少有人知的套利通道：场外哪些基金能转场内？一文揭秘

Core Insights - The article discusses the concept of arbitrage between off-market and on-market funds, emphasizing that not all off-market funds can be converted to on-market for profit. Successful arbitrage requires selecting the right funds with both "off-market subscription and redemption" and "on-market trading" attributes [1] Group 1: Fund Types and Selection Criteria - LOF funds (Listed Open-Ended Funds) are highlighted as the primary targets for off-market to on-market arbitrage, suitable for individual investors due to their dual functionality [3] - Key selection criteria for LOF funds include: 1. Support for transfer custody, prioritizing A shares as C shares often do not allow on-market trading [3] 2. Presence of arbitrage space, with a recommended premium rate of 2%-3% to cover costs [3] 3. Sufficient liquidity, with daily trading volume exceeding 10 million yuan to avoid difficulties in selling [3] Group 2: Case Studies and Practical Tips - A recent example is the Guotou Ruijin Silver Futures LOF (161226), which saw a peak premium rate exceeding 57%, allowing investors to profit from the price difference after purchasing at net value [3] - Practical tips for LOF arbitrage include prioritizing "premium arbitrage" (off-market subscription followed by on-market sale) and avoiding "discount arbitrage" due to high redemption fees [3] Group 3: ETF and QDII Fund Insights - ETFs can only be traded on-market, but ETF-linked funds allow indirect participation through off-market subscription and on-market trading, leveraging price differences [4] - For QDII funds operating as LOFs, high premium rates can occur due to foreign exchange limits, with an example showing a premium rate of 25.9% [5] Group 4: Cost and Risk Management - Investors must calculate costs to ensure profits exceed subscription fees and commissions, with a warning that low premium rates (below 2%) likely lead to losses [6] - Time risk is significant, as the period from subscription to sale can lead to changes in premium rates, potentially erasing profit opportunities [6] - It is crucial for the off-market fund account and securities account to have matching identification information for successful transfer custody [6]