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</script></span> </div> <div class="c_content_text"> <div class="c_content_overflow" id="fontzoom"> <p> </p> <p style="text-align: center;"><span style="font-size:20px;">证券时报记è€?李树è¶?/span></p> <p><span style="font-size:20px;">  今年权益类交易型开放式指数基金(ETF)的大发展不仅引来机构投资者、个人投资者等各路资金的追捧,也受到交易所的关注和支持。围绕流动性服务业务规则等内容,交易所出台相关指引以提升上市基金流动性。基金公司也通过增加做市商、提升个人投资者比例等多种举措,优化ETF投资者的体验ã€?/span></p> <p><span style="font-size:20px;">  多举措提升ETF流动æ€?/span></p> <p><span style="font-size:20px;">  为促进基金市场健康发展,规范基金流动性服务业务,沪深交易所近期双双出台文件,提升上市基金流动性。上交所日前向部分证券公司和基金公司发出《上海证券交易所上市基金流动性服务业务指引ã€?征求意见ç¨?;上周五,深交所也发布《深圳证券交易所证券投资基金流动性服务业务指引》,2019å¹?æœ?日起施行ã€?/span></p> <p><span style="font-size:20px;">  北京一家大型基金公司ETF基金经理对此表示,今年ETF的大发展,受到个人、机构投资者、交易所的关注,交易所为ETF的发展出谋划策,让会员单位证券公司为ETF产品提供流动性。交易所通过划分到A类做市商、免除部分费用等举措,督促做市商提供更多买卖单和流动性,这对提升ETF的交易体验和流动性改善都是一个积极的信号ã€?/span></p> <p><span style="font-size:20px;">  根据基金公司公告,进å…?1月份以来,已有海富通上è¯?0年期地方政府债ETF、华安MSCI中国ETF、申万菱信上è¯?0ETFç­?只ETF基金发布了引入流动性服务商的公告,较之前两月公告引入流动性服务商的基金数量明显增多ã€?/span></p> <p><span style="font-size:20px;">  记者在采访中了解到,目前多家公募基金正在尝试通过增加做市商、IOPV(ETF的基金份额参考净å€?附近提供买卖单、提升个人投资者比例等方式提升ETF流动性ã€?/span></p> <p><span style="font-size:20px;">  上述ETF基金经理表示,他所在的公司今年以来加大了对旗下沪深300、中è¯?00等重点ETF产品的资源投入,其中,为沪深300ETF选定10家做市商,他们会在IOPV附近提供买卖单,对整个基金的流动性带来明显的改善,基金成交额从去年的日均一两千万提升到目前的日均上亿元ã€?/span></p> <p><span style="font-size:20px;">  “做市商与套利基本类似,除了交易所要求之外,大部分做市商都是使用有盈利要求的自营资金做市,而且做市时买卖单溢价比较大。因此,交易所或基金公司一般需要投入资源补贴做市商成本,做市商才会有积极性加大ETF的流动性ã€?rdquo;该ETF基金经理介绍ã€?/span></p> <p><span style="font-size:20px;">  除了引入做市商外,引入散户等具有内生流动性的交易型投资者,也是当前基金公司的一项重要尝试ã€?/span></p> <p><span style="font-size:20px;">  北京一位基金公司量化投资部门总监表示,他所在公司在券商营业部、雪球等渠道推广ETF产品,其目标人群主要是个人投资者。基金规模和交易型个人投资者占比提升,基金内生性的交易和流动性都会逐渐攀升ã€?/span></p> <p><span style="font-size:20px;">  “在规模相近的情况下,同类型被动型基金的收益率差异并不大。此时,投资者最关心的是买卖的冲击成本和流动性体验。比如,基金投资者买ETF时,往往愿意在净值附近成交,而不希望比净值多20个bp,这也是我们在做大基金规模后重点要做的事情。我们向公司的主要宽基产品投入更多资源,为投资者提供更好的投资体验ã€?rdquo;上述量化投资部门总监说ã€?