The Research Of The Running System Of 50 ETF Of Shang Hai Stock Exchange

Along with capital market development, Our country's Stock market changes deeply both in the system and in the scale. Those individuals who are lack of information acquisition and analysis ability both have to face the awkward occasion "gained the index but not make money", and have to face more and more stock diving situations and so on. How should the individuals carry on the investment decision? Received and inspired to manage finances and disperse risk idea by the expert, the odd dealer has chosen the fund investment, and our country investment funds industry has also carried on a series of innovations, has successively promoted the open style fund, the optimization index fund, the umbrella fund and LOF Since the first ETF appeared in 1989, especially the first ETF - SPDR's birth in the USA in 1993, ETF officially has entered the capital market. In ten years, ETF obtained the rapid development. This is decided by its own characteristics. ETF often adopts the passive management way, traces some index and fits the income of this index as a goal. ETF can exchange like the close-ended fund in the Exchange or can buy and redeem like the open style fund, thus overcome the discount for the close-ended fund and relatively insufficient fluidity for the open style fund. Moreover through the overseas ETF operation practice, the ETF quite fit the index income.Our country's stock market has passed through ten-years development, the market capacity has achieved certain scale, the market validity also has the enhancement. At the same time, the investment funds industry also obtained rapid development, this all promoted a good foundation for the open of our country's ETF. Authorized by the Shanghai Securities Supervisory Association, our country promotes the first inland ETF product - 50ETF on February 23rd, 2005. Since it was established, ETF has received the general investor's attention gradually, moreover at present it becomes the hot spot. After promoting 1 year, whether 50ETF tracked the 50 index, how to arbitrage, it is a practical and significant topic.This article has collected the related data to analyze 50ETF concrete operation conditions, calculate 50ETF's turnover, discount or premium level, tracking error since it was promoted. And it use Eviews to make the relevant analysis between 50ETF and 50 Index, through the contrast analysis with the Taiwan TTT operation condition, it draws the conclusion: 50ETF deal brisk trade, tracking error to be small, the discount is small, good fitting the 50 Index, it has realized itself function. So 50ETF's promotion...