从产品创新的角度看,ETF是一种较为基础层次的衍生证券,可作为突破口为更复杂产品的创新积累经验。ETF的价格取决于其基础资产——标的指数的内在价值,从其结构和特征看,ETF属基础层次的创新产品。在我国现有的证券市场运作机制、监管能力、投资者结构、法规体系等条件下,推出E From a product innovation perspective, the ETF is a more fundamental level of derivative securities that can serve as a breakthrough to gain experience for the creation of more complex products. The price of an ETF depends on the intrinsic value of its underlying asset, the underlying index. From its structure and characteristics, the ETF is a foundation-level innovation product. Under the conditions of China’s existing stock market operation mechanism, regulatory capabilities, investor structure and legal system, the E