lof基金

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lof基金范文第1篇

lof基金可以在指定网点申购与卖出基金份额，也可以在交易所买卖该基金。若投资者是在指定网点申购的基金份额想在网上卖出，需要办理一定的转托管手续；同理而言，如果是在交易所购买的基金，想要在指定网点卖出，也需要办理托管手续。

Lof基金的英文全称是“ListedOpen-EndedFund”，中文是“上市型开放式基金”。Lof是指在证券交易所发行、上市及交易的开放式证券投资基金。上市开放式基金既可通过证券交易所发行认购和集中交易，也可通过基金管理人、银行及其他代销机构认购、申购和卖出。卖出基金份额，可到指定网点包括基金公司，银行柜台，代销机构，基金网站和第三方财富管理app。上市型基金就是可以在证券交易所里面交易，和股票交易一样只要投资者在证券公司开户就可以在交易所交易了，这些均可在网上操作。

（来源：文章屋网 ）

lof基金范文第2篇

LOF型基金主要有三个特点：

（1）上市开放式基金本质上仍是开放式基金，基金份额总额不固定，基金份额可以在基金合同约定的时间和场所申购、赎回。

（2）上市开放式基金发售结合了银行等代销机构与深交所交易网络二者的销售优势。银行等代销机构网点仍沿用现行的营业柜台销售方式，深交所交易系统则采用通行的新股上网定价发行方式。

lof基金范文第3篇

关键词:次贷危机 负债 发展中国家

Abstract: The world knows that the financial crisis in 2007 started from United States, but it does not actually end there. The significance of the crisis has spread worldwide along with the increasing financial connections between nations. Developing countries, indeed, took more than half of the “bitter end” of this Wall Street while U.S dollars somehow found its way out of the tangled situation.

Keywords: sub-prime crisis debt developing countries

The world has not been better off since the “credit crunch” began. The “US economy has been spending too much and borrowing too much for years, the rest of the world depended on U.S consumer as a source of global demand.” With a recession in the U.S and the increased savings rate of U.S consumers, the world suffered from a dramatic decline of growth. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.

It is clear to see how financial crisis from 2007 till now has largely affected nearly all the industries across the nations. But fewer people get to see the other side of the story. U.S dollar, the world dominant international currency has been famous for its strategic role in world trading. It also plays an implacable part in the battle of financial crisis. This paper will talk about the U.S Dollar and how the U.S debt benefits from this current global economic crisis.

The U.S sub-prime financial crisis caught the world’s attention to the American economies. Shockingly, people found that the world’s most powerful country has accumulated enormous amount to debt to other nations since 2002. According to the U.S National Debt report 2010 by Wilson and Brown, since September 30, 2005, the National Debt grew over $1.8 billion each day. This computes to $75 million per hour, $1.26 million per minute or $21,030 per second. The total of American national debt, local government debt, corporation debt, financial debt, personal debt have piled up to 53 trillion dollars. Social security fund debt was 13.6 trillion dollars, medical insurance debt was 85.6 trillion dollars. At the same time, federal employment debt was up to a new high of 102 trillion dollars. If all the civilian debt and government debt added up, the total would be a debt of 155 trillion dollars.

In 2008, this financial crisis awakened most of the world when the Wall Street investment bankings started to crash, when the bubbles floated to the air and fictitious economy began to have an impact on real economy. Economic depression,bearish market, surplus of production, commercial crisis, deflation, glooming stock market, job loss, etc seem like all come out in one night when Lehman Brothers filed for Chapter 11 bankruptcy protection.

From above we can see, American is the heart the financial crisis and also hurt the most. But if we examine this event from a different point of view, America can become the greatest beneficiary as its currency to be part of the strategic recovery plan.

The United States was the only nation that fought in WW2, which did not suffer major physical damage to its mainland and infrastructure. All the other nations involved had to rebuild considerably which left their economies in complete disarray. Some nations also paid the U.S for their assistance. In 1844, U.S Dollar was selected as the currency which gold was freely convertible at $35 per ounce. All major currencies were then pegged to the Dollar with fixed ranges of fluctuation.

