What exactly is it that you can buy a 200 yuan Naizhi 100 QDII through Alipay? Today, the Nasdaq reached 30000 points on 100 platforms, and with the cut-off of overseas securities firms, more people are bound to flock to compliant QDII channels For the question at the beginning, many people think it is: investing 200 yuan per day in the Nasdaq 100 QDII, the fund manager directly took my 200 yuan to buy QQ It's not that simple, the actual link is: You bought 200 yuan on Alipay ↓ Alipay/Ant Fund accepts the purchase as a consignment channel ↓ The fund company confirms your fund shares ↓ The fund assets are held in custody by the custodian bank ↓ Fund companies invest in overseas assets through QDII quota ↓ Ultimately forming exposure to the Nasdaq 100 index As users, we do not hold stocks of QQQ, Nvidia, Apple, or Microsoft. But rather: Shares of a Chinese public QDII fund It will then allocate overseas assets behind it Looking further down, QDII funds can be divided into two categories when buying underlying Nasdaq 100 assets Category 1: Direct Index QDII The process of this type of fund is: You → QDII Fund → Nasdaq 100 Component Stocks That is to say, after receiving the money, fund companies mainly go directly to buy constituent stocks and alternative constituent stocks in the Nasdaq 100 index For example: Nvidia, Apple, Microsoft, etc The goal of this type of product is to replicate the Nasdaq 100 index as much as possible Typical representatives include: Southern 016452, Tianhong 018043, Baoying 019736, Morgan 019172, Wanjia 019441, Guotai 160213, Jianxin 539001, etc Simply put, this type of fund is more like a fund company buying and managing a basket of 100 constituent stocks of the Nasdaq for you. Type 2: ETF linked to QDII The process of this type of fund is: You → QDII Connect Fund → Own Nasdaq 100 ETF → Nasdaq 100 Component Stocks It does not directly use most of its money to buy constituent stocks such as Nvidia, Apple, Microsoft, etc., but mainly buys the Nasdaq 100 ETF under its own fund company, Then this ETF will go buy 100 constituent stocks of the Nasdaq Typical representatives include: CMB 019547, Huitianfu 018966, Huatai Bairui 019524, Jiashi 016532, Yifangda 161130, Boshi 016055, Hua'an 040046, Dacheng 000834, Guangfa 270042, Huaxia 015299 Simply put, this type of fund is more like 'you buy linked funds, linked funds buy your own Nasdaq 100 ETF', with corresponding relationships as shown in the attached chart Therefore, when ETFs have high premiums on the spot, the cost-effectiveness of ETF linked to QDII may not be as good as direct index QDII, but the premium rate is not directly mapped. Here, there is one more thing to pay special attention to: some product names contain "Nasdaq", which is not actually a passive fund anchored to Nasdaq 100. for example Jingshun 017091: NASDAQ Technology Index, not the standard Nasdaq 100; Huabao 017436: NASDAQ Selected Stocks, Active Stock Selection, Not Pure Index. To be clear, the reason why Alipay buys the QDII of the Naizhi 100 is that it is more convenient to use RMB for fixed investment under the framework of compliance and no need to change dollars. Although there is a limit, fortunately it is convenient, stable, and friendly to beginners. So, it is important to have a clear understanding of whether the fund you are buying is a passive fund of the "Standard Nasdaq 100 Index" or any other bull or snake. Most people plan to invest in the Nasdaq 100 long-term, so it's best to keep the product pool clean. The two types mentioned earlier can both be: ◦ Direct Index QDII Nasdaq 100 ETF linked to QDII Other products that look similar but do not strictly track the Nazhi 100, be careful not to mix them together