Passive funds generally select specific index constituent stocks as investment objects, do not actively seek to outperform the market, but try to replicate the performance of the index, so they are often called index funds. Passive funds always maintain spot market average returns, so their returns are neither too high nor too low. Let's take a look at the domestic commodity-themed funds. Generally speaking, there are not many funds investing in commodity futures. Some are listed here.
As can be seen from the above figure, SDIC UBS silver futures invest in the main silver futures contract of the Shanghai Futures Exchange, and its yield is consistent with the trend of the silver futures of the Shanghai Futures Exchange.
The Huaxia Feed Soybean Meal ETF invests in soybean meal futures. When soybean meal rises, it will also rise, and when soybean meal falls, it will also fall. Since it is an investment in soybean meal, it has a strong correlation with the agricultural market. The protein content of soybean meal is very high, and it is the main raw material for making livestock and poultry feed. It can also be used to make pastry food, health food, and cosmetics. Therefore, the demand in these areas, as well as the supply of soybean meal itself, are the main factors affecting its price.
Look at other ETFs that invest in non-ferrous metals, as well as energy and chemical ETFs. Unlike the previous funds that target silver and soybean meal, non-ferrous and energy and chemical ETFs will invest in several futures of different varieties, rather than a single variety. , such as non-ferrous metals, will invest in several non-ferrous metal futures listed on the Shanghai Futures Exchange in a specific proportion, such as aluminum, copper, nickel and other metals.
The following introduces the domestic gold funds.
The investment targets of the funds introduced above are all futures, and the underlying assets of such gold funds are the gold spot contracts listed on the Shanghai Gold Exchange, not futures. The three major gold ETFs listed and traded in the securities market have good liquidity, so the trends of gold ETFs launched by different fund companies are basically the same.
Since investors are more inclined to invest in gold to preserve value or hedge in times of economic downturn, the demand for gold ETFs is very large compared to other underlying commodity ETFs. Among them, SPDR Gold Trust is the world's largest gold ETF, and its position changes are used by many professional investors to measure economic conditions and serve as a reference for trading.
In addition to investing in spot gold, domestic gold ETFs also invest in Shanghai Gold.
Compared with gold spot contracts, Shanghai Gold has higher transaction costs, poor liquidity, large transaction spreads, and has the characteristics of delayed delivery, that is, lag. Therefore, investors will choose to invest in the previous several gold ETFs, and the volume of these categories is relatively small.
In addition, domestic investors can not only buy ETFs that invest in the domestic gold market, but also gold QDII funds that invest in the global market.
As shown in the figure, the underlying assets invested by such funds are contracts such as New York gold and London gold. Of course, it is mainly to invest in the corresponding gold-themed ETFs, and the corresponding gold-themed ETFs invest in New York gold and London gold. Compared with domestic gold ETFs, the returns of QDII funds invested abroad are generally affected by exchange rate changes, and the loss in transaction fees is relatively large.
There are also some funds whose investment target is crude oil, including WTI crude oil or Brent crude oil.
The investment targets of these funds are all ETFs, and some of them achieve the effect of simulating commodity indexes by investing in multiple ETFs. Such funds are generally able to outperform inflation and get a higher rate of return than the inflation rate. The biggest disadvantage of this type of funds is that they cannot be bought at some point, because they have foreign exchange quota restrictions. Foreign exchange quota, and then open the subscription channel.
These passive commodity funds were all hit hard in March of last year. In March, crude oil plummeted, and investors in the four major crude oil funds suffered heavy losses. Harvest Crude Oil, Southern Crude Oil, E Fund Crude Oil, and Cathay Pacific Commodities fell more miserably. The most embarrassing thing was that there were too many people buying crude oil at the bottom. The foreign exchange quotas of many fund companies have been purchased, and the four major crude oil funds have stopped subscriptions and can only be redeemed. Many investors are caught after buying at high levels and cannot cover their positions.
As mentioned above, passive funds are also known as index funds. Although the constituent stocks of the index will also change, the scope will not be very large. The problem of individual stocks will not have a great impact on the whole. It can also avoid the Losses caused by the selection or misjudgment of the fund manager. Passive funds always maintain the spot market average return level and do not actively seek to outperform the market, so their returns will not be too high or too low, and the risk and return are linked to the index .