In the mid of 1990s, America came up with Credit Default Swap, usually referred to CDS. This insurance-like contract, which originally aimed to protect against default on loans, has helped America to get approximately 60 trillion dollars in 2008, equals to 4.6 times of its GDP.

In other words, America has been borrowing money from the world to support its own economy, bringing the bubble to the world by printing more and more dollars and coming out with new monetary policies. The international debt of many countries that are actively trading in the global market is now a large part denominated in U.S Dollars. This is primarily due to the establishment of institutions such as the International Monetary Fund and the World Bank that arose out of the Bretton Woods conference. Basically, all debt owned to the IMF is U.S Dollars denominated. This manes that if a developing nation receives a loan from the IMF, then that loan will be in U.S Dollars and will later have to be repaid in U.S Dollars. As a consequence, any repayment of the USD denominated loan or attempt to stabilize the national currency would tend to necessitate the trading of U.S Dollars o the open market.

Usually, if a company is about to have financial crisis, it always tightens the expense to smooth the difficult time. A country should behave the same when facing upcoming financial crisis. But America did the opposite in the year 2007; it speeded up the pace of oversea lending when the financial crisis began. According to U.S Bureau of Economic Analysis (BEA), U.S held 3.56 trillion dollar net capital from abroad, which is the highest since the 70s. Its total volume of oversea asset was a shockingly 19.46 trillion dollars. It means that during the crisis, the liquidity of the currency largely out flowed to other countries during foreign investments. So when the crisis began, Americans began to sell U.S Dollar for the fear of inflation; at the same time, other countries including developing countries still held large amount of foreign investments or U.S bonds. At the end of 2007, U.S owned the world 21.18 trillion dollars.

At this point, America achieved its great escape, left the crisis for the rest of the world. In 2007, the unfavorable balance of payment (current account balance + capital account balance) was 733.1 billion dollars (BEA gov 2008). The outstanding balance usually adds up the same amount each year, but in fact, U.S outstanding balance of payment did not increase but decreased dramatically. Compare to year 2006, it decreased 12.18 billion dollars. It means that with the “supposedly” debt in 2007, about 85.49 billion dollars just vanished off the sheet. It is even larger than the collapse of 60 billion dollars sub-prime housing bubble. This “dark matter” transfers the wealth from all over the world to U.S. The debt cannot disappear itself; at the same time, countries like China are losing their wealth greatly because the massive accumulated foreign reserve.

There are mainly three ways for the disappearing of U.S debt, this includes the national and trade deficit: first, the devaluation of U.S dollars; second, the increasing value of U.S foreign investments; third, the decreasing debt over the years. Since 2002, U.S Dollars has started its 6 year long devaluation. It hurt other countries whoever hold U.S debt from U.S Dollar’s devaluation. From 2002 to 2006, U.S has swept 3.58 trillion off its deficit balance. During 2001 to 2006, even the total current account deficit has gone up to 3.856 trillion dollars; the net debt has decreased 19.9 billion dollars, which was a net profit of 4.055 trillion dollars. Among these numbers, the devaluation of Dollar contributed 89.2 billion dollars, the change of capital price contributed 3.163 trillion dollars. Contradictorily, with the ongoing debt, the profit of net foreign investment to other countries went up year by year. It even reached 88.8 billion dollars in 2007 along with its increasing debt.

This financial crisis created a new way for America to get capital from the world to save its domestic economy. The devaluation of dollar can bring the benefit directly to its account, but it also harms the reputation of Dollar as the world key reserve currency. For long term, U.S Dollar cannot keep on devaluate, it explained the 2008 economy boost of U.S when U.S Dollar suddenly got stronger. When the financial crisis spread to the rest of world, foreign markets become insecure and unstable. So U.S investors withdrew their investments in other countries and transferred them back to U.S. All this factors pushed dollar to appreciate remarkably in the second half year of 2008.

