今年以来，新发ETF基金股票换购比例大幅飙升，从原先的5%-10%飙升至30%-40%左右。据了解，有减持需求的“大小非”以及投资大户，已成为新发ETF基金重点开拓的换购对象。新发ETF正逐步成为低成本解禁的快车道。

Since this year，New hair ETF fund stock redemption ratio has surged，From the original 5% to 10% soared to 30% - 40%。It is understood，Have to reduce their holdings of demand“Size not”And large investment，Has become a new hair ETF fund key development for purchase object。New hair ETF is gradually becoming low cost lift the ban of the fast lane。

　　⊙记者 吴晓婧 ○编辑 张亦文

WuXiaoJing ⊙ reporter zhang aijing ○ editor

　　在市场持续走熊的背景下，新发ETF开始逐步成为一批“大小非”及投资大户“跑路”的通道。业内人士透露，今年以来新发ETF基金股票换购比例大幅飙升，有减持需求的“大小非”以及投资大户，则成为新发ETF基金重点开拓的客户。

In the background of market continues to ZouXiong，New hair ETF began to gradually become a batch“Size not”And large investment“Run road”channel。Industry insiders revealed，Since this year the new hair ETF fund stock redemption ratio has surged，Have to reduce their holdings of demand“Size not”And large investment，It may be a new hair ETF fund key development customer。

　　据悉，ETF采用了现金网上认购、现金网下认购和股票网下认购三种认购方法。所谓股票换购ETF，是指在ETF募集期间，投资者如果持有ETF标的指数的成份股或备选成份股，可以用单只或多只股票办理网下股票认购ETF的手续。

It is reported，ETF adopted cash online subscription、Cash off-line subscription and stock off-line subscription three subscription methods。The so-called stock redemption ETF，It is to point to in the ETF raising period，If investors hold ETF mark the component of index of or optional component，Can use of one or more stock for off-line stock subscription ETF procedures。

　　“以往ETF基金股票换购的比例往往不超过10%，一般情况下在5%左右。”据业内一位基金经理透露，“随着市场走熊，ETF基金股票换购比例开始逐步提升，已经飙升至30%到40%左右。”

“Previous ETF fund stock redemption proportion often do not more than 10%，Usually at around 5%。”According to industry a fund manager has revealed，“Along with the market ZouXiong，Stock ETF fund redemption ratio began to gradually improve，Has soared to 30% to 40%。”

　　上述基金经理透露，ETF基金股票换购比例陡然上升，一方面是因为市场持续低迷，股票方向的基金发行艰难，投资者拿出“真金白银”购买基金的意愿下降；另一方面则是因为券商系统升级后，在技术上能够很好实现换购，随着投资者对于ETF基金股票换购认识的提升，在熊市中倾向于将一些不再愿持有的股票换构成流动性更好的基金。

The above fund manager has revealed，Stock ETF fund redemption ratio sudden rise，On the one hand, because markets continue to slump，The direction of the stock funds issue difficult，Investors out of“Real gold and silver”Buy fund will decline；On the other hand it is because brokers system after the upgrade，In the technology can well realize the purchase，As investors for ETF fund stock redemption understanding of ascension，In the bear market tend to will no longer willing to hold stock in constitute a liquidity better fund。

　　正在发行的大成中证500沪市ETF拟任基金经理苏秉毅告诉记者，一般有6类股票可以考虑换购，如将持续亏损或者业绩显著下滑的股票换购成为ETF，如果公司的业绩出现明显下滑甚至出现亏损，则说明从基本面上看该股票不再适合继续持有，不妨换购成整体收益可能比较稳定的ETF；用当前估值较高的股进行换购，如果股票的估值相对于行业的平均水平高太多，则说明继续持有的风险较高；用流动性较差的股票进行换购，如果投资者持有的某一只成分股数量较大，并且该股票的流动性较差，那么直接在二级市场卖出可能为股票带来较大的下行压力，可以考虑换购成ETF；用前期涨幅较高且上涨乏力的公司，以及前期没有表现股价滞涨的公司进行换购；将后市不确定性较高可能引发风险的成分股换购；最后则是“解禁”后的大小非进行换购来实现减持的目的。

Is issue of dacheng demonstrated Shanghai 500 ETF aspiring fund managers SuBingYi told reporters，Generally there are six stocks can consider redemption，Such as will continue to loss or performance significant declining stock redemption become ETF，If the company's performance appear obvious decline appear even losses，That is from the basic plane to see the stock no longer fit to hold，Might as well change bought into the overall gains are likely to be relatively stable ETF；With the current valuation higher shares for redemption，If the stock valuations relative to the industry average level is high too much，Then explaining continue to hold a higher risk of；With liquidity poor stock redemption，If investors hold a a constituent stock the amount is larger，And the stock liquidity is poor，So directly in the secondary market for stock sold may bring greater downward pressure，Can consider to redemption into ETF；With early or higher and rises in most companies，Pre-production and didn't share price stagflation of the company for redemption；Will the market outlook uncertainty may lead to higher risk of constituent stock redemption；Finally, the“Lift the ban”The size of the change after not to achieve the purpose of reducing the shopping away。

　　业内人士分析，目前“大小非”减持可以用过二级市场、大宗交易平台以及换购ETF三种方式实现。在二级市场减持，冲击成本和流动性是不得不考虑的问题；而大宗交易平台则存在交易程序繁琐、交易成本高且存在折价、对手难觅等三大劣势，而用股票换购ETF则不存在这类问题。

Analysis of the personage inside course of，At present“Size not”To reduce their holdings can be used the secondary market、Bulk trading platform and redemption ETF three ways to realize。In the secondary market to reduce their holdings，Impact cost and liquidity is had to consider problems；For the bulk trading platform will be trading program trival、Transaction cost high and there is a discount、Opponents no, the three big disadvantage，And with the stock redemption ETF is not exist this kind of problem。

　　苏秉毅表示，新发ETF开始逐步成为低成本解禁的快车道，ETF二级市场交易免征印花税，通过股票换购ETF，进行大小非减持更具税收优势。

SuBingYi said，New hair ETF began to gradually become low cost lift the ban of the fast lane，ETF secondary market trading stamp tax shall be exempted，Through the stock redemption ETF，For size not to reduce their holdings of more tax advantage。

　　沪上一家基金公司渠道人士对记者透露，有减持需求的“大小非”以及一些投资大户已经成为新发ETF重点开拓的换购对象。其表示，如果是与券商重点合作的新发产品，一般基金公司会选择提前把所发ETF的成份股给券商，然后让营业部对“大小非”以及投资大户进行换购意愿的摸底。此外，券商还会重点关注持有个股数量多的客户，一般而言，持有5只以上成分股的客户比持有1只更需要换购。

Shanghai a fund company channel personage to reporters revealed，Have to reduce their holdings of demand“Size not”And some large investment has become the new hair ETF key development for purchase object。It says，If it is and brokers key cooperation new hair products，General fund company will choose the hair in advance of the ETF component to the securities trader，Then let the sales department to“Size not”And large investment for redemption will touch bottom。In addition，Brokers will also focus on individual stocks held numerous customers，Generally speaking，Have more than 5 constituent stock customers than hold one more need to change purchase。