On the eve of Changxin Technology's listing on July 27, many ETF fund managers, including Huaxia Fund and Harvest Fund, issued reminders. Some of their ETFs participated in the new Changxin Technology market and valued them at the issue price. However, the ETF's net fund share reference value only included Changxin Technology's issuance price and did not include fluctuations in its market price. Therefore, the IOPV of the ETF on the first day of Changxin Technology's listing may be different from the net fund share value. Investors are invited to pay attention to related investment risks. In response, the reporter interviewed an ETF fund manager and learned that currently fund companies' ETFs are generally participating together with active equity funds. The IOPV of ETFs is calculated in strict accordance with the PCF list, and non-constituent stocks with limited sales restrictions, such as new shares, are not included. Changxin Technology's sharp rise on the first day of listing will cause the actual net share value of funds participating in the new ETF to be slightly higher than IOPV, and there is indeed a deviation. In this case, possible derivative arbitrage strategies include buying ETFs while hedging with derivatives, leaving only deviated excess exposure.

On the eve of Changxin Technology's listing on July 27, many ETF fund managers, including Huaxia Fund and Harvest Fund, issued reminders. Some of their ETFs participated in the new Changxin Technology market and valued them at the issue price. However, the ETF's net fund share reference value only included Changxin Technology's issuance price and did not include fluctuations in its market price. Therefore, the IOPV of the ETF on the first day of Changxin Technology's listing may be different from the net fund share value. Investors are invited to pay attention to related investment risks. In response, the reporter interviewed an ETF fund manager and learned that currently fund companies' ETFs are generally participating together with active equity funds. The IOPV of ETFs is calculated in strict accordance with the PCF list, and non-constituent stocks with limited sales restrictions, such as new shares, are not included. Changxin Technology's sharp rise on the first day of listing will cause the actual net share value of funds participating in the new ETF to be slightly higher than IOPV, and there is indeed a deviation. In this case, possible derivative arbitrage strategies include buying ETFs while hedging with derivatives, leaving only deviated excess exposure.