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澳门威尼斯人电子游艺:Wonderful prospects for high quality ETFs

时间:2018/1/17 1:56:43  作者:  来源:  浏览:0  评论:0
内容摘要: Currently, people are always talking about FOFs. Among the most frequently mentioned topics are ETF (exchange-traded funds), whether or how...

Currently, people are always talking about FOFs. Among the most frequently mentioned topics are ETF (exchange-traded funds), whether or how to integrate ETFs into the management of FOFs.

Using ETFs as a combined position is good for diversifying risk. In managing the fund, people use the ETF as a portfolio investment position to meet diversified requirements. But here, the funds that integrate into the ETF are not necessarily FOFs. The reason is that most of the individual funds selected by FOF (internal) are the Company's own funds. It bundles these own fund portfolios and manages them at the FOF level. There are many advantages to using ETF when managing FOF: On the one hand, using ETF, the risk performance is more decentralized than using the company's own fund because the ETF itself is more decentralized than the company's own fund. On the other hand, Own funds to establish FOF, will have a self-correlation, thus affecting the optimization results. The use of ETF as a combined position, it does not exist autocorrelation problems. It is in fact a good process of risk diversification and has good risk performance values.

The emergence of an ETF makes trading indices possible, so there is now a fraction of the ETFs that are in the replication index. But a simple exponential replication istes a lot of market revenue. The biggest advantage of ETF lies in its saving transaction costs, strong liquidity and diversification. Based on these advantages, designers can adopt the strategies of asset management using the securities that meet these three criteria as the positions to obtain the optimal performance of the ETF portfolio. Our advice is to combine ETFs with proven, low-volatility and performance-based management strategies to fund ETFs so that you can fully capitalize on the benefits of ETFs. It should be noted that in the selection of strategies for the design of ETF funds, the observation period should be used in more than two years. This is based on the design requirements of the ETF. For ETFs that are purely copy-index style, we suggest to optimize the method of their combination in order to get the best value instead of using all its features directly. Here, we suggest to deal with the weight of each position, the only way to achieve the goal of optimizing risk performance. In this way, the ETFs formed by these methods can meet the needs of strategic portfolio funds.

The architecture of many ETFs is based on the mapping of market indices, which is also common for bond ETFs. Among these problems are often problems, such as the weight of the position is not optimized. Traditionally, bond ETFs are weighted on the market value of the bond, changing on a price basis. One of the major drawbacks is that, for those government bonds that have the highest market value, such as the U.S. debt, the price volatility has a significant impact on the price changes of the entire bond ETF. Many designers in order to enhance liquidity, in particular, select those with high market value and good liquidity bonds as the subject. However, the actual significance of this design is not great, because its optimization results are not satisfactory.

By designing the product with a mapping index, this issue is relatively complex in the case of bond ETFs. In industry practice, people often use the yield as a benchmark when choosing a bond. In other words, artificially let the yield curve change, and then observe the changes in the profit and loss of various bonds, and then select those bonds are not correlated with each other's debt. We recommend that you improve this way. Since the price of a bond is affected by its credit rating at the same time and the credit rate information is contained in the rate of return, the original method is very rough. We recommend: First determine the duration and credit rating as the first step selection criteria. Based on the selection of these bonds, we use interest rate instead of to see the changes in bond profit and loss, and choose those bonds that have no effect on the interest rate changes of , that is, the interest rate sensitivity test, we can use the following interest rate changes Method: Interest rate curve shift, interest rate peak, interest rate distortion and so on. Taking all of these options together, choose to identify the right bond for the ETF.

From another point of view, in the ETF market, the bond ETF accounts for a large proportion and how to play an important role in fair pricing. For a financial product pricing, we must first of its correct characterization, and then is a fair price method. There are many different perspectives on how to qualify bond ETFs. The structure and price of a bond ETF is based on the bond and the cash flows generated by it. Nonetheless, bond ETFs should be called approximate equity ETFs. Why do you say this way? We can interpret from its characteristics. The most basic feature of a bond is a form of debt in which the issuer holds the debt and at the same time promises to pay the person who bought the bond a coupon or the principal that is paid back to the person who purchased the bond when it matures. The bond ETF does not have any one as a bond characteristics. The price reflects the current value of the bond ETF and there is no default here because the bond ETF does not promise any form of fixed cash flow payment. The value of bond ETF is actually based on the coupon bond coupon, the cash flow generated by the principal, similar to stock dividends. So in the pricing of bond ETFs, it is advisable to combine the bond pricing with the stock pricing.

Finally, we still have some suggestions when we set up the ETF. When designing the ETF, we should set up a special team to select the securities positions so as to reduce the tracking error. In addition, the type of ETF can be determined from a multi-dimensional perspective. For example, ETFs with small volatility and stable value are very popular, especially under the current unstable market conditions. When not familiar with the market, the choice of high-quality ETF can reduce investment errors. For example, some fund managers want to gain exposure to the Chinese stock market, but their ability to buy Chinese stocks is limited. A good Chinese stock ETF can solve this problem because the ETF's securities positions are selected by specialists definite. An important requirement for designing an ETF is that it can not adjust positions frequently and maintain the relative stability of its position. Our advice is to first create a high quality ETF by starting with a reasonable replication index while guaranteeing the accuracy of the selected positions.


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