{"id":5942,"date":"2024-08-26T07:01:01","date_gmt":"2024-08-25T23:01:01","guid":{"rendered":""},"modified":"2024-08-26T07:01:01","modified_gmt":"2024-08-25T23:01:01","slug":"\u5546\u54c1\u6295\u8d44\u57fa\u91d1\u548c\u5bf9\u51b2\u57fa\u91d1\u7684\u533a\u522b_\u4ec0\u4e48\u662f\u79c1\u52df\u57fa\u91d1","status":"publish","type":"post","link":"https:\/\/mushiming.com\/5942.html","title":{"rendered":"\u5546\u54c1\u6295\u8d44\u57fa\u91d1\u548c\u5bf9\u51b2\u57fa\u91d1\u7684\u533a\u522b_\u4ec0\u4e48\u662f\u79c1\u52df\u57fa\u91d1"},"content":{"rendered":"<p><strong><span style=\"font-size:18px\">\u56fd\u9645\u70ed\u95e8\u5546\u54c1\u6307\u6570<\/span><\/strong><\/p>\n<p><span style=\"font-size:18px\">\u6807\u666e\u9ad8\u76db\u5546\u54c1\u6307\u6570S&amp;P-GSCI<\/span><\/p>\n<p><span style=\"font-size:18px\">\u9053\u743c\u65af\u745e\u94f6\u5546\u54c1\u6307\u6570DJ-UBSCI<\/span><\/p>\n<p><span style=\"font-size:18px\">\u8def\u900f\u5546\u54c1\u7814\u7a76\u5c40\u6307\u6570CRBCI<\/span><\/p>\n<p><span style=\"font-size:18px\">\u5fb7\u610f\u5fd7\u94f6\u884c\u6d41\u901a\u5546\u54c1\u6307\u6570DBLCI<\/span><\/p>\n<p><span style=\"font-size:18px\">\u7f57\u6770\u65af\u4e16\u754c\u5546\u54c1\u6307\u6570RICI<\/span><\/p>\n<p><span style=\"font-size:18px\"><\/span>&nbsp;<\/p>\n<p><span style=\"font-size:18px\"><strong>\u56fd\u5185\u5546\u54c1\u6307\u6570\uff08\u4ef7\u683c\u578b\u6307\u6570\u548c\u6295\u8d44\u578b\u6307\u6570\uff09<\/strong><\/span><\/p>\n<p><span style=\"font-size:18px\">\u5357\u534e\u5546\u54c1\u6307\u6570<\/span><\/p>\n<p><span style=\"font-size:18px\">\u5317\u5927\u6c47\u4e30\u5546\u54c1\u6307\u6570<\/span><\/p>\n<p><span style=\"font-size:18px\">\u4e1c\u6d77\u52a8\u6001\u5546\u54c1\u6307\u6570<\/span><\/p>\n<p><span style=\"font-size:18px\">\u4e2d\u8bc1\u5546\u54c1\u671f\u8d27\u7efc\u5408\u6307\u6570<\/span><\/p>\n<p><span style=\"font-size:18px\">\u4e2d\u671f\u5546\u54c1\u6307\u6570<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size:14px\"><strong>\u8def\u900f\u5546\u54c1\u7814\u7a76\u5c40\u6307\u6570<\/strong><\/span><\/p>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u8def\u900f\u5546\u54c1\u7814\u7a76\u5c40\u6307\u6570\uff08CRB\u6307\u6570\uff09\u662f\u6700\u65e9\u521b\u7acb\u7684\u5546\u54c1\u6307\u6570\u30022005\u5e746\u670820\u65e5\uff0c\u8def\u900f\u96c6\u56e2(Reuters)\u4e0eJefferies\u96c6\u56e2\u65d7\u4e0b\u7684Jefferies\u91d1\u878d\u4ea7\u54c1\u516c\u53f8\u8fdb\u884c\u5408\u4f5c\uff0c\u5e76\u5bf9CRB\u6307\u6570\u8fdb\u884c\u91cd\u65b0\u8c03\u6574\uff0c\u66f4\u540d\u4e3a\u8def\u900f\/Jefferies\u5546\u54c1\u7814\u7a76\u5c40\u6307\u6570(RJ\/CRB)\u3002CRB\u6307\u6570\u662f\u4ee5\u4e00\u63fd\u5b50\u7684\u5546\u54c1\u4ef7\u683c\u4e3a\u7ec4\u6210\u6210\u5206\uff0c\u5728\u6b64\u57fa\u7840\u4e0a\u8ba1\u7b97\u800c\u5f97\u5230\u7684\u5546\u54c1\u6307\u6570\uff0c\u53cd\u6620\u7684\u662f\u7f8e\u56fd\u5546\u54c1\u4ef7\u683c\u7684\u603b\u4f53\u6ce2\u52a8\uff0c\u80fd\u4f7f\u673a\u6784\u548c\u4e2a\u4eba\u6295\u8d44\u8005\u5229\u7528\u6307\u6570\u4ea4\u6613\u800c\u83b7\u5f97\u5546\u54c1\u4ef7\u683c\u7efc\u5408\u53d8\u52a8\u5e26\u6765\u7684\u83b7\u5229\u673a\u4f1a\u3002CRB\u6307\u6570\u539f\u6765\u8d4b\u4e88\u4e86\u5404\u6784\u6210\u5546\u54c1\u540c\u7b49\u6743\u91cd\uff0c\u67d0\u4e00\u5546\u54c1\u4ef7\u683c\u7684\u53cd\u5411\u53d8\u52a8\u4e0d\u4f1a\u5bfc\u81f4CRB\u6307\u6570\u503c\u51fa\u73b0\u5f02\u5e38\u5de8\u5927\u7684\u53d8\u52a8\uff0c\u800c\u65b0\u7684\u5546\u54c1\u6307\u6570\u5c06\u6240\u6709\u5546\u54c1\u5206\u6210\u56db\u4e2a\u6743\u91cd\u7b49\u7ea7\uff0c\u6700\u9ad8\u7684\u539f\u6cb9\u6743\u91cd\u4e3a23%\uff0c\u6700\u4f4e\u7684\u6854\u5b50\u6c41\u3001\u954d\u3001\u5c0f\u9ea6\u6743\u91cd\u53ea\u67091%\u3002\u8be5\u6307\u6570\u6bcf\u4e2a\u6708\u8c03\u6574\u4e00\u6b21\uff0c\u9009\u62e9\u7684\u5546\u54c1\u4ef7\u683c\u91c7\u7528\u671f\u8d27\u5408\u7ea6\u7684\u8fd1\u671f\u6708\u4efd\uff0c\u800c\u4e0d\u662f\u4ee5\u524d\u91c7\u7528\u76846\u4e2a\u5408\u7ea6\u6708\u4efd\u7684\u5e73\u5747\u4ef7\u683c\u3002\u540c\u65f6\uff0c\u5728\u8ba1\u7b97\u6307\u6570\u503c\u65f6\uff0cCRB\u6307\u6570\u5229\u7528\u4e86\u5408\u7ea6\u5ef6\u671f\u548c\u51e0\u4f55\u5e73\u5747\u6280\u672f\uff0c\u8fd9\u5bf9\u6307\u6570\u4ef7\u683c\u7684\u6ce2\u52a8\u8d77\u5230\u4e86\u5e73\u6291\u4f5c\u7528\uff0c\u4ece\u800c\u521b\u9020\u4e86\u76f8\u5bf9\u5e73\u6ed1\u7684\u4ef7\u683c\u8d70\u52bf\u3002<\/span>\n<\/div>\n<div>\n 