| Exchange-traded fund (ETF) is the development of the securities market to a certain stage of the product, the market has its own law of development and are influenced by many factors, the exchange-traded fund (ETF) investment value will change with market conditions . In addition, exchange-traded fund will be affected by the country's legal system and market conditions,so even in the same market , the exchange-traded fund has different investment value at different stages.China's exchange-traded fund appeared just a short period of time ago, and in February 2005 ,Shanghai 50ETF brings the development to a new stage. ETF in China whether has investment value has become the focus of attention .This article starts with the factors the exchange-traded fund need , and then, analyses and compares the investment value in the current state of the market, taking with qualitative and quantitative analysis methods.This thread of the article begins with the theary foundation,and then,compares and analysis three major parts:the risk characteristic,the valuation analysis, as well as a comprehensive financial analysis of the investment value of the exchange-traded funds.Finally,it draws a conclusion: the 5 ETF at this stage whether or not have more investment value.The article have 5 parts:The first part, introducing the index funds, ETF's definition, characteristics, development and theoretical basis.The second part,analysing the 5 ETF market and risk characteristics in order to compare the value of investments 5 ETF.The third part,through comparing the valuation analysis and liquidity analysis to determine the investments value at present time.The fourth part, the analysis of the financial indicators and summary of the investment decision-making.Finally,for the full text ,to draw an analysis conclusion. |
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