U.S Dollar pulled America out of a worse financial situation: it changed the Current Account balance, successfully retained the U.S Dollar as the key reserve currency. Compared to U.S, it is the developing countries that actually suffered the most behind this crisis. Due to the limitation in the development of economy and finance, most of the FDI by developing countries were the purchases of Bond, specifically, the U.S bond. In this economy crisis, it is also the U.S bond that shrank the most in value. Accordingly, developing countries has lost far more than the developed countries.

Inflation and another potential financial crisis are other major problems that developing countries have to deal with. Before 2007, emerging markets attract large amount of capital from developed countries, from 2006 to 2007,this number increased unprecedentedly from 25.57 billion dollars to 62.88 billion dollars (Ding 2008). The inflow of capital overheated the economy in developing countries, and caused great inflations in more than 50 developing countries. What’s more, the great inflation showed signal of another greater “East Asian Financial Crisis. The dramatic outflow of the investments always followed by the inflow of capital. For this time, the situation would be even worse since more much bigger volume of investment is involved.

There’re two ways that could possibly change the situation. First, restrict the inflation of U.S Dollar and prevent sudden devaluation of dollar during the economic recession. It is necessary to establish a stronger currency exchange system, strengthen each country’s currency policy, and achieve the currency stability under a common regulation. Second, amend the international regulation of cross-national capital flow. The history of capital flow showed that unstable flow could very much cause a financial crisis. Under current global economic system, foreign investment inflow is more depended on external reasons. Europe was also a victim in this financial crisis; this provided good conditions for a further negotiation about some new international regulations.

This paper did not examine all the affected aspects from this financial crisis. The benefit that America gets from this financial crisis could not erase the domestic problems such as the diminishing individual finance asset, arise of unemployment rate, ect. America has a long way on its recovery from the crisis so as many other countries. As we are nearly at the end of this financial crisis, the world has entered the “currency war” period. Currency, as a nation’s financial identity and great tool, is due to undertake more roles and will be crucial to a country’s future.

Reference：

Baily, Martin Neil, and Douglas J. Elliott. The US Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?. : Business and Public Policy, 2009.

Croft, John. Global GDP signals recovery: general aviation aircraft deliveries decline, but GAMA optimistic that increases could follow international growth, 2011.

Wilson, Charlotte G., and Emily O. Brown. The U.S. national debt: background, issues, and significance. Hauppauge, N.Y.: Nova Science Publishers, 2010.

Monetary policy, the economy, and the budget: hearing before the Committee on the Budget, House of Representatives, One Hundred Second Congress, first session, January 22, 1991.. Washington: U.S. G.P.O, 1991.

Bach, Christopher L. “Annual Revision of the U.S International Accounts, 1974-20071.” BEA.gov report 1 (2008): 36. bea.gov/scb/pdf/2008/07%20July/0708_international.pdf

lof基金范文第4篇

三个投资渠道

LOF之所以存在套利，是因为它们既可以按单位净值申购赎回也可以按价格买卖，而且可以交叉进行。申购赎回又分为场内和场外两个渠道，所以实际上LOF存在三个投资渠道。

场外申赎

这是最为普通也是最多的投资者了解的一个渠道，通过银行、券商、基金公司都可以办理场外的申赎，这其实就是把LOF当作一般的开放式基金来处理。不过即使是这样，LOF也跟其他一般的开放式基金有所不同。一般的开放式基金都是由基金公司自己办理登记结算，而LOF是由中国登记结算公司深圳分公司来办理登记结算，所以LOF开立的是深市TA账户，而一般的开放式基金开立的是某基金公司的TA账户。每个自然人投资者都只能用本人的身份证号开立唯一的基金账号，某基金公司旗下的一般的开放式基金都共用一个基金账号来登记结算，但LOF不用这个基金账号来登记结算，所有的LOF都是共用一个深市TA账户。

场外申购都是采取未知价既定金额的形式来办理的，因为成交是按当天的收盘时的单位净值来结算的，而委托时只能看到前一交易日的单位净值。所以开放式基金的申购只能委托整数的金额，无法委托整数的份额。开放式基金的赎回则是按未知价既定份额的形式来办理的。LOF的场外申赎T+2日确认成交，赎回的资金一般T+5日到账。