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style=\"font-size:14px\">\u3000\u3000CRB\u6307\u6570\u7531\u4e8e\u80fd\u6709\u6548\u5730\u53cd\u6620\u51fa\u5927\u5b97\u5546\u54c1\u7684\u603b\u4f53\u8d8b\u52bf\uff0c\u540c\u65f6\u4e5f\u4e3a\u5b8f\u89c2\u7ecf\u6d4e\u666f\u6c14\u7684\u53d8\u5316\u63d0\u4f9b\u6709\u6548\u7684\u9884\u8b66\u4fe1\u53f7\uff0c\u56e0\u6b64\u6210\u4e3a\u6700\u4e3a\u8457\u540d\u7684\u5546\u54c1\u6307\u6570\u30021986\u5e74\uff0c\u7ebd\u7ea6\u671f\u8d27\u4ea4\u6613\u6240\u4e0eCRB\u5408\u4f5c\uff0c\u63a8\u51fa\u4ee5CRB\u6307\u6570\u4e3a\u6807\u7684\u7684\u671f\u8d27\u5408\u7ea6\uff0c\u5e76\u4e8e2005\u5e747\u670812\u65e5\u63a8\u51fa\u4e86\u57fa\u4e8eRJ\/CRB\u6307\u6570\u7684\u671f\u8d27\u4ea4\u6613\uff0c\u5373RJ\/CRB\u6307\u6570\u671f\u8d27\u5408\u7ea6\u3002\u4e0e\u4ee5\u524d\u7684Reuters\/CRB\u6307\u6570\u671f\u8d27\u5408\u7ea6\u76f8\u6bd4\uff0cRJ\/CRB\u6307\u6570\u671f\u8d27\u5408\u7ea6\u6700\u5927\u7684\u53d8\u5316\u662f\u5408\u7ea6\u89c4\u6a21\u7531\u539f\u6765\u7684\u6bcf\u70b9500\u7f8e\u5143\u8c03\u4f4e\u4e3a200\u7f8e\u5143\uff0c\u964d\u4f4e\u4e86\u6295\u8d44\u95e8\u69db\u3002\u76ee\u524d\u8be5\u6307\u6570\u5728\u56fd\u5185\u5916\u5e02\u573a\u4e2d\u4ecd\u88ab\u5e7f\u6cdb\u5173\u6ce8\u548c\u5e94\u7528\u3002<\/span>\n<\/div>\n<p>&nbsp;<\/p>\n<p><span 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style=\"font-size:14px\">\u3000\u3000DJ-UBSCI\u5e76\u4e0d\u662f\u4e00\u4e2a\u57fa\u51c6\u6307\u6570\uff0c\u56e0\u4e3a\u5b83\u5e76\u4e0d\u8861\u91cf\u5546\u54c1\u671f\u8d27\u5927\u76d8\u5e02\u573a\u7684\u4ef7\u503c\u7684\u76c8\u4e8f\u60c5\u51b5\u3002\u8be5\u6307\u6570\u662f\u4e00\u79cd\u6295\u8d44\u7b56\u7565\uff0c\u6709\u4e25\u683c\u7684\u89c4\u5219\u6765\u8bbe\u5b9a\u5404\u884c\u4e1a\u677f\u5757\u548c\u5546\u54c1\u7684\u56fa\u5b9a\u6743\u91cd\uff0c\u6307\u6570\u6743\u91cd\u8bbe\u8ba1\u66f4\u5177\u6709\u591a\u6837\u6027\uff0c\u6ca1\u6709\u4e00\u79cd\u5546\u54c1\u7684\u6743\u91cd\u8d85\u8fc733%\u6216\u8005\u5c0f\u4e8e2%\u3002\u8fd9\u79cd\u89c4\u5219\u4f7f\u5f97\u8be5\u6307\u6570\u6ce2\u52a8\u6027\u6bd4\u8f83\u5c0f\uff0c\u5bf9\u67d0\u7c7b\u673a\u6784\u6295\u8d44\u8005\u5982\u517b\u8001\u57fa\u91d1\u6bd4\u8f83\u5177\u6709\u5438\u5f15\u529b\u3002\u4ece\u9053\u743c\u65af-UBS\u5546\u54c1\u6307\u6570\u7684\u6ce2\u52a8\u7279\u6027\u770b\uff0c\u5176\u6307\u6570\u8fd0\u884c\u76f8\u5bf9\u7a33\u5b9a\uff0c\u9002\u5408\u5927\u578b\u673a\u6784\u6295\u8d44\u8005\u53c2\u4e0e\u3002\u76ee\u524d\u8ffd\u8e2aDJ-UBS\u6307\u6570\u7684\u4ea7\u54c1\u5305\u62ec\u4ea4\u6613\u6240\u4ea4\u6613\u578b\u57fa\u91d1\uff08ETF\uff09\u3001\u4ea4\u6613\u6240\u4ea4\u6613\u578b\u5546\u54c1\uff08ETC\uff09\u3001\u4ea4\u6613\u6240\u4ea4\u6613\u578b\u503a\u5238\uff08ETN\uff09\u548c\u5546\u54c1\u6307\u6570\u671f\u8d27\u3002DJ-UBS\u5546\u54c1\u6307\u6570\u7684ETF\u4ea7\u54c1\u5728NYSE\u3001LSE\u548c\u5fb7\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\uff08Deutsche Boerse\uff09\u7686\u6709\u6302\u724c\uff0c\u800c\u8be5\u6307\u6570\u6302\u94a9\u7684\u671f\u8d27\u4ea7\u54c1\u8fd8\u5206\u522b\u5728CBOT\u548cEurex\u4e0a\u5e02\u3002<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\"><\/span>&nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\"><\/span>&nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\"><strong>\u5fb7\u610f\u5fd7\u94f6\u884c\u6d41\u901a\u5546\u54c1\u6307\u6570<\/strong><\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5fb7\u610f\u5fd7\u94f6\u884c\u6d41\u901a\u5546\u54c1\u6307\u6570\uff08DBLCI\uff09\u521b\u5efa\u4e8e2003\u5e74\uff0c\u4ec5\u5305\u62ec6\u79cd\u5546\u54c1\uff0c\u5176\u4e2d\u6709\u539f\u6cb9\uff0835%\uff09\u3001\u71c3\u6599\u6cb9\uff0820%\uff09\u3001\u94dd\uff0812.5%\uff09\u3001\u7389\u7c73\uff0811.25%\uff09\u3001\u5c0f\u9ea6\uff0811.25%\uff09\u548c\u9ec4\u91d1\uff0810%\uff09\uff0c\u8fd96\u4e2a\u54c1\u79cd\u90fd\u662f\u884c\u4e1a\u4e2d\u6d41\u901a\u6027\u6700\u597d\u7684\u5546\u54c1\u3002<\/span>\n<\/div>\n<div>\n  &nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5fb7\u610f\u5fd7\u94f6\u884c\u8868\u793a\uff0c\u6709\u9650\u7684\u5546\u54c1\u6570\u91cf\u5e76\u4e0d\u91cd\u8981\uff0c\u56e0\u4e3a\u76f8\u540c\u884c\u4e1a\u677f\u5757\u91cc\u7684\u5546\u54c1\u4ef7\u683c\u8d70\u52bf\u5f80\u5f80\u5177\u6709\u5f88\u9ad8\u7684\u76f8\u5173\u6027\u3002DBLCI\u5728\u6bcf\u5e7411\u6708\u7684\u7b2c\u4e00\u4e2a\u661f\u671f\u5bf9\u6307\u6570\u6743\u91cd\u8fdb\u884c\u8c03\u6574\uff0c\u800c\u5e74\u5185\u6743\u91cd\u7684\u6ce2\u52a8\u4e3b\u8981\u4f9d\u636e\u57fa\u672c\u5546\u54c1\u671f\u8d27\u4ef7\u683c\u7684\u53d8\u52a8\u60c5\u51b5\u3002<\/span>\n<\/div>\n<div>\n  &nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5fb7\u610f\u5fd7\u94f6\u884c\u5546\u54c1\u6307\u6570\u8ddf\u8e2a\u57fa\u91d1\uff08PowerShares DB Commodity Index Tracking Fund\uff09\u4f9d\u636e\u7684\u662f\u5fb7\u610f\u5fd7\u94f6\u884c\u9ad8\u6d41\u901a\u5546\u54c1\u6307\u6570\u7684\u6700\u4f18\u6536\u76ca\u6307\u6570\uff0c\u8be5\u6307\u6570\u7684\u8c03\u6574\u65b9\u5f0f\u6709\u6240\u4e0d\u540c\uff0c\u5c31\u662f\u80fd\u6e90\u671f\u8d27WTI\u539f\u6cb9\u548c\u71c3\u6599\u6cb9\u7684\u4ed3\u4f4d\uff0c\u6bcf\u4e2a\u6708\u8c03\u6574\u4e00\u6b21\uff0c\u800c\u5176\u4ed64\u79cd\u5546\u54c1\u6bcf\u5e74\u8c03\u6574\u4e00\u6b21\u3002\u8fd9\u79cd\u53cc\u89c4\u518d\u5e73\u8861\uff0c\u53ef\u4ee5\u63d0\u9ad8\u5c55\u671f\u7684\u6536\u76ca\u6216\u964d\u4f4e\u671f\u8d27\u5408\u7ea6\u5c55\u671f\u6240\u4ea7\u751f\u7684\u8d1f\u9762\u5f71\u54cd\u3002<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n <span style=\"font-size:14px\"><strong>\u7f57\u6770\u65af\u4e16\u754c\u5546\u54c1\u6307\u6570<\/strong><\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5409\u59c6\u00b7\u7f57\u6770\u65af\u7531\u4e8e\u770b\u597d\u5546\u54c1\u7684\u957f\u671f\u725b\u5e02\u683c\u5c40\uff0c\u81ea\u5df1\u8bbe\u8ba1\u4e86\u7f57\u6770\u65af\u4e16\u754c\u5546\u54c1\u6307\u6570\uff08RogersInternational Commodity Index\uff0cRICI\uff09\uff0c\u5e76\u7528\u81ea\u5df1\u7684\u94b1\u6210\u7acb\u4e86\u57fa\u91d1\u8ddf\u8e2a\u8fd9\u4e00\u6307\u6570\u3002\u7f57\u6770\u65af\u7684\u521d\u8877\u662f\u8bbe\u8ba1\u4e00\u4e2a\u56fd\u9645\u6027\u7684\uff0c\u5177\u6709\u660e\u663e\u7684\u900f\u660e\u5ea6\u3001\u534f\u8c03\u6027\u548c\u6d41\u52a8\u6027\u7684\u6307\u6570\uff0c\u56e0\u4e3a\u4ee5\u5f80\u7684\u6307\u6570\u5f80\u5f80\u662f\u4ee5\u7f8e\u56fd\u4e3a\u4e2d\u5fc3\u800c\u8bbe\u8ba1\u7684\u3002\u7f57\u6770\u65af\u4e16\u754c\u5546\u54c1\u6307\u6570\u6210\u5206\u6743\u91cd\u7684\u8bbe\u7f6e\u8003\u8651\u4e86\u5546\u54c1\u5bf9\u7ef4\u6301\u751f\u6d3b\u7684\u91cd\u8981\u6027\uff0c\u5e76\u517c\u987e\u5e02\u573a\u7684\u6d41\u901a\u6027\u3002<\/span>\n<\/div>\n<div>\n  &nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u7f57\u6770\u65af\u4e16\u754c\u5546\u54c1\u6307\u6570\u521b\u5efa\u4e8e1998\u5e74\uff0c\u8be5\u6307\u6570\u5305\u62ec35\u79cd\u5546\u54c1\uff0c\u5176\u4e2d\u539f\u6cb9\u6bd4\u91cd\u4e3a35%\uff0c\u75284\u79cd\u8d27\u5e01\u6807\u4ef7\uff0c\u6765\u81ea11\u4e2a\u4ea4\u6613\u6240\uff0c\u8fd9\u4f7f\u5b83\u6210\u4e3a\u5546\u54c1\u5e02\u573a\u4e0a\u63a8\u884c\u8303\u56f4\u6700\u5e7f\u7684\u6307\u6570\u3002\u5176\u4ea7\u54c1\u7684\u56de\u62a5\u4e0e\u672a\u67653\u5e74\u4e3b\u8981\u7684\u5546\u54c1\u4ef7\u683c(\u539f\u6cb9\u3001\u5929\u7136\u6c14\u3001\u9ec4\u91d1\u7b49)\u6b63\u76f8\u5173\uff0c\u5e76\u4ee570%\u7684\u6bd4\u4f8b\u53c2\u4e0e\u3002\u8be5\u6307\u6570\u5bf9\u4e8e\u5546\u54c1\u548c\u6743\u91cd\u7684\u9009\u62e9\u662f\u6839\u636e\u5546\u54