Core Viewpoint - The article highlights a rare trading opportunity in the China Securities 2000 Enhanced ETF (159552), which is currently trading at a significant discount to its net asset value (NAV), presenting an arbitrage opportunity for investors [1][2]. Group 1: ETF Pricing and Market Performance - The ETF experienced a discount of up to 0.5% compared to its NAV, allowing investors to purchase shares below their actual value [1]. - With a 0.5% discount, investors can gain an immediate profit of 50 CNY for every 10,000 CNY invested [1]. - The CSI 2000 Index has shown impressive performance with a year-to-date increase of 28%, while the Enhanced ETF has surged nearly 50% in the same period, indicating strong market recognition for small-cap growth styles [1]. Group 2: Arbitrage Mechanism - Industry insiders note that the arbitrage mechanism for ETF discounts is well-defined; institutional investors can engage in arbitrage through the subscription and redemption process, which helps narrow the discount [2]. - For retail investors, buying discounted ETFs in the secondary market and waiting for price recovery is a straightforward way to participate in arbitrage [2]. - While the current discount offers a good margin of safety, investors should remain aware of the overall volatility risks associated with small-cap valuations [2].