场内买卖

LOF的场内买卖跟封闭式基金的买卖是一样的，有集合竞价和连续竞价。目前我国交易所的证券账户卡分为股票和基金两种，权限级别不一样，基金类的证券账户只能用来买卖在交易所上市交易的基金和债券，股票类的证券账户则可以用来买卖包括股票和权证在内的所有上市交易证券品种。只需要任意一类深市的证券账户，就可以在场内买卖LOF，也有涨跌停板限制,交易时间、交易规则和交易费用跟封闭式基金几乎是一样的。LOF场内的买卖可以采取既定价格既定份额的形式委托。LOF场内买卖的费用比场外申购的费用肯定要低，买卖的总费用一般只有0.5%。LOF的场内买卖实行的也是T+1，显然LOF的场内买卖只能通过券商来办理。

场内申赎

LOF的场内申赎也只能通过券商来办理，必须有深圳交易所的证券账户卡，交易的费用与场外申赎是一样的。LOF的场内申购也是采取未知价格既定金额的形式委托的，赎回则是采取未知价格既定份额的形式委托。场内的买卖和申赎可以交叉进行，获取LOF份额可以任选买进或申购，得到份额后可以任选卖出或赎回。场内申赎实行的是T+2确认，场内赎回资金也要T+5日才能到账。场外申购的份额可以转托管到场内，场内的份额也可以转托管到场外。

投资收益与风险

如果不做交叉交易，单做买卖或单做申赎都可以视为LOF的投资。单做申赎肯定需要基金的净值增长才能带来收益，由于LOF价格长期会与LOF的净值保持走势一致，所以单做买卖也需要净值的增长带动价格的上扬才能带来收益。

单做申赎，LOF的投资收益体现为基金的分红和单位净值的增长，或者可以看投资期间累计净值的增长。单做买卖，LOF的投资收益直接体现为买进卖出的价差。

由于LOF是股票和债券的衍生品，LOF投资的风险是由LOF自身投资的股票和债券的风险衍生而来，当然归根到底是由股票和债券的发行人带来的风险。实际上就单做申赎而言，LOF的投资风险分为实体经济的风险和证券市场的风险。公司的经营风险和财务风险，行业发展的风险，国民经济增长的风险和宏观经济政策的风险，这些都可以看作LOF投资的实体经济的风险。证券市场的走势有起有落熊牛交替，这些源于投资者自身心理而带来的证券市场周期性涨落则是市场的风险。如果是单做买卖，则还有LOF本身交易的价格风险。

套利的收益与风险

LOF的套利只能在场内操作，由于在场内可以做交叉交易，LOF单位净值和场内交易价格这两个指标经常不一致，所以理论上存在套利机会。交易价格和单位净值孰低，就按那个指标操作获得份额，两个指标孰高，就按那个指标收回资金。一般交易价格和单位净值出现较大的差值时，LOF的套利机会就出现了。当LOF出现明显折价时，就应该马上按市价买进，第二天按净值赎回即可完成套利操作，不过资金要T+5日才能到账。当LOF出现明显的溢价时，就应该马上按单位净值申购，T+2日份额才能到账，第三天可以按市价委托卖出，第四天资金即可回来。

lof基金范文第5篇

引人注目的是，在推出沪深300ETF之前，嘉实已在指数基金运作管理上积累了丰富经验。担纲嘉实沪深300ETF拟任基金经理的杨宇，目前亦是国内最大规模指基嘉实沪深300LOF的掌门人。数据显示，杨宇管理的嘉实沪深300LOF日均跟踪误差在可比指数基金中一直处于前列。

稳健的中长跑业绩

考察指数基金运作好坏的核心指标，是与跟踪标的的拟合程度。杨宇对此分析说，“指数基金是个工具化的产品，最重要的是要看跟踪误差。就像看一瓶水好不好，最天然、纯净的才是好的水，因为它回归了本质需求。”

天相投顾统计显示，嘉实沪深300纯指数LOF基金在同期可比的23只跟踪沪深300的指数型基金中，自2005年设立以来至2012年3月8日，日均跟踪偏离度、最近一年日均跟踪偏离度低于同期可比基金的简均，设立以来跟踪误差和最近一年跟踪误差分别为0.15%、0.05%，同样低于同期可比的其余22只基金的跟踪误差。