c1\u7684\u6d88\u8d39\u800c\u5b9a\uff0c\u81ea\u4ece\u7f57\u6770\u65af\u57281998\u5e74\u521b\u5efa\u8be5\u5546\u54c1\u6307\u6570\u4ee5\u6765\uff0c\u6307\u6570\u7684\u7ec4\u6210\u53ca\u6743\u91cd\u8fd8\u6ca1\u6709\u6539\u53d8\u8fc7\uff0c\u53ea\u505a\u8fc7\u4e24\u6b21\u5c0f\u7684\u66ff\u4ee3\u2014\u2014\u8c46\u6cb9\u57282002\u5e74\u88ab\u68d5\u6988\u6cb9\u6240\u66ff\u4ee3\uff0c\u8c46\u7c95\u57282004\u5e74\u88ab\u4e9a\u9ebb\u7c7d\u6cb9\u6240\u66ff\u4ee3\u3002<\/span>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size:14px\"><strong>\u5546\u54c1\u6307\u6570\u7684\u6295\u8d44\u6a21\u5f0f<\/strong><\/span><\/p>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5546\u54c1\u5e02\u573a\u7684\u6307\u6570\u5316\u6295\u8d44\u9996\u5148\u4ee5\u5546\u54c1\u6307\u6570\u671f\u8d27\u7684\u5f62\u5f0f\u51fa\u73b0\u4e8e20\u4e16\u7eaa80\u5e74\u4ee3\u30021986\u5e74\uff0c\u7ebd\u7ea6\u671f\u8d27\u4ea4\u6613\u6240\u4e0a\u5e02\u4e86CRB\u6307\u6570\u671f\u8d27\u5408\u7ea6\uff0c\u6210\u4e3a\u5546\u54c1\u5e02\u573a\u7b2c\u4e00\u4e2a\u6307\u6570\u5316\u6295\u8d44\u4ea7\u54c1\uff0c1988\u5e74\u63a8\u51faCRB\u6307\u6570\u671f\u6743\u3002\u968f\u540e\u6807\u666e\u9ad8\u76db\u5546\u54c1\u6307\u6570\u671f\u8d27\u548c\u9053\u743c\u65af\u745e\u94f6\u5546\u54c1\u6307\u6570\u671f\u8d27\u4e5f\u76f8\u7ee7\u63a8\u51fa\u30022006\u5e742\u6708\uff0c\u5fb7\u610f\u5fd7\u94f6\u884c\u63a8\u51fa\u9996\u5bb6\u4e0a\u5e02\u578b\u5546\u54c1\u6307\u6570\u57fa\u91d1\uff0c\u4e14\u4ee5DBLCI\u4e3a\u8ddf\u8e2a\u5bf9\u8c61\uff0c\u7d27\u63a5\u7740\u5df4\u514b\u83b1\u94f6\u884c\u63a8\u51faGSG\u6307\u6570\u57fa\u91d1\uff0c\u4ee5\u9ad8\u76db\u5546\u54c1\u8d85\u989d\u6536\u76ca\u6307\u6570\u4e3a\u8ddf\u8e2a\u6807\u7684\u3002\u81f3\u6b64\uff0cETF\u57fa\u91d1\u5f62\u5f0f\u7684\u5546\u54c1\u6307\u6570\u884d\u751f\u6295\u8d44\u5de5\u5177\u5f00\u59cb\u51fa\u73b0\uff0c\u7531\u4e8e\u5176\u5927\u5927\u964d\u4f4e\u4e86\u4e2a\u4eba\u6295\u8d44\u8005\u8fdb\u884c\u5546\u54c1\u6307\u6570\u6295\u8d44\u7684\u95e8\u69db\uff0c\u56e0\u6b64\u666e\u904d\u53d7\u5230\u5e02\u573a\u7684\u63a8\u5d07\u3002<\/span>\n<\/div>\n<div>\n  &nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u4ece\u56fd\u9645\u5546\u54c1\u6307\u6570\u6295\u8d44\u65b9\u5f0f\u6765\u770b\uff0c\u5546\u54c1\u6307\u6570\u6295\u8d44\u4e3b\u6709\u5546\u54c1\u6307\u6570\u671f\u8d27\u53ca\u671f\u6743\u3001\u5546\u54c1\u6307\u6570\u57fa\u91d1\u3001\u5546\u54c1\u6307\u6570\u4e92\u6362\u3001\u5546\u54c1\u6307\u6570EFTs\/ETNs\u7b49\u3002\u673a\u6784\u6295\u8d44\u8005\u4f8b\u5982\u517b\u8001\u57fa\u91d1\u3001\u5bf9\u51b2\u57fa\u91d1\u7b49\u4e3b\u8981\u91c7\u7528\u524d\u4e09\u79cd\u6295\u8d44\u65b9\u5f0f\uff0c\u800c\u4e2a\u4eba\u6295\u8d44\u8005\u5219\u4e3b\u8981\u901a\u8fc7ETFs\/ETNs\u53c2\u4e0e\u5546\u54c1\u6307\u6570\u6295\u8d44\u3002<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\"><\/span>&nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\"><strong>\u5546\u54c1\u6307\u6570\u671f\u8d27\u53ca\u671f\u6743<\/strong><\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5546\u54c1\u6307\u6570\u671f\u8d27\u662f\u6307\u5728\u671f\u8d27\u4ea4\u6613\u6240\u4e0a\u5e02\u4ea4\u6613\u7684\u4ee5\u5546\u54c1\u6307\u6570\u4e3a\u6807\u7684\u7684\u671f\u8d27\u54c1\u79cd\uff0c\u662f\u4e00\u79cd\u65b0\u5174\u7684\u884d\u751f\u54c1\uff0c\u662f\u8fdb\u884c\u6307\u6570\u5316\u6295\u8d44\u7684\u573a\u5185\u884d\u751f\u5de5\u5177\uff0c\u5176\u540c\u8d28\u6027\u548c\u6807\u51c6\u5316\u7a0b\u5ea6\u8f83\u9ad8\uff0c\u65e2\u6709\u5546\u54c1\u671f\u8d27\u7279\u5f81\uff0c\u53c8\u6709\u91d1\u878d\u671f\u8d27\u7684\u7279\u5f81\u3002<\/span>\n<\/div>\n<div>\n  &nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u5546\u54c1\u6307\u6570\u671f\u8d27\u5b9e\u884c\u4fdd\u8bc1\u91d1\u4ea4\u6613\uff0c\u53ef\u4ee5\u8fdb\u884c\u5356\u7a7a\u64cd\u4f5c\uff0c\u91c7\u7528\u73b0\u91d1\u7ed3\u7b97\u3002\u6839\u636e\u6307\u6570\u6784\u6210\u5546\u54c1\u79cd\u7c7b\u548c\u6570\u91cf\u4e0d\u540c\uff0c\u5546\u54c1\u6307\u6570\u53ef\u4ee5\u5206\u4e3a\u7efc\u5408\u6027\u5546\u54c1\u6307\u6570\u3001\u5206\u7c7b\u5546\u54c1\u6307\u6570\u3001\u5355\u4e00\u5546\u54c1\u6307\u6570\u3002\u76ee\u524d\uff0c\u5728\u4ea4\u6613\u6240\u4e0a\u5e02\u4ea4\u6613\u7684\u7efc\u5408\u6027\u5546\u54c1\u6307\u6570\u671f\u8d27\u6709CRB\u6307\u6570\u671f\u8d27\u3001\u6807\u666e\u9ad8\u76db\u5546\u54c1\u6307\u6570\u671f\u8d27\u548c\u9053\u743c\u65af-UBS\u5546\u54c1\u6307\u6570\u671f\u8d27\u7b49\uff0c\u5206\u7c7b\u5546\u54c1\u6307\u6570\u671f\u8d27\u6709\u9053\u743c\u65af-UBS\u519c\u4ea7\u54c1\u6307\u6570\u671f\u8d27\u7b49\u3002\u5546\u54c1\u6307\u6570\u671f\u8d27\u7684\u4e0a\u5e02\u867d\u7136\u65e9\u4e8e\u5546\u54c1\u6307\u6570\u57fa\u91d1\u7684\u63a8\u51fa\uff0c\u4f46\u5546\u54c1\u6307\u6570\u671f\u8d27\u4ea4\u6613\u7684\u5e02\u573a\u5360\u6709\u7387\u5e76\u4e0d\u9ad8\uff0c\u8d44\u91d1\u89c4\u6a21\u4e5f\u8fdc\u5c0f\u4e8e\u5546\u54c1\u6307\u6570\u57fa\u91d1\u3002<\/span>\n<\/div>\n<div>\n  &nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\">\u3000\u3000\u671f\u6743\u662f\u4e00\u79cd\u80fd\u5728\u672a\u6765\u7279\u5b9a\u65f6\u95f4\u5185\u4ee5\u7279\u5b9a\u4ef7\u683c\u4e70\u8fdb\u6216\u5356\u51fa\u4e00\u5b9a\u6570\u91cf\u7684\u7279\u5b9a\u6807\u7684\u7269\u7684\u6743\u5229\u3002\u5bf9\u5546\u54c1\u6307\u6570\u671f\u6743\u6765\u8bf4\uff0c\u671f\u6743\u8d2d\u4e70\u8005\u901a\u8fc7\u652f\u4ed8\u4e00\u7b14\u671f\u6743\u8d39\u7ed9\u671f\u6743\u51fa\u552e\u65b9\uff0c\u6362\u53d6\u5728\u672a\u6765\u67d0\u4e2a\u65f6\u95f4\u4ee5\u67d0\u79cd\u4ef7\u683c\u4e70\u8fdb\u6216\u5356\u51fa\u67d0\u79cd\u57fa\u4e8e\u5546\u54c1\u6307\u6570\u7684\u6807\u7684\u7269\u7684\u6743\u5229\u3002\u5546\u54c1\u6307\u6570\u671f\u6743\u6839\u636e\u4e0d\u540c\u7684\u6807\u51c6\u6709\u4e0d\u540c\u7684\u5206\u7c7b\uff0c\u76ee\u524d\u4e3b\u8981\u7684\u5206\u7c7b\u6807\u51c6\u6709\u4e70\u5356\u65b9\u5411\u3001\u6267\u884c\u7279\u6027\u3001\u6709\u65e0\u4e0a\u9650\u548c\u6807\u7684\u6307\u6570\u3002\u5546\u54c1\u6307\u6570\u671f\u6743\u548c\u5546\u54c1\u6307\u6570\u671f\u8d27\u6709\u4e00\u5b9a\u7684\u76f8\u4f3c\u4e4b\u5904\uff0c\u4f46\u4e8c\u8005\u5728\u4ea7\u54c1\u672c\u8d28\u3001\u4ea7\u54c1\u4e0e\u5236\u5ea6\u8bbe\u8ba1\u3001\u6536\u76ca\u98ce\u9669\u7279\u5f81\u3001\u4ea7\u54c1\u529f\u80fd\u4e0a\u5747\u5b58\u5728\u663e\u8457\u533a\u522b\u3002CRB\u6307\u6570\u57281986\u5e74\u63a8\u51faCRB\u6307\u6570\u671f\u8d27\u540e\uff0c\u57281988\u5e74\u63a8\u51fa\u4e86CRB\u6307\u6570\u671f\u6743\u3002<\/span>\n<\/div>\n<div>\n <span style=\"font-size:14px\"><\/span>&nbsp;\n<\/div>\n<div>\n <span style=\"font-size:14px\"><strong>\u5546\u54c1\u6307\u6570\u57fa\u91d1<\/strong><\/span> <\/p>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u5728\u56fd\u9645\u5e02\u573a\u4e0a\uff0c\u8d2d\u5165\u5546\u54c1\u6307\u6570\u6216\u8005\u8bf4\u6301\u6709\u5546\u54c1\u6307\u6570\u578b\u57fa\u91d1\u662f\u5927\u578b\u673a\u6784\u6295\u8d44\u8005\u53c2\u4e0e\u5927\u5b97\u5546\u54c1\u5e02\u573a\u7684\u4e3b\u8981\u65b9\u5f0f\u4e4b\u4e00\u3002\u5546\u54c1\u6307\u6570\u57fa\u91d1\u4ee5\u5546\u54c1\u5e02\u573a\u67d0\u6307\u6570\u4e3a\u57fa\u51c6\uff0c\u901a\u8fc7\u5efa\u7acb\u5546\u54c1\u6295\u8d44\u7ec4\u5408\u6765\u8ddf\u8e2a\u8be5\u6307\u6570\uff0c\u91c7\u53d6\u4e70\u5165\u5e76\u6301\u6709\u7684\u4ea4\u6613\u7b56\u7565\uff0c\u8ddf\u8e2a\u6307\u6570\u7684\u957f\u671f\u8d70\u52bf\u3002\u5546\u54c1\u6307\u6570\u57fa\u91d1\u4e3a\u673a\u6784\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u6295\u8d44\u5927\u5b97\u5546\u54c1\u7684\u4f4e\u6210\u672c\u7b56\u7565\u3002\u6295\u8d44\u5546\u54c1\u6307\u6570\u7ba1\u7406\u57fa\u91d1\u7684\u673a\u6784\u6295\u8d44\u8005\u4e3b\u8981\u6709\u517b\u8001\u57fa\u91d1\u3001\u6350\u8d60\u57fa\u91d1\u7b49\uff0c\u4e3b\u8981\u91c7\u53d6\u88ab\u52a8\u5546\u54c1\u6307\u6570\u6295\u8d44\u7b56\u7565\uff0c\u5373\u4e0d\u5bf9\u4e2a\u522b\u5546\u54c1\u91c7\u53d6\u79ef\u6781\u7684\u914d\u7f6e\u7b56\u7565\u3002\u8fd9\u7c7b\u57fa