The Analysis On Performance Evaluation Of Listed Open-End Funds In China

Currently, both Closed-end funds and Open-ended funds in China are facing problems that have affected their further developments. To make up their deficiency, Listed Open-Ended Funds (LOF) was launched as a new fund by Shenzhen Stock Exchange. LOF is a combination product of ETF and our domestic law system. Due to the difficulties to meet some requirements of implementing ETF in China, it is more feasible to implement LOF than ETF. Generally, LOF will exist together with ETF in the fund industry in China.China set the first Listed Open-ended Funds as one kind of innovation of trade way in 2004,providing investor with a new investment way. For investor, it is necessary to know the performance of the funds before choosing from them .The evaluation of the performance can help the investor choose the appropriate funds,as well as can help the professional fund company promote the operating ability.There are many famous evaluation institution in the world. These fund companies set many model and index system on close-ended and open-ended fund. This paper manily research the stock-type Listed Open-ended Funds.This paper evaluates the Listed rate, the capacity of arbitrage,rate choosing the Open-ended Funds with the risk-adjusted stock and the time and evaluates unique function-of premium and the fluidness on primary market and secondary market. This paper applies the AHP to evaluate generally the performance of Listed Open-ended Funds.After analysing, We can draw a conclusion that the average risk-adjusted rate of the Listed Open-ended Funds is beyond the comparative base and most of them have no capacity of choose the stock and the time. Meanwhile, Chinese Listed Open-ended Funds face a question of high redemption rate as well as open-ended funds does, but its trade in secondary market is not active and the arbitrage is not visible.