中长期来看，嘉实300指数基金日均偏离度较低、跟踪误差更小，风险更低，也证明嘉实对于跨市场指数的管理能力较强。

在杨宇看来，目前国内有多只沪深300基金，市场难免会将它们互相比较，甚至给基金经理压力能不能多做点“阿尔法”，这样必然会带来跟踪偏离。“对指数基金来讲，控制好跟踪误差是你的天职。你天天想战胜别人比别人强，很有可能适得其反。”

良好的心态与管理能力，让该基金保持了稳健的业绩。Wind资讯数据显示，截至3月16日，嘉实沪深300LOF今年以来涨幅达11.12%；其成立以来的净值增长更是高达163.54%，在165只开放式指基中排第6。

截至2011年底，运作超过6年的嘉实沪深300LOF基金以420亿的份额规模成为国内最大的指数基金。

嘉实沪深300LOF四夺金牛奖

凭借较低的跟踪误差，嘉实沪深300LOF基金曾四度捧杯，获得权威的“金牛奖”认可，这也是业界唯一一只四年上榜的指数基金。

杨宇具有13年证券从业经验，在指数基金的投资管理、风险控制、指数化交易等方面具有一定的投资管理经验。此前，杨宇已经管理沪深300LOF超过6年，积累了丰富的经验，这些经验将为他此次管理沪深300ETF奠定良好基础。

谈及自己的被动基金管理经历，杨宇说，做被动基金经理需要有工程师的精神。“我们要做好自己能够做到的每一件事，精益求精；而不去想不能做的事情。有些事情也许能做到，如果是凭运气做的，风险很高概率很低，这些事情是我们不会去做的。”

杨宇分析自己的性格比较严谨，适合做被动投资。但事实上在毕业之后，他最先做的却是主动管理。早在平安保险时杨宇管理的是FOF，常常跟基金经理打交道并且评价他们的基金。后来，他发现要战胜指数非常难，指数其实是个很好的方式，而自己的性格严谨也喜欢分析数据，于是渐渐转向做被动。

就这样，一坚持下来就是多年的历练。

截至2011年底，嘉实基金资产规模达1377.89亿元，在同期可比的66家基金公司中排名第2。该公司已成功发行并管理了4只指数型基金，积累了较为丰富的指数基金管理经验。它们的经验，也将为本次拟发行的嘉实沪深300ETF基金的成功运作奠定良好的基础。

沪深300ETF发展潜力巨大

嘉实沪深300ETF的推出，将沪市、深市、股指期货3大核心市场进行了有效联接，凭借丰富的管理经验以及先进的风险控制系统，嘉实将为投资者打造更为精细的投资产品。

对于这一创新产品，嘉实下一步有何计划？

嘉实基金总经理赵学军透露，嘉实基金当前正在积极筹备持有人大会，推动嘉实300LOF指数基金转型成300ETF联接基金。产品转型后，将ETF、股指期货投资工具等纳入基金投资范围中，基金可以选择相对更优的成本构建投资组合，更好地实现对指数的跟踪。

这只基金的转型，不仅符合300LOF投资者的利益，把一个更为完备的现货工具提供给银行渠道的投资者，也为市场提供了充裕的沪深300股指期货现货工具，有力地支持了300ETF的运作。

“我们希望以沪深300ETF为基础，在获得监管部门的同意后，在香港市场、美国市场、欧洲市场推出系列沪深300ETF，打造具备国际影响力的ETF产品。”

数据显示，截至2011年底，全球ETF产品超过4000只，总资产规模将近1.5万亿美元，共有46个交易所有ETF产品上市交易，而国内目前已有37只ETF产品，总资产规模近939亿份。

杨宇认为：“全球1.5万亿美元的ETF资产，换算成人民币接近10万亿元，国内ETF资产规模不及全球的1%。亚洲最大的ETF也就是500亿港元左右的规模，ETF尤其是沪深300ETF未来发展潜力巨大。”