\u91d1\u63a5\u53d7\u673a\u6784\u5ba2\u6237\u7684\u59d4\u6258\uff0c\u5bf9\u5546\u54c1\u6307\u6570\u8868\u73b0\u8fdb\u884c\u590d\u5236\uff0c\u5e76\u6536\u53d6\u7ba1\u7406\u8d39\u3002\u6307\u6570\u57fa\u91d1\u53ef\u4ee5\u4f7f\u7528\u5546\u54c1\u671f\u8d27\u5408\u7ea6\u6765\u4e25\u683c\u590d\u5236\u57fa\u51c6\u5546\u54c1\u6307\u6570\u7684\u8868\u73b0\uff0c\u6216\u9009\u62e9\u540c\u5176\u4ed6\u673a\u6784\u8fdb\u5165\u4e00\u4e2a\u4ee5\u5546\u54c1\u6307\u6570\u4e3a\u6807\u7684\u7684OTC\u6389\u671f\u5408\u7ea6\u6765\u83b7\u53d6\u5546\u54c1\u6307\u6570\u7684\u56de\u62a5\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u5546\u54c1\u6307\u6570\u57fa\u91d1\u53ef\u4ee5\u4f5c\u4e3a\u79c1\u52df\u57fa\u91d1\u7b49\u4e00\u822c\u673a\u6784\u6295\u8d44\u8005\u8fdb\u884c\u5546\u54c1\u8d44\u4ea7\u914d\u7f6e\u7684\u91cd\u8981\u9014\u5f84\u3002\u5f53\u673a\u6784\u6295\u8d44\u8005\u8d2d\u5165\u5546\u54c1\u6307\u6570\u57fa\u91d1\u65f6\uff0c\u5c31\u76f8\u5f53\u4e8e\u4e70\u5165\u4e00\u63fd\u5b50\u76f8\u5173\u5546\u54c1\u671f\u8d27\u5408\u7ea6\u6765\u6784\u5efa\u5546\u54c1\u6295\u8d44\u7ec4\u5408\u3002\u4f5c\u4e3a\u91d1\u878d\u4ea7\u54c1\uff0c\u5546\u54c1\u6307\u6570\u57fa\u91d1\u7684\u6d41\u52a8\u6027\u8fdc\u8fdc\u8d85\u8fc7\u4e86\u5b9e\u7269\u5546\u54c1\uff0c\u540c\u65f6\uff0c\u57fa\u91d1\u7684\u53d1\u884c\u4e5f\u7b26\u5408\u73b0\u6709\u7684\u6cd5\u5f8b\u6cd5\u89c4\uff0c\u4e3a\u673a\u6784\u6295\u8d44\u8005\u5229\u7528\u671f\u8d27\u5e02\u573a\u8fdb\u884c\u8d44\u4ea7\u914d\u7f6e\u63d0\u4f9b\u4e86\u826f\u597d\u9014\u5f84\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u76ee\u524d\u5546\u54c1\u6307\u6570\u57fa\u91d1\u5728\u56fd\u9645\u5e02\u573a\u4e0a\u5341\u5206\u6d3b\u8dc3\uff0c\u6709\u4e9b\u54c1\u79cd\u7279\u522b\u662f\u80fd\u6e90\u548c\u519c\u4ea7\u54c1\u5408\u7ea6\u88ab\u6307\u6570\u57fa\u91d1\u5927\u91cf\u6301\u6709\u3002\u636e\u4e86\u89e3\uff0c\u76ee\u524d\u5168\u7403\u5546\u54c1\u6307\u6570\u57fa\u91d1\u603b\u89c4\u6a21\u7ea62400\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u6709\u8272\u91d1\u5c5e\u7ea6\u536011%\uff0c\u5373270\u4ebf\u7f8e\u5143\uff1b\u80fd\u6e90\u5546\u54c1\u7ea6\u536050%\uff0c\u53731200\u4ebf\u7f8e\u5143\uff1b\u8d35\u91d1\u5c5e\u7ea6\u53609%\uff0c\u5373220\u4ebf\u7f8e\u5143\uff1b\u519c\u4ea7\u54c1\u7ea6\u536024%\uff0c\u5373600\u4ebf\u7f8e\u5143\uff1b\u755c\u4ea7\u54c1\u7ea6\u53606%\uff0c\u5373140\u4ebf\u7f8e\u5143\u3002<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\"><\/span>&nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\"><strong>\u5546\u54c1\u6307\u6570\u4e92\u6362<\/strong><\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u5546\u54c1\u6307\u6570\u4e92\u6362\u662f\u6307\u4e92\u6362\u5f53\u4e8b\u4eba\u7ea6\u5b9a\u5728\u672a\u6765\u67d0\u4e00\u65f6\u671f\u5185\u76f8\u4e92\u4ea4\u6362\u4ee5\u5546\u54c1\u6307\u6570\u4e3a\u6807\u7684\u7684\u73b0\u91d1\u6d41\u91cf\u7684\u534f\u8bae\u3002\u7531\u4e8e\u4e92\u6362\u534f\u8bae\u7684\u72ec\u7279\u6027\uff0c\u4e24\u4e2a\u7279\u5b9a\u5f53\u4e8b\u4eba\u8fbe\u6210\u4e92\u6362\u534f\u8bae\u5f88\u56f0\u96be\uff0c\u901a\u5e38\u9700\u8981\u4e92\u6362\u4ea4\u6613\u5546\u4f5c\u4e3a\u4e2d\u4ecb\u3002\u4e92\u6362\u4ea4\u6613\u5546\u4e3b\u8981\u7531\u94f6\u884c\u548c\u5176\u4ed6\u5927\u578b\u91d1\u878d\u673a\u6784\u7ec4\u6210\uff0c\u5b83\u4eec\u662f\u8fde\u901aOTC\u5e02\u573a\u548c\u671f\u8d27\u5e02\u573a\u7684\u6865\u6881\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u4ece\u76ee\u524d\u5e02\u573a\u4e0a\u7684\u60c5\u51b5\u6765\u770b\uff0c\u7531\u4e8e\u6307\u6570\u57fa\u91d1\u672c\u8eab\u5bf9\u5546\u54c1\u5e02\u573a\u5e76\u6ca1\u6709\u592a\u6df1\u7684\u4e86\u89e3\uff0c\u5176\u5bf9\u4e8e\u76f4\u63a5\u6295\u8d44\u671f\u8d27\u5408\u7ea6\u4e5f\u5fc3\u5b58\u7591\u8651\uff0c\u56e0\u6b64\u6700\u4e3b\u8981\u7684\u6295\u8d44\u5f62\u5f0f\u5c31\u662f\u7b2c\u4e00\u79cd\u2014\u2014\u4e0e\u6295\u8d44\u94f6\u884c\u7684\u5546\u54c1\u6307\u6570OTC\u4ea4\u6613\u3002\u76ee\u524dCME\u63d0\u4f9b\u4e86\u5173\u4e8e\u6807\u666e\u9ad8\u76db\u5546\u54c1\u6307\u6570\u548c\u9053\u743c\u65af\u745e\u94f6\u5546\u54c1\u6307\u6570\u7684\u4e00\u7cfb\u5217\u573a\u5916\u4e92\u6362\u4ea7\u54c1\uff0c\u4f8b\u5982S&amp;P