/span></p> <p><span style="font-size:20px;">  华泰柏瑞指数投资部总监柳军表示,决定ETF流动性的主要因素是投资者群体数量、基金规模以及运作机制等,而投资者群体数量能起到决定作用ã€?ldquo;投资者数量多,交易策略会更加丰富,ETF产品的交易将呈现笔数多、金额小、成交连续等特点。所以,在比较不同ETF的流动性时,除了成交金额和折溢价水平外,具备上述特点的ETF在流动性上更具优势ã€?rdquo;柳军说ã€?/span></p> <p><span style="font-size:20px;">  é€?成权益ETF</span></p> <p><span style="font-size:20px;">  成交天数低于交易天数</span></p> <p><span style="font-size:20px;">  事实上,虽然ETF整体规模增速明显,但主要集中在龙头产品,部分细分指数和行业ETF流动性和交易体验欠佳,成为高速增长ETF市场背后的隐忧ã€?/span></p> <p><span style="font-size:20px;">  Wind数据显示,截至上周五收盘ï¼?43只权益ETF今年以来的日均换手率ä¸?.84%。华夏上è¯?0ETF、华安创业板50ETF、易方达创业板ETF等总份额排名前十的龙头ETF同期日均换手率达åˆ?.62%,明显高于市场平均水平。其中,日均换手率在5%以上çš?5只权益ETF平均基金份额ä¸?4.91亿份,呈现出ETF龙头流动性集中的趋势。场内ETF龙头——易方达恒生H股ETF、华安创业板50ETF以高è¾?6.62%ã€?1.48%的日均换手率居于市场前列ã€?/span></p> <p><span style="font-size:20px;">  而从权益ETF另一个市场活跃度指标成交天数看,在今年以来的218个交易日中,成交天数不足218天的权益ETFæœ?0å?排除今年新成立的权益ETF),占比为40.32%;æœ?4只ETF的成交天数低äº?00å¤?海富通上证非周期ETF、鹏华上证民ä¼?0ETF等基金的成交天数仅有140多天ã€?/span></p> <p><span style="font-size:20px;">  如果将交易活跃度指标对应基金规模可以发现,交易不活跃的基金规模都比较小ã€?/span></p> <p><span style="font-size:20px;">  Wind数据显示,上è¿?0只成交天数不è¶?18天的权益ETF平均份额仅为1.12亿份,这类基金今年以来日均换手率也非常低,仅ä¸?.53%;14只成交天数低äº?00天的权益ETF平均份额更小,仅ä¸?805.14万份,同期日均换手率也仅æœ?.08%ã€?/span></p> <p><span style="font-size:20px;">  从基金类型上看,这些流动性较弱的权益ETF主要为民企、传媒、原材料等行业ETF,还有医药、消费等同质化严重的主题ETF,以及上è¯?0、中è¯?00等缺乏先发优势的ETF产品ã€?/span></p> <p><span style="font-size:20px;">  北京上述ETF基金经理认为ï¼?ldquo;场内ETF基金规模小、流动性欠佳导致基金交易的冲击成本较高。比如,当前交易的ETF净值为1.326元,但基金参考净值为1.156元,基金买入价实际高出基金净值,交易时产生了14.7%的溢价,交易的体验就会差一些ã€?rdquo;</span></p> <p> </p> <p><span style="font-size:20px;">  柳军也表示,流动性对ETF来说至关重要。如果流动性与股票的流动性不匹配,其交易功能属性就无法发挥出来,市场需求也无法释放。如果能在一定程度上提升ETF流动性,将有利于增加ETF的投资者群体数量和规模,帮助ETF进入良性发展轨道ã€?/span></p> </div> </div> <div class="contArticle_bot_Artpage"> <span id="pe100_page_contentpage" class="pagecss"></span> </div> <div class="c_contant_end"> 您可以分享或转发本文至: <div class="bdsharebuttonbox"><a href="#" class="bds_more" data-cmd="more"></a><a href="#" class="bds_weixin" data-cmd="weixin" title="分享到微ä¿?></a><a href="#" class="bds_tsina" 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