非常专业的问题啊。第一,作为发行方的券商,在雪球产品存续期,并不承担挂钩标的涨跌的风险,而是用delta对冲策略,把挂钩标的涨跌风险对冲掉了。公式不讲了,后面完整视频里有。简单逻辑就是高抛低吸,动态调整对冲仓位。第二,那发行方到底转什么钱?中国雪球发行方券商主要赚三部分的钱:1. 高抛低吸波动率的钱💰、2. 股指期货贴水收益(中国特色)、3. 用期货对冲(A股t+1交易制度,期货对冲最方便)保证金交易中闲置资金现金管理收益。 欢迎交流。Happy Chinese New Year! @@chenjianghan9186
Finally Chinese markets insights with eng subs 👍 like your format interviewing actual fund managers, keep going 👍
@JadeFundmanagers11 ай бұрын
Thanks. As one of the largest capital market in the world, the Chinese financial market is changing fast and local fund managers are becoming more international. I am happy to be a bridge 🙂