GSCI Excess Return Swaps\u3001S&amp;P GSCI Enhanced Excess Return Swaps\u3001Dow Jones-UBS Commodity Index Swaps\u7b49\u3002\u5177\u4f53\u65b9\u5f0f\u4e3a\u4f9d\u6258\u56fd\u9645\u6389\u671f\u548c\u884d\u751f\u54c1\u534f\u4f1a\u534f\u8bae\uff0c\u6307\u6570\u57fa\u91d1\u540c\u6295\u8d44\u94f6\u884c\u7b7e\u8ba2\u5408\u540c\uff0c\u8d2d\u4e70\u4e00\u5b9a\u671f\u9650\u3001\u4e00\u5b9a\u6570\u91cf\u7684\u67d0\u79cd\u5546\u54c1\u6307\u6570\u3002\u5230\u671f\u6307\u6570\u57fa\u91d1\u4ece\u6295\u8d44\u94f6\u884c\u5904\u5f97\u5230\u6307\u6570\u603b\u6536\u76ca\uff0c\u800c\u5411\u5bf9\u65b9\u652f\u4ed8\u4e00\u79cd\u77ed\u671f\u5229\u7387\uff08\u5982\u7f8e\u56fd\u77ed\u671f\u56fd\u503a\u5229\u7387\uff09\u548c\u5404\u79cd\u4ea4\u6613\u8d39\u7528\uff08\u5305\u62ec\u671f\u8d27\u5165\u573a\u3001\u51fa\u573a\u3001\u5c55\u671f\u7684\u4ea4\u6613\u8d39\u7528\u7b49\uff09\u3002\u5728\u4e92\u6362\u4ea4\u6613\u4e2d\uff0c\u4e92\u6362\u4ea4\u6613\u5546\u627f\u62c5\u98ce\u9669\uff0c\u7531\u4e8e\u4e92\u6362\u5408\u7ea6\u9ad8\u5ea6\u4e2a\u6027\u5316\u548c\u7f3a\u4e4f\u6d41\u52a8\u6027\uff0c\u4e92\u6362\u4ea4\u6613\u5546\u9700\u8981\u5229\u7528\u5176\u4ed6\u624b\u6bb5\u6765\u5bf9\u51b2\u98ce\u9669\uff0c\u5982\u5176\u4ed6\u4e92\u6362\u5408\u7ea6\u3001\u73b0\u8d27\u5e02\u573a\u5934\u5bf8\u548c\u671f\u8d27\u5408\u7ea6\u3002<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\"><\/span>&nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\"><strong>\u5546\u54c1\u6307\u6570ETFs\/ETNs<\/strong><\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u5546\u54c1\u6307\u6570ETFs\uff08Exchange Trades Funds\uff09\u5c31\u662f\u901a\u8fc7\u8ddf\u8e2a\u5546\u54c1\u6307\u6570\uff0c\u4ee5\u671f\u83b7\u5f97\u4e0e\u57fa\u51c6\u6307\u6570\u76f8\u8fd1\u7684\u6536\u76ca\u7387\uff0c\u5e76\u901a\u8fc7ETF\u4e00\u7ea7\u5e02\u573a\u548c\u4e8c\u7ea7\u5e02\u573a\u7684\u5957\u5229\u4ea4\u6613\u673a\u5236\u6d88\u9664\u51c0\u503c\u4e0e\u5e02\u503c\u8bef\u5dee\u3002ETFs\u7531\u4e8e\u95e8\u69db\u8f83\u4f4e\uff0c\u4e70\u5356\u5bb9\u6613\uff0c\u66f4\u53d7\u6563\u6237\u6295\u8d44\u8005\u6b22\u8fce\u30022006\u5e742\u67083\u65e5\uff0c\u5fb7\u610f\u5fd7\u94f6\u884c\u63a8\u51fa\u4e86\u5168\u7403\u9996\u53ea\u5546\u54c1\u6307\u6570ETFs\u2014\u2014DB Commodity Index Tracking Fund\uff0c\u5728\u7f8e\u56fd\u80a1\u7968\u4ea4\u6613\u6240\u4e0a\u5e02\u4ea4\u6613\uff0c\u8ddf\u8e2a\u5bf9\u8c61\u4e3a\u5fb7\u610f\u5fd7\u94f6\u884c\u6d41\u901a\u5546\u54c1\u6307\u6570\uff08DBLCI\uff09\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u4e0e\u4e00\u822c\u5546\u54c1\u6307\u6570\u57fa\u91d1\u76f8\u6bd4\uff0c\u7531\u4e8eETF\u57fa\u91d1\u5177\u6709\u72ec\u7279\u7684\u8fd0\u4f5c\u6a21\u5f0f\uff0c\u4ece\u800c\u4fdd\u8bc1\u4e86\u5546\u54c1\u6307\u6570ETF\u57fa\u91d1\u6709\u7740\u6781\u597d\u7684\u6d41\u52a8\u6027\uff0c\u8fd9\u5c31\u4f7f\u5f97\u516c\u52df\u57fa\u91d1\u7c7b\u7684\u673a\u6784\u6295\u8d44\u8005\u80fd\u591f\u7075\u6d3b\u5730\u5229\u7528\u5546\u54c1\u6307\u6570\u57fa\u91d1\u6765\u914d\u7f6e\u5176\u5546\u54c1\u7c7b\u8d44\u4ea7\uff0c\u540c\u65f6\u4e5f\u964d\u4f4e\u4e86\u4e2a\u4eba\u6295\u8d44\u8005\u53c2\u4e0e\u5546\u54c1\u6295\u8d44\u5e02\u573a\u7684\u95e8\u69db\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u4ea4\u6613\u6240\u4ea4\u6613\u7968\u636e\uff08Exchange Trades