How to trade ETFs?

There are two ways for investors to trade ETF funds:

First, if you want to buy ETF funds in the market, you need to open a stock account, and you can buy and sell ETF funds in the secondary market after you have a stock account.

Secondly, if you don't have a stock account, you can only buy ETF-linked funds over the counter.

The trading rules of ETF are:

1. The trading hours are: 9: 30 am-1:30 am and13: 00 pm-15: 00 pm.

2. Implement the T+ 1 settlement system, that is, ETF funds sold on the same day cannot be withdrawn on the same day, and can only be withdrawn on the next trading day. Some crude oil, currency, bonds, overseas ETFs, etc. Conduct T+0 trading on the floor.

3. Whether it is T+0 fund or T+ 1 ETF fund, the price limit is 10%. For example, there is no price limit for the Nasdaq index, but the price limit for the Nasdaq ETF fund is 10%.

4. The declared quantity shall be at least 65,438+000 copies or an integral multiple thereof, and all copies less than 65,438+000 copies shall be sold at the time of sale.

5. Trading ETF only requires trading commission, and stamp duty and transfer fees are not charged.

Transactional open-end index fund, also known as exchange-traded fund (ETF), is an open-end fund with variable fund share, which is listed and traded on the exchange.

Transactional open-end index fund is a special type of open-end fund, which combines the operating characteristics of closed-end fund and open-end fund. Investors can buy or redeem fund shares from fund management companies, and at the same time, they can buy and sell ETF shares at market prices in the secondary market like closed-end funds. However, subscription and redemption must exchange a basket of stocks for fund shares or a basket of stocks for fund shares. Because there are both secondary market transactions and subscription and redemption mechanisms, investors can carry out arbitrage transactions when there is a difference between the ETF market price and the net value of the fund unit. The existence of arbitrage mechanism makes ETF avoid the common discount problem of closed-end funds.

According to different investment methods, ETFs can be divided into index funds and actively managed funds. Most foreign ETFs are index funds. ETF launched by China is also an index fund. ETF index fund represents the ownership of a basket of stocks, which refers to the index fund that is traded on the stock exchange like stocks, and its trading price and fund share net value trend are basically consistent with the tracked index. Therefore, investors buy and sell an ETF, which is equivalent to buying and selling the index they track, and can get basically the same income as the index. Usually, a completely passive management method is adopted to fit an index, which has the characteristics of both stocks and index funds. [ 1]

Market impact:

1, which increases the market appeal of the exchange.

The launch of ETF enriches the trading varieties, improves the variety layout in the market, helps to attract more powerful stocks of large-cap blue-chip companies to join the market, helps to guide the diversion of savings funds to the securities market, and helps to further deepen product innovation in the market.

2. Increased investment opportunities for investors.

As an indexed product, ETF trading also provides investors with opportunities to invest in specific industries, specific indexes, specific industries and even specific regions. Those industry-specific indexes will not only continue to play a role in revealing prices, but also be used as investment tools by investors. Moreover, this kind of ETF without cash management can greatly improve the efficiency of fund assets, avoid the transaction cost and tax burden increased by constantly adjusting the portfolio to cope with regular redemption, and help protect the long-term interests of fund investors.

3. The influence of 3.ETF trading on the trading volume of the stock market is uncertain, which may increase market volatility.

The daily trading volume of ETF with redemption option is large, which may lead to an increase in the trading volume of the underlying stocks that constitute the index. However, if some investors use these stocks as part of a diversified portfolio to track the overall market trend, ETF trading may reduce the trading volume of the underlying stocks. The influence of ETF on the trading volume of stock market and stock index futures. In the empirical test, Park and Switzer( 1995), Switzer et al. (2000), Lu and Marsden(2000) also have uncertain results in different markets.

Etfs generally adopt a programmed trading mechanism, that is, buying and selling the stock portfolio of the underlying index in batches. Therefore, the launch of ETF may aggravate the volatility of China stock market and have a "help up and help down" effect on the stock market when the capacity of the basic stock portfolio in China stock market is still limited.

4. The launch of 4.ETF has little direct relationship with the fund's "closed to open".

After the Fund Law was officially implemented on June 20 13, there was no legal obstacle to the "closed and open" of funds in China.

5.ETF has little influence on the existing or being issued open-end funds.

Although ETF has the advantages of being closed and open at the same time, because it is an index investment fund, the launch of ETF has little impact on the subscription and redemption of open-end stock funds and other varieties, and may only have a certain impact on open-end index funds.