游资打板 “拖拉机”套利 “围猎”迷你LOF：“在刀尖上跳舞”的游戏

Core Viewpoint - The article discusses the phenomenon of extreme volatility in Listed Open-Ended Funds (LOFs) in China, highlighting the speculative trading practices that have turned these funds into short-term trading instruments rather than long-term investment tools [1][2][3]. Group 1: Market Dynamics - LOF products have experienced significant price fluctuations due to a combination of speculative trading, insufficient liquidity, and investor misconceptions [1][4]. - In a low trading volume environment, a small amount of capital can push LOF prices to their limits, leading to rapid price changes [2][4]. - The article notes that many LOF products have low market capitalization, with over 100 LOFs having less than 10 million shares in circulation, contributing to their susceptibility to manipulation [6]. Group 2: Speculative Trading Practices - Speculative funds may engage in "board-hitting" operations, artificially inflating prices to attract other investors, which can lead to sharp declines once the initial investors sell off their holdings [3][5]. - The practice of "dragging tractor" arbitrage has become popular, where investors use multiple accounts to exploit price discrepancies between the market price and the net asset value of LOFs [7][8]. - The article warns that while such arbitrage opportunities may seem attractive, they carry significant risks, including net asset value fluctuations and liquidity issues [8][9]. Group 3: Regulatory and Industry Response - The China Securities Regulatory Commission has taken action against manipulative practices in LOF trading, highlighting the need for better oversight [5]. - Fund companies are encouraged to issue risk warnings and consider delisting underperforming LOFs to protect investors and reduce operational costs [9].