Notes\uff0cETNs\uff09\u662f\u7531\u94f6\u884c\u6216\u91d1\u878d\u673a\u6784\u53d1\u884c\u7684\u4e00\u79cd\u65e0\u62c5\u4fdd\u7684\u7968\u636e\uff0c\u7531\u53d1\u884c\u673a\u6784\u627f\u8bfa\u5728\u7968\u636e\u671f\u6ee1\u65f6\u5411\u6295\u8d44\u8005\u6309\u4e00\u5b9a\u91d1\u989d\u507f\u4ed8\uff0c\u507f\u4ed8\u91d1\u989d\u4e0e\u7279\u5b9a\u7684\u6307\u6570\u8868\u73b0\u6302\u94a9\u3002\u4e0eETFs\u4e00\u6837\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u5728\u4ea4\u6613\u6240\u4e70\u5356ETNs\uff0c\u4e5f\u53ef\u4ee5\u505a\u7a7aETNs\u3002\u4f46ETFs\u548cETNs\u672c\u8d28\u4e0a\u662f\u4e0d\u540c\u7684\uff0cETFs\u5bf9\u5e94\u7684\u662f\u8d44\u4ea7\uff0c\u6301\u6709\u4eba\u5728\u6e05\u76d8\u65f6\u53ef\u4ee5\u6309\u7167\u8d44\u4ea7\u51c0\u503c\u5f97\u5230\u507f\u4ed8\u3002\u800cETNs\u5bf9\u5e94\u7684\u53ea\u662f\u4e00\u4efd\u53d1\u884c\u5546\u65e0\u62c5\u4fdd\u7684\u627f\u8bfa\uff0c\u5176\u507f\u4ed8\u5b89\u5168\u6027\u5b8c\u5168\u53d6\u51b3\u4e8e\u53d1\u884c\u5546\u7684\u4fe1\u7528\u3002\u76f8\u6bd4ETFs\uff0cETNs\u7684\u597d\u5904\u5728\u4e8e\u6ca1\u6709\u8ddf\u8e2a\u8bef\u5dee\uff0c\u80fd\u51c6\u786e\u53cd\u5e94\u8ddf\u8e2a\u6307\u6570\u7684\u6da8\u8dcc\u3002\u53e6\u4e00\u4e2a\u597d\u5904\u662f\u7a0e\u6536\u65b9\u9762\u7684\u4f18\u52bf\uff0cETNs\u53ea\u6709\u5728\u671f\u6ee1\u65f6\u624d\u4e00\u6b21\u6027\u507f\u4ed8\uff0c\u6240\u4ee5\u4e00\u822c\u4e0d\u9700\u652f\u4ed8\u5206\u7ea2\u6240\u5f97\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000ETNs\u6700\u65e9\u7531\u5df4\u514b\u83b1\u94f6\u884c\u4e8e2006\u5e746\u6708\u9996\u521b\uff0c\u5f88\u5feb\u5176\u4ed6\u91d1\u878d\u673a\u6784\u4fbf\u7eb7\u7eb7\u8ddf\u8fdb\u53d1\u884c\u4e86\u6302\u94a9\u5404\u79cd\u8d44\u4ea7\u548c\u6307\u6570\u7684ETNs\u30022006\u5e747\u670826\u65e5\uff0c\u5df4\u514b\u83b1\u96c6\u56e2\u5ba3\u5e03\u65d7\u4e0b\u7684\u9ad8\u76db\u5546\u54c1\u6307\u6570\u4fe1\u6258\u5728\u7ebd\u7ea6\u80a1\u7968\u4ea4\u6613\u6240\u4e0a\u5e02\u30022008\u5e74\u5267\u70c8\u52a8\u8361\u7684\u5546\u54c1\u5e02\u573a\uff0c\u5bfc\u81f4\u4e86\u7b2c\u4e00\u6279\u7a7a\u5934\u57fa\u91d1\u7684\u8bde\u751f\u3002\u65b0\u7684ETN\u4e0eDBLCI\u548cDBLCI-MR\u6302\u94a9\uff0c\u8fd9\u4e9bETN\u52a0\u500d\u505a\u591a\u3001\u505a\u7a7a\u548c\u52a0\u500d\u505a\u7a7a\uff0c\u4e5f\u5c31\u662f\u6307\u6570\u7684\u6bcf\u6708\u9006\u5411\u8868\u73b0\u7684\u4e24\u500d\u3002\u7a7a\u5934\u57fa\u91d1\u5305\u62ec\u6709DB\u5546\u54c1\u52a0\u500d\u7a7a\u5934ETN\uff08DB Commodity Double Short ETN,\u4ee3\u7801DEE\uff09\u3001DB\u5546\u54c1\u52a0\u500d\u591a\u5934ETN\u3001DB\u5546\u54c1\u7a7a\u5934ETN\u548cDB\u5546\u54c1\u591a\u5934ETN\u3002<\/span>\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\">\u3000\u3000\u4ece\u56fd\u5916\u5546\u54c1\u6307\u6570\u884d\u751f\u54c1\u53d1\u5c55\u72b6\u51b5\u6765\u770b\uff0c\u8ddf\u8e2a\u5546\u54c1\u671f\u8d27\u6307\u6570\u7684ETF\u57fa\u91d1\u8fd1\u51e0\u5e74\u5448\u5feb\u901f\u53d1\u5c55\u6001\u52bf\uff0c\u6709\u529b\u5730\u63a8\u52a8\u4e86\u73b0\u4ee3\u91d1\u878d\u5e02\u573a\u7684\u521b\u65b0\u901f\u5ea6\u3002\u76ee\u524d\uff0c\u5728\u56fd\u9645\u91d1\u878d\u5e02\u573a\u4e0a\uff0cOTC\u6389\u671f\u89c4\u6a21\u8fdc\u5927\u4e8e\u4ea4\u6613\u6240\u4ea4\u6613\u7684ETFs\/ETNs\uff0c\u800cETFs\u7684\u5e02\u573a\u4efd\u989d\u53c8\u8fdc\u5927\u4e8eETNs\u3002<\/span>\n <\/div>\n<div>\n  <span style=\"font-size:14px\"><\/span>&nbsp;\n <\/div>\n<div>\n  <span style=\"font-size:14px\"><\/span>&nbsp;\n <\/div>\n<div>\n   &nbsp;\n <\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"\u5546\u54c1\u6295\u8d44\u57fa\u91d1\u548c\u5bf9\u51b2\u57fa\u91d1\u7684\u533a\u522b_\u4ec0\u4e48\u662f\u79c1\u52df\u57fa\u91d1\u56fd\u9645\u70ed\u95e8\u5546\u54c1\u6307\u6570\u6807\u666e\u9ad8\u76db\u5546\u54c1\u6307\u6570S&amp;P-GSCI\u9053\u743c\u65af\u745e\u94f6\u5546\u54c1\u6307\u6570DJ-UBSCI\u8def\u900f...","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/posts\/5942"}],"collection":[{"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/comments?post=5942"}],"version-history":[{"count":0,"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/posts\/5942\/revisions"}],"wp:attachment":[{"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/media?parent=5942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/categories?post=5942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mushiming.com\/wp-json\/wp\/v2\/tags?post=5942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}