Reporter: Li Na Editor: Xiao Ruidong
"Today's single tractor is expected to have arbitrage income: 60 yuan! 10 units 600 yuan! ”
"Assemble the tractor today! Achieve daily milk tea freedom. ”
The reporter of "Daily Economic News" noticed that on some social platforms, there are more and more strategies for using the "one to six" model to achieve fund arbitrage. Some teach investors how to add a "one-to-six" account, how to choose high-quality fund varieties for arbitrage, and even some investors announce the actual price of daily fund arbitrage.
However, some brokerage wealth management people told reporters that not all brokerages currently support investors to use the assembly tractor model for fund arbitrage. In addition, fund arbitrage itself has certain risks. If you encounter risks such as low premium rate and insufficient liquidity, the profit of fund arbitrage will be greatly discounted, or even a loss.
Circumvent regulation through decentralized trading
The so-called assembled tractor model refers to a securities account linked to multiple shareholder accounts and multiple closed-end fund accounts. The common "one for six" refers to 1 securities account with 3 Shenzhen A shareholder accounts and 3 deep closed-end fund accounts at the same time.
Recently, some investors shared on social platforms their real offer to achieve fund arbitrage by assembling a tractor model. It is reported that the varieties of fund arbitrage selected by the investor are mainly India fund LOF, S&P Information Technology LOF and US dollar bond LOF.
The investor also shared the benefits gained from using the tractor model in the last month or so. Its summary said: there are 10 "tractors" in hand, the highest income is 1400 yuan, the lowest is more than 700 yuan, the average investment of 3000 yuan per tractor, more than a month to 1000 yuan profit.
It is worth noting that since 2024, on some social platforms, there have been more and more strategies on the use of the "one-to-six" model to achieve fund arbitrage. From teaching investors how to achieve a one-to-six assembly model, how to choose high-quality fund varieties for arbitrage, to investors announcing the real price of daily arbitrage.
Since 2024, the popularity of funds invested in overseas markets has continued to rise, and the situation of short supply and demand has also made some funds continue to be in a state of high premiums, and fund arbitrage has become more and more popular. In view of the fact that popular funds have opened purchase restrictions, how can they achieve greater returns, and the tractor model has also heated up.
For popular funds, a single investor can subscribe for a limited number of shares, so it is necessary to assemble a tractor model, that is, one person can subscribe to 6 people's shares, and then the profit has become 6 times. In practice, after the investor completes the additional account, he will select all 6 accounts for each subscription, and he only needs to operate once to earn 6 arbitrage money. If the premium lasts for a few days, rolling arbitrage is also possible.
A person from the wealth management line of a brokerage firm in Shanghai said: "Its practical 'one for six' is more appropriate. A tractor account is a number of securities accounts operated by the same actual controller, and these accounts usually evade supervision by diversifying transactions and carrying out various illegal operations, including market manipulation, insider trading, etc. In addition, not all brokerages support this model. ”
A person from the wealth management department of a brokerage firm told reporters: "We do not support this. Many leading brokerages have restrictions, which cannot be realized, and the main ones who do this are small and medium-sized brokers. In addition, buying a fund also requires a subscription fee and handling fee, which increases the arbitrage cost and reduces the money-making effect. Finally, we also have to consider the compliance aspect. ”
It is understood that although some brokerages can "drag six", they can only add the existing Shenzhen A shareholder account and deep closed-end fund account through the mobile app, and cannot open a new one. Some brokerages can not only add through the mobile APP, but also support the new opening of Shenzhen A shareholder accounts and deep closed-end fund accounts.
It is also possible to lose money in fund arbitrage
In fact, not all investors are able to achieve a profit of thousands of dollars in more than a month. There is also a risk of loss in fund arbitrage.
At present, due to the higher level of professionalism and subscription threshold required for ETF arbitrage, LOF fund arbitrage is more common. LOF funds can be traded on the market according to the price, and can be subscribed and redeemed over-the-counter according to the net value, and when the price and the net value are inconsistent, there may be arbitrage opportunities.
When the price on the spot is higher than the net value, it is called a premium, and if you subscribe according to the net value, and sell it according to the market price after the account, you may get a premium income. When the price on the spot is lower than the net value, it is called a discount, and if you buy at the market price and then redeem it according to the net value, you may get a discount profit.
In fact, there are many requirements that need to be met in order to successfully achieve fund arbitrage. First of all, in the selection of fund varieties, the scale of the fund should not be too small, and there should be enough daily trading volume, otherwise the secondary market will not be able to sell quickly; The premium rate of the fund itself should be high, so as to form a sufficient safety cushion; It is best for the fund to have a subscription limit, and the subscription limit should not be too high, otherwise too many funds will participate in arbitrage, which will cause a big dive in the transaction price; For the premium arbitrage model, although the net value of the fund has been determined at the time of subscription, during the arrival of the fund shares, the secondary market price will be subject to the fluctuation of supply and demand, and there is a certain degree of uncertainty, most of the fund subscription needs to be T+2 trading days to the account, and the cross-border LOF time is longer to T+3 trading days, and this needs to bear the risk of fund price fluctuations.
From the current point of view, E S&P Information Technology (LOF), India Fund (LOF), and US dollar bond LOF are all popular fund arbitrage varieties. It is worth noting that E Fund announced that it will suspend the subscription and regular investment business of S&P Information Technology (LOF) Class A RMB shares from July 11, 2024, and the redemption business will be handled as usual. ICBC Credit Suisse Fund also announced that it will suspend the subscription and fixed investment business of India fund LOF from July 8.
In addition, for the assembly tractor model, it is also very important to choose a brokerage that charges a fee.
The above-mentioned Shanghai brokerage pointed out that in addition to whether the brokerage system supports this "one to six" model, it is also necessary to pay attention to the issue of subscription fees and handling fees. If the subscription fee is too high, the income of fund arbitrage will not be high, and even losses will occur.
National Business Daily