近期，部分ETF（交易型开放式指数基金）和LOF（上市型开放式基金）在二级市场的交易价格持续走 高，导致溢价率攀升。基金溢价率这么高，还能入场吗？ 广发基金指出，近期部分海外、商品类基金出现溢价情况，表明投资者的资产配置图谱日益丰富。但在 入场前，投资者应充分理解溢价率的含义、成因以及相关风险，理性作出投资决策。 为什么会产生溢价？ 溢价产生的核心原因在于二级市场的供求关系，其产生的基础是基金必须可以在二级市场交易。因此， 只有ETF、LOF这类可以在交易所进行二级市场买卖的基金，才可能产生溢价率。 此类基金同时存在两个价格。一是基金净值，该价格由基金公司每日估值计算得出，代表基金份额的真 实内在价值。二是基金二级市场交易价格，该价格像股票买卖一样，由投资者之间的买卖供需实时决 定，会因为市场情绪、供需关系而产生变化。 如何看待溢价现象？ 广发基金投顾团队指出，高溢价本身是市场情绪与短期供需失衡的体现，一旦市场情绪转变，价格可能 快速回调。建议投资者在参与市场投资时，注意谨慎评估风险，避免盲目追高。但从另一个角度看，近 期一些基金出现溢价也表明，越来越多投资者开始关注海外、商品等非传统资产，资产配置的观念正在 ...

Core Viewpoint - The article discusses the volatile trading behavior of Listed Open-Ended Funds (LOFs) in China, highlighting how they have become a playground for speculative trading rather than serving their intended purpose as long-term investment tools [1][2][3]. Group 1: Market Behavior - LOF products have experienced significant price fluctuations, driven by factors such as speculative trading, insufficient liquidity, and investor misconceptions [1][4]. - A specific LOF saw a dramatic "limit down" followed by a "limit up" within the same trading day, with a premium rate exceeding 30%, indicating extreme volatility [2]. - Many LOF products have been issuing premium risk warnings due to their tendency to experience high premiums during market hot spots, only to revert quickly [2][5]. Group 2: Speculative Trading Dynamics - Speculative funds may manipulate LOF prices by using minimal capital to create price spikes, attracting other investors to buy in at inflated prices [3][4]. - The lack of market makers for most LOF products contributes to their low liquidity, making them susceptible to price manipulation [4][5]. - The phenomenon of "dragging tractor" arbitrage has emerged, where investors use multiple accounts to exploit price discrepancies, often leading to significant short-term gains [7][8]. Group 3: Risks and Challenges - The article emphasizes that while LOF arbitrage may appear lucrative, it carries hidden risks such as net asset value fluctuations, liquidity risks, and timing discrepancies [8][9]. - Investors may find themselves unable to sell at desired prices due to low liquidity, potentially leading to losses [9]. - Industry experts suggest that fund companies should implement measures to address unreasonable price discrepancies and consider delisting underperforming LOFs to protect investors [9].

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].

Core Viewpoint - The article discusses the volatile trading behavior of Listed Open-Ended Funds (LOFs) in China, highlighting how speculative trading and liquidity issues have led to significant price fluctuations, often detached from the underlying net asset values [1][2][3]. Group 1: Market Behavior - LOF products have experienced extreme price volatility, with instances of rapid price increases followed by sharp declines, often driven by small trading volumes and speculative trading strategies [2][4]. - The phenomenon of "打板" (hitting the board) is prevalent, where traders use minimal capital to push prices to their limits, attracting other investors to buy in, which creates a cycle of volatility [3][4]. - Many LOF products have low trading volumes, with over 320 LOFs averaging daily trading volumes of less than 1 million yuan, making them susceptible to manipulation [6]. Group 2: Investor Behavior - Investors often engage in blind chasing of price increases, exacerbating volatility, and many lack a proper understanding of the risks associated with LOF trading [4][8]. - The "拖拉机" (tractor) arbitrage strategy has gained popularity, where investors use multiple accounts to exploit price discrepancies, but this approach carries significant risks [7][8]. - The article warns that while the potential for profit may seem attractive, the underlying risks, including net asset value fluctuations and liquidity issues, can lead to substantial losses for investors [7][8]. Group 3: Regulatory and Market Responses - The China Securities Regulatory Commission has begun to take action against manipulative trading practices, as evidenced by a recent case involving an investor who was penalized for manipulating LOF prices [5]. - Fund companies are increasingly issuing risk warnings regarding LOF products, and some are considering delisting underperforming funds to protect investors and reduce costs [8].

Core Viewpoint - The development of Listed Open-Ended Funds (LOF) has stagnated due to inefficiencies in redemption mechanisms, outdated market-making systems, and poor performance in active management, while Exchange-Traded Funds (ETF) have thrived, reaching a scale of 4.1 trillion yuan [1][2][4]. Group 1: Historical Context and Current Status - LOF was introduced in 2004, providing a dual trading mechanism of exchange trading and off-market redemption, enhancing liquidity for investors [2]. - In contrast, ETFs, which also launched in 2004, have seen significant growth, with nearly 1,200 ETFs available by June 2025, driven by investor preference and policy support [2]. - LOF's scale has decreased from over 900 billion yuan to around 600 billion yuan, with new fund issuance nearly halted since 2022, leading to over 30 fund liquidations [2][4]. Group 2: Market Dynamics and Challenges - LOF funds often exhibit small scales and poor liquidity, allowing minimal trading volumes to cause significant price fluctuations [3]. - The average daily trading volume for LOF is less than 13 million yuan, compared to 1.26 billion yuan for ETFs, highlighting a severe liquidity gap [4][6]. - The inefficiencies in LOF's trading mechanisms, such as cash redemption and delayed reporting of holdings, hinder investor engagement and strategy tracking [4][5]. Group 3: Recommendations for Improvement - Industry experts suggest that LOF must innovate its mechanisms to align with investor needs, potentially by adopting features from ETF trading systems [6][7]. - There is a call for LOF to explore a combination of active management and ETF-like mechanisms, such as transparent active management models that regularly disclose holdings [6][7]. - To revitalize LOF, it is essential to enhance trading efficiency and optimize investment strategies, ensuring that products meet the evolving demands of investors [7].

Core Insights - LOF (Listed Open-end Fund) has seen a significant decline in market interest and product launches compared to ETFs (Exchange-Traded Funds), with no new LOF products introduced in nearly two years and its total scale being less than 20% of that of ETFs [1][2] - The lack of demand for LOF products is attributed to their lower investment transparency, inefficient trading mechanisms, and insufficient liquidity compared to ETFs, which have become increasingly popular and have shown substantial growth in recent years [1][3][4] Group 1: Market Performance and Comparison - As of May 15, 2025, there are 398 LOF products, with a total scale of approximately 629.1 billion yuan, which is only about 15% of the ETF market size exceeding 4.1 trillion yuan [2][3] - The ETF market has over 1,100 products, with a growth rate of over 80% from 2023 to 2024, while LOF has not seen significant new product launches since 2016 [2][3] Group 2: Challenges Facing LOF - LOF products face three main challenges: lower investment transparency, inefficient trading mechanisms, and higher management fees compared to ETFs, which affects investor participation [3][4] - LOF's trading efficiency is hampered by the lack of real-time updates on net asset values, leading to lower liquidity and trading volumes, with some LOF products having daily trading amounts below 1,000 yuan [3][4] Group 3: Future Development and Strategies - Industry experts suggest that the future of LOF may lie in adopting active management strategies, as there are currently no active strategy products in the ETF space, potentially providing a differentiation advantage [1][6] - Despite some LOF products showing positive performance this year, the overall market sentiment remains cautious, with concerns about liquidity and pricing volatility due to low trading volumes [5][6]