Finance derivation is the product of financial innovation.Its function lies in the risk abhorrer can turn the investment risk to the risk loving.

金融衍生产品是金融创新的产物,其作在于将投资风险从风险厌恶转移到风险偏手中,提高每交易的。

If the price efficiency underlying index after the listing of 50ETF isn’t improved, liquidity traders will sustain losses with information traders, speculator and arbitrager can’t profit.

果50ETF上市后上证50指数市场的定价率没有提高，那么，一方面不知情交易在与知情交易进行交易时就会遭受损失；另一方面投机和套利在进行ETF套利时也往往不能获得利润，甚至可能发生亏损。