黄金基金如何申购赎回
关键字：黄金基金如何申购赎回
黄金基金申购赎回介绍：基金份额的申购与赎回只能在一级市场上通过授权投资人以一揽子数量进行。为达成交易，授权投资人必须达到一定条件。以GLD为例，授权投资人必须是注册经纪交易商，或是不需要注册成经纪交易商的证券市场参与者，如银行或其它金融机构。同时，还必须是美国存款信托公司的会员。
申购和赎回之前，授权投资人还要在基金保管人处设立授权投资人非保留账户(APUA)或会员非保留金条账户(PUBA)。AUPA账户只能用来与基金进行交易。
黄金etf基金申购和赎回的黄金一般都要求满足一定的标准，否则，托管人会因黄金成色差异错误地计算基金净资产值，从而造成风险。
主要的黄金etf基金都以伦敦金银市场协会认可可交割金条（LondonGoodDeliveryBar）作为交割标准，基金的申购和赎回以符合该标准的金条为载体，基金和会员可以放心和便利地存入并赎回使用黄金资产。这一交易形式极大地促进了黄金etf的发展。净资产值NAV计算
净资产值NAV（NetAssetsValue）的计算是黄金etf在一级市场申购赎回和二级市场交易记价基准。具体来说，NAV等于基金总资产值减去负债。主要的黄金etf基金的托管人在计算NAV时以伦敦黄金市场下午交易时段价格或伦敦黄金定盘价为基准，如GLD。
因GLD在纽约交易所交易，如果当天没有伦敦定盘价或者在纽约时间中午12点以前伦敦定盘价还没有敲定，则最近的伦敦定盘价可用于确定NAV，除非托管人和发起人都认为该价格不合适。基金费用
黄金etf的交易费用十分便宜，通常为0.3%~0.4%，比其它黄金投资渠道平均2%的费用优势十分突出。黄金etf的基金费用主要分为基金日常运营开支和基金管理费。以GLD为例，基金契约规定，支付给发起人的费用是用以补偿其维护基金网站以及市场营销开支。
发起人的费用以调整后净资产值为基础，以年化0.15%为计费费率，每日计算每月累计并延后一个月支付。托管人的费用以调整后净资产值为基础，以年化0.02%为费率，每日计算每月累计并延后一个月支付。同时，每年最少收取费用为50万美元，最多则不能超过200万美元。支付给基金保管人的费用通过保留金条账户协议进行。
根据该协议，保管人费用以存放在TAA和TAU账户中的黄金日均余额为基础，以0.10%的年化费率每日计算每季累计并延后支付。
本文来源： 大田环球贵金属
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