What are the trading rules of the fund and what are the rules for the trading of ETF funds

**Divided into closed and open. The scale of the closed-end type is unchanged, and the open-ended type can be redeemed after the lock-up. Both are based on one yuan as a ** unit, but the trading venue is different.

For questions about **, I recommend a knowledge post to you, and it is recommended that you read it before doing it, which is also responsible for your own money.

Below: Introductory Knowledge Textbook (2011 Update).

This post starts with the basics.

Are you asking how to buy**?

Hello, **Trading Rules:

Trading rules: Same as A-shares.

Filing Rules. Application method: E Exchange only accepts members' limit price declaration.

Unit: per serving.

Minimum change level: The minimum change unit of the application is RMB.

Rise and fall limit: The exchange also implements a price limit for ** trading, and the price rise and fall ratio is 10%. (Except for the first day of listing).

Declaration restrictions: If there is a **price limit for trading**, the declaration within the **price limit is a valid declaration. Declarations that exceed the limit of price increases and decreases are invalid.

Entrusting unit: **or sell**, the declared quantity should be 100 copies or its integer multiples.

Maximum number of declarations: **The maximum number of declarations in a single transaction should be less than 1 million.

Auction rules: Same as A-shares.

1. The ** shares subscribed on the same day can be sold on the same day, but cannot be redeemed.

2. The ** share of the current day can be redeemed on the same day, but cannot be sold.

3. The ** redeemed on the same day can be sold on the same day, but it cannot be used to subscribe for ** shares.

4. The ** on the same day can be used to subscribe for ** shares, but it cannot be sold.

Since ETFs are trading in a more open way, there are certain risks associated with buying and selling ETFs, and investors with no market experience need to be cautious about buying and selling.

In the primary market, the minimum subscription and redemption units for exchange trading** are generally 500,000 or 1,000,000 shares, which cannot be revoked after the subscription or redemption is submitted; However, trading on the secondary market is similar to closed** and follows the following trading rules:

**The opening reference price on the first day of listing is the net value of the shares on the previous working day**;

**Implementation** price limit, the proportion of price increase and decrease is 10%, from the first day of listing;

The declared quantity is 100 copies or its integer multiples, and the part less than 100 copies can be sold;

The minimum change unit of **申** grid is yuan.

ETFs** can be bought and sold as well as redeemed.

Open a Shanghai and Shenzhen shareholder account to buy and sell ETFs, click ** Sell operation, if it is a new shareholder account opened on the same day, you can trade on the next trading day.

The starting point for ETF redemption is high, and you can check the corresponding ** redemption requirements for details.

ETF trading rules: In the primary market, the minimum subscription and redemption unit for exchange trading** is generally 500,000 shares or 1 million shares, and the method of share subscription and share redemption is adopted, and the application cannot be revoked after submission; In the secondary market, ETF trading is similar to closed-end trading, following the following trading rules: (1) the opening reference price on the first day of listing is the net value of shares on the previous business day;

2) **Implement ** limit on the rise and fall, and the proportion of the rise and fall is 10%, which will be implemented from the first day of listing;

3) The declared quantity is 100 copies or its integer multiples, and the part less than 100 copies can be sold;

4) The minimum change unit of **Shen Ge is RMB. ETF transaction fees: If the ETF is traded on the floor and the transaction commission is generally the same as that of ordinary ** transactions, no more than 3/1000 of the transaction amount (the specific transaction commission rate can be consulted by the account opening business department), and no stamp duty will be charged; If the ETF is redeemed on the floor, the subscription fee and redemption fee will be charged, which is subject to the company's regulations.

**Under different sales channels, the relevant handling fees are also different, and it is best to choose a transaction method with a lower rate, so do you know how much the transaction fee is in the market? What is the difference between on-field and off-field?

Floor Trading:

The floor trading price is real-time, that is, the ** you bought at that time is how much is how much, and the ** transaction is the same reason. Like the over-the-counter subscription, the on-site purchase can also be dividends, but there is a difference, the ** dividend purchased on the market can only be cash dividends, and cannot be reinvested in dividends, while off-site dividends can be reinvested. It can be redeemed, purchased on the market, or redeemed on the market, and the redemption is based on the net value of the day announced by the company after the market closes**.

**(** method) is different from subscription (** method), selling and redeeming.

Advantages of Floor Trading:

First, the transaction fee is low, and the entry and exit fees are only, which is much cheaper than that of banks and online direct sales; Second, the funds arrive quickly (available on T day, T +1 is desirable), and the time cost and opportunity cost are more advantageous; Third, the transaction method is flexible and convenient, you can trade in the business department of the company, and you can use the network to operate at home or in the office; Fourth, it is more conducive to band operation: seize opportunities in time and quickly avoid risks.

Calculation of rates for on-site and off-site:

1) Field**: In fact, it is **transaction, and the rate is generally waiting, with a minimum of 5 yuan for a single transaction.

Calculation formula: Assuming that the total fixed investment amount is A, and the single fixed investment is B, the current rate is generally 10,000 3, because the single fixed investment amount is generally less than 10,000 yuan, so the minimum 5 yuan is calculated. ）

The investment fee is: a b*5

2) OTC**: Now all platforms basically have the problem of 1% off the rate, which is about 1,000 and the redemption fee is thousand, and the redemption fee is free for more than two years.

Calculation formula: Assuming that the total investment amount is A, and the single investment is B, ignoring the problem of no redemption fee, the investment fee is: A*

Based on the above two points, the preliminary estimate is that when b》=, it is cost-effective to purchase the ** rate in the market.

In fact, considering the initial investment, there is a problem of no redemption fee for more than two years, and when the fixed investment amount is less than 1,500 yuan, it is more cost-effective to purchase over-the-counter ** in terms of rate. Instead of buying the market ** is the cheapest as some authors say.

ETF** trading rules are mainly the following four points:

1. The ** share subscribed on the same dayIt can be sold on the same day, but it cannot be redeemed

2. The ** share of the dayIt can be redeemed on the same day, but it cannot be sold

3. Redemption on the same dayIt can be sold on the same day, but it cannot be used to subscribe for ** shares

4. On the same day, the **,On the same day, it can be used to subscribe for ** shares, but it cannot be sold

Watch Dog Fortune has you covered.

ETF (Exchange Traded Index)** Trading Rules.

In the primary market, the minimum subscription and redemption unit for exchange trading** is generally 500,000 shares or 1 million shares, and the method of share subscription and share redemption is adopted, and the application shall not be revoked after submission; In the secondary market, ETFs are traded similarly to closed-ended**, following the following trading rules:

1) **The opening reference price on the first day of listing is the net value of the ** share on the previous working day;

2) **Implement ** limit on the rise and fall, and the proportion of the rise and fall is 10%, which will be implemented from the first day of listing;

3) The declared quantity is 100 copies or its integer multiples, and the part less than 100 copies can be sold;

4) The minimum change unit of **Shen Ge is RMB.

Investors also do not need to open a separate account. ETFs, like ** and closed-ended**, are 1 trading unit (i.e. 1 lot) for 100** units on the Shanghai ** exchange, and the relevant regulations for block trading are applicable. How much does an ETF go up or down?

Same as ** is 10%. ETFs cannot operate on T+0. Buy today, you can't sell it tomorrow.

What are the trading rules? 1. Trading hours. First of all, we need to understand what is called "T day", T day refers to the trading day, that is, the normal trading day of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, weekends and holidays do not belong to T day, and T + N day refers to the nth working day after T day (excluding T day).

T day to ** closing time that is, 15:00 as the boundary, each day of subscription and redemption must be operated before 15:00 in the afternoon of the same day, more than 15:

00 is the application for the next trading day. **Transactions are generally applied for on T day and confirmed on T+1 day, QDII** (i.e., investment in overseas markets**) is confirmed on T+2 day due to