime:08,27,2009ETFfeederfundopening,promotionfundproductdevelopmentprimarycoverageEventreview:InAugust17th,theETFconnectionfundofficiallyopened.
2、HuaanandBOCOMSchrodertwofundmanagementcompaniesbecametheindustry'sfirstbatchofcompaniesallowedtoissueETFlinkedfunds.Amongthem,thefoundationfundSchroderfeederfundtobeissuedbytheBankofcommunicationsSchroderSSE180corporategovernanceindexETF,andHuaanShanghai180(510180)ETFfeederfund
3、isalreadylistedasthejointfundofHuaanShanghai180ETF.Ourpointofview:Linkedfunds(FeederFund)generallydonotinvestdirectlyintheunderlyingmarket,butratherasatypeofspecialfundthatinvestsprimarilyinotherfunds.Theriskbenefitratiocharacteristicsdependslargelyonthebasisofthefund;comparedw
4、ithordinaryFOF,theriskbenefitratioofratelevelislowandstable;comparedwiththefoundation,canprovidemoreapplicabletradingconvenienceforthebroaderinvestor;Theintroductionoflinkedfundsenrichesthetypesofexistingfundproducts,meetsthediversifiedneedsofinvestors,andpromotestherapiddevelo
5、pmentofbasicfundproductsthroughthe"Feed"mode;Throughlinking,itishelpfultoimprovetheliquidityandacceptabilityofidiosyncraticfundproducts,anditishelpfultopromotethecontinuousinnovationoffundproducts;Throughtheuseofmoregeneralfund,canprovidemoreapplicabletradingconvenienceforthebr
6、oaderInvestor:transactionmodeandtransactionchannelsaremorediversified;thepurchaseandredemptionofthresholdrestrictionsisgreatlyreduced;pricingismorefairanduniform.ThefirstapprovedETFlinkedfundshaveopenedupthebankingchannels,providinganaverage,mediumandsmallinvestorswithlowercost
7、,lowerthresholdandmoreconvenientindexinvestmentchannels.InordertoincreasetheenthusiasmofsmallandmediuminvestorstoparticipateinETF,wesuggestthatsmallandmediuminvestorswithstrongrisktolerancecanpaymoreattentiontoit.Riskprompt:Jointfundbasedfundproductsareusuallystrongcharacterist
8、icsoffundproducts,therearesomedifferencesbetweentheris
