文 | 银行螺丝钉 （转载请注明出处） 举手中购尖队。 ·按照交易价格,买卖交易。这个跟股票 交易规则类似。 正常情况下，场内基金的交易价格、基 金净值，是差不多的。 但是偶尔,会因为投资者过于贪婪,导 致买卖交易价格，大幅超过基金净值， 这就是溢价风险。 ·买ETF，要买折价，这样买的划算。 ·如果当天ETF出现较高溢价,可以不用 走ETF买入，可以申购场外指数基金。 场外基金申购,始终按照基金净值成 交，没有溢价风险。 ·如果折价买入ETF，遇到大涨，变成了 溢价,那可以在当天快收盘前,溢价卖 出ETF，然后场外按净值申购同指数的 场外指数基金,这样还吃到了折价变溢 价的套利收益。 投资者可能花1.1元，买了一个净值只有 1元的基金，白白浪费了钱。 识别ETF溢价风险也很简单。 ETF有实时净值,在一些金融终端里就 有，即IOPV。 如果ETF买卖交易价格等于或者小于 IOPV，那就没有溢价，甚至是折价的。 聪明的投资者自然想到： 这些都是指数基金的一些细节玩法。 不过对刚开始接触指数基金的投资者, 可能不太熟悉ETF等场内基金，可以先 从场外基金入手。 场外基金申购始终按照基金净值成交, 不存在溢价风险 ...

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].