上证180ETF基金运作探讨.pdfVIP

032025234冯额 I补180ETF苹舍的运竹探lf 英文摘要 The Exchange Traded Fund(ETF)IS a trust and index fund，it rose quickly to publIC popularlty in the United States and other developed markets-1thln a relatively short period of time The introduction of ETF into China not only helps to eultlvate instituttonal investor base．but also provides all aIternatlve rlsk— hedging tool to investors The arrival of ETF facilitates product innovatlons in the area of stock index futures and Index options．It also helps stock exchanges to attract hlgh—quality resources IntO the market．For these reasons，the ETF has attracted wlde interest amongst Exchanges and asset management companles． The SSE 180 ETF IS the second ETF fund in China，after its predecessor of SSE50ETF， the 180 ETF wi 1 1 be sponsored and managed by Hua An Fund Management and traded at the Shanghai Stock Exchange ThlS paper examines the orlgln of ETF and Its historical development，including successful experience and lessons learned in mature markets．The paper also attempts to analyze the pollcy framework in China governing ETF operations and the experience of China’S first ETF--SSE50ETF since its inception，and dIscusses the poss zbzllties of 180 index as the benchmark of ETF as well． Based on these analytlcal tools．I conclude that given SSEl80 index has better market fundamentals，can better represent the market with its constituent stocks and captures a larger market capltallzation than the SSESO index，It offers a better alternatlve to the ETF fund．The paper dlscusses the investment strategies of the 180ETF，including strategies on partlclpation in new share subscription。 11st of stocks for subscription and redemption，constituent stocks suspended from trading The paper atSO analyzes the potential impact of the on—golng reform in the area of non—tradable shares Oil the operations of SSEl80ETF． Ke)words：ETF，SSEl80，Operational study 2 032025234冯颍 _L订}180ETF基舍的庭ff探I于 正文 I．引言 交易所交易基会(英文名称：Exchange Traded Fund，简称：ETF基金)是国际 基会业中的一大创新产品，它的历史非常短暂