——访易方达H股ETF拟任基金经理张胜记 -YiFangDa H shares ETF aspiring visit ZhangShengJi fund manager

　　本报记者 王继高

Our correspondent WangJiGao

　　跨境ETF只能在折价时套利？不，易方达恒生中国企业ETF（易方达H股ETF）可以双向套利，只是要借助股指期货锁定成本而已。

Cross-border ETF can only when the discount arbitrage？Don't，YiFangDa hang seng China enterprises etfs（YiFangDa H shares ETF）Can two-way arbitrage，Just to use stock index futures lock cost just。

　　易方达H股ETF拟任基金经理张胜记在接受本报记者采访时称，与投资于香港市场的普通QDII基金和上市型开放式基金相比，H股ETF的主要优势是其在估值、运作等方面的效率更高。此外，H股ETF是工具型产品，投资者需要根据市场的情况做好资产配置。

YiFangDa H shares ETF aspiring fund manager ZhangShengJi accept our reporter said in the interview，And invest in Hong Kong market of ordinary QDII fund and listed type than open mode fund，H shares ETF is the main advantage in the valuations、More efficient operation, etc。In addition，H shares ETF is tool type products，According to the situation of the market investors need to do asset allocation。

　　如何跨境套利 How to cross-border arbitrage

　　记者：有分析称H股ETF只能单向套利，即只能在二级市场价格低于基金净值时套利，当二级市场价格高于基金净值时无法套利，是这样吗？

reporter：Analysis says H shares ETF can only one-way arbitrage，That is only in the secondary market price lower than when fund net value arbitrage，When the secondary market price prep above of fund net value when cannot arbitrage，Is that right？

　　张胜记：易方达H股ETF是可以双向套利的，在折价时套利和国内跨市场ETF的套利一样，买入ETF然后再做赎回操作，跨境ETF的赎回成本是T＋2日确定，需要在香港市场卖空H股股指期货，在T＋2日收盘的时候，把H股股指期货平仓掉，这样就完成了套利。

ZhangShengJi：YiFangDa H shares ETF can be two-way arbitrage，When the discount and domestic market ETF arbitrage across the arbitrage，Buy ETF and then do redemptive operation，The cost is redemptive cross-border ETF T + 2, sure，Need in the Hong Kong market shorting H share stock index futures，The T + 2, when closed，The H share stock index futures unwind off，This is done arbitrage。

　　溢价套利的话，需要融券的支持才能完成，从目前交易所的规则来看，两只ETF纳入融资融券标的的可能性很大。

Premium arbitrage words，Need the support of the short sale to finish，From the current exchange rules and see，Two ETF into the margin of mark the possibility is very large。

　　值得注意的是，H股ETF的套利需要在香港市场同时做股指期货的锁定，才能把套利完全做下来。申购的时候需要做多H股股指期货，赎回的时候需要做空。申购的时候是基金管理人帮着投资者买券，通过股指期货可以把成本锁定在申购的时点上，如果二级市场是涨的，股指期货那边是赚钱的，如果市场下跌，补券的成本是低了，但是股指期货亏了，这样正好可以对冲掉。

Note the，H shares ETF arbitrage need in the Hong Kong market at the same time be lock of stock index futures，Can the arbitrage completely do down。The need to do more when purchase H share stock index futures，Redemptive when need to do an empty。Explain buy when the fund manager is to help investors buy stamps，Through the stock index futures can cost locked in the purchase point，If the secondary market is going up，Stock index futures there is to make money，If markets fall，For the cost of the ticket is low，But stock index futures deficient，So can just to develop。

　　记者：从本质上看，H股ETF也是QDII基金，通过这两类产品都可以投资于香港市场，易方达H股ETF与普通的QDII基金和上市型开放式基金（LOF）有什么不同？

reporter：In essence,，H shares ETF is also QDII fund，Through these two kinds of products can invest in Hong Kong market，YiFangDa H shares ETF and ordinary QDII fund and listed type open mode fund（LOF）What's different？

　　张胜记：区别还是挺大的，主要体现在效率上。从估值的角度来说，H股ETF是T＋0，而国内普通的QDII基金基本都是T＋1；运作效率上，普通QDII基金只能申购赎回，不能在二级市场交易，买卖的话每个交易日只有一个价格；赎回方面，虽然都是现金赎回，但申赎对H股ETF组合的冲击比较小。和已经上市的LOF基金相比，H股ETF在申购和赎回的成本、跟踪的效果和透明度上都更有优势，而且较为完善的套利机制使其折溢价更小。

ZhangShengJi：Distinguish or's pretty big，Mainly reflects on efficiency。From the perspective of the valuations，H shares ETF is T + 0，And domestic ordinary QDII fund basic is T + 1；Operation efficiency，Ordinary QDII funds can only explain buy redemptive，Can't trade in the secondary market，Buying and selling each trading day if only a price；Redemptive aspects，Although are cash redemption，But "redeem H shares ETF portfolio to the impact of the relatively small。And has the fund listed LOF compared，H shares ETF in explain buy and redemptive cost、The effect of the track in the transparency and more advantage，And more perfect arbitrage mechanism make its premium discount more small。

　　注意调整资产配置 Pay attention to adjusting asset allocation

　　记者：与恒生指数相比，从历史表现来看，H股指数的波动更大，H股ETF基金的净值波动会不会也比较大？

reporter：Compared with the hang seng index，From the historical performance and see，H share index of the fluctuation of the more big，H shares ETF fund net value volatility will not is also great？

　　张胜记：虽然H股指数的成分股结构和国内的上证50比较接近，但香港市场受到海外资金的冲击比较大，2011年海外资金的占比为46%，欧美资金又占海外资金的70%到80%，在欧美市场发生流动性问题的时候，欧美资金撤回的力度比较大，当然在欧美市场复苏的时候，这些资金回流的力度也比较大，所以该指数的波动会比较大。

ZhangShengJi：Although the h-share index constituent structure and domestic Shanghai 50 closer，But the Hong Kong market overseas funds by the impact of the relatively large，2011 years of overseas funds of ratio is 46%，Europe and the United States and overseas funds of funds of 70% to 80%，In Europe and America market liquidity problems occur，Europe and the money back to the intensity of the relatively large，Of course in the European and American market recovery，These funds backflow is also great strength，So the fluctuations of the index is larger。

　　受此影响，基金业绩的波动也会比较大，不过H股ETF是工具型产品，波动对一部分投资者是有利的，建仓完成后基金管理人不会对工具型产品的仓位进行调整，预期市场比较差的时候，投资者需要自己调整资产配置，遇到市场好的时候基金的涨幅也比较大，这是工具型产品的特点，投资者需要根据市场做好资产配置。

Affected by this，Fund performance of the fluctuations can also relatively large，But H shares ETF is tool type products，Fluctuation on the part of investors is favorable，After the completion of the warehouse of the fund manager won't type products position tool adjustment，The anticipated market more bad of the time，Investors need to adjust their asset allocation，Meet the market good fund is also great increase，This is the tool product features type，Investors need to according to the market do asset allocation。

　　记者：H股ETF的风险主要来自哪些方面，如何应对？

reporter：H shares ETF mainly comes from the risk of what aspects，How to deal with？

　　张胜记：投资港股的风险因素比内地要更为复杂，受海外资金的影响很大，需要更为密切地关注海外经济的动态及欧美股市的变化。其次是汇率波动的风险，因为H股指数成分股营业收入大多都是来自内地，一定程度上抵消了人民币汇率风险。跨境ETF涉及到两个市场、两个交易所，跟踪误差相对单一市场会更大些。还有套利的可行性风险、市场利率不一致风险、法律法规的风险等。

ZhangShengJi：Investment in Hong Kong stocks risk factors than inland to more complex，Overseas funds by the affected，Need more concerned about overseas economic and Europe and the dynamic change of the stock market。Second is the risk of exchange rate fluctuations，Because the h-share index reflecting the business income are mostly from mainland China，Some degree offset the RMB exchange rate risk。Cross-border ETF involves two markets、Two exchange，The tracking error relatively single market will be bigger。And the feasibility of arbitrage risk、Market interest rates don't consistent risk、The risk of laws and regulations, etc。