u******4
发帖数: 4281 | 1 它的组合里面很多股票，以什么交易价格为基础来计算呢，每支股票的开盘价，收盘价
，或什么均价？ | g****d
发帖数: 3461 | 2 close吧
【在 u******4 的大作中提到】
: 它的组合里面很多股票，以什么交易价格为基础来计算呢，每支股票的开盘价，收盘价
: ，或什么均价？
| s***m
发帖数: 6197 | 3 What determines an ETF’s price?
The price of an ETF share on a stock exchange is influenced by the forces of
supply and demand. While imbalances in supply and demand can cause the
price of an ETF share to deviate from its underlying value (i.e., the market
value of the underlying instruments, also known as the Intraday Indicative
Value, or IIV), substantial deviations tend to be short-lived for many ETFs.
Two primary features of an ETF’s structure promote trading of an ETF’s
shares at a price that approximates the ETF’s underlying value: portfolio
transparency and the ability for authorized participants to create or redeem
ETF shares at net asset value (NAV) at the end of each trading day.
The transparency of an ETF’s holdings enables investors to observe
discrepancies between the ETF’s share price and its underlying value during
the trading day and to attempt to profit from them. ETFs contract with
third parties (typically market data vendors) to calculate an estimate of an
ETF’s IIV, using the portfolio information an ETF publishes daily. IIVs
are disseminated at regular intervals during the trading day (typically
every 15 to 60 seconds). Some market participants for whom a 15- to 60-
second latency is too long will use their own computer programs to estimate
the underlying value of the ETF on a more real-time basis.
If the ETF is trading at a discount to its underlying value, investors may
buy ETF shares or sell the underlying securities. The increased demand for
the ETF should raise its share price, while sales of the underlying
securities should lower their share prices, narrowing the gap between the
ETF and its underlying value. If the ETF is trading at a premium to its
underlying value, investors may choose to sell the ETF or buy the underlying
securities. These actions should bring the price of the ETF and the market
value of its underlying securities closer together.
The ability of authorized participants to create or redeem ETF shares at the
end of each trading day also helps an ETF trade at market prices that
approximate the underlying market value of the portfolio. When a deviation
between an ETF’s market price and its underlying value occurs, authorized
participants may engage in trading strategies similar to those described
above, but will purchase or sell creation units directly with the ETF. For
example, when an ETF is trading at a premium, authorized participants may
find it profitable to sell short the ETF during the day while simultaneously
buying the underlying securities. At the end of the day, the authorized
participant will deliver the creation basket of securities to the ETF in
exchange for ETF shares that they use to cover their short sales. When an
ETF is trading at a discount, authorized participants may find it profitable
to buy the ETF shares and sell short the underlying securities. At the end
of the day, authorized participants return ETF shares to the fund in
exchange for the ETF’s redemption basket of securities that they use for
their short positions. These actions by authorized participants, commonly
described as “arbitrage opportunities,” help keep the market-determined
price of an ETF’s shares close to its underlying value.
Source:
http://www.ici.org/etf_resources/background/faqs_etfs_basics | h**6
发帖数: 4160 | 4 fund和etf可不一样。fund每天只有唯一价格，不像etf那样随时交易。购买fund时需要
输入买多少钱，而不是多少股。 | s***m
发帖数: 6197 | 5 哦 lz问的是mutual fund呀
【在 h**6 的大作中提到】
: fund和etf可不一样。fund每天只有唯一价格，不像etf那样随时交易。购买fund时需要
: 输入买多少钱，而不是多少股。
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