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产物,其作用在于将投资险从险厌恶者转险偏好者手中,提高每个者效用。

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.

如果50ETF上市后上证50指数市场定价效率没有提高，那么，一方面不知情者在与知情者进时就会遭受损失；另一方面投机者和套利者在进ETF套利时也往往不能获得利润，甚至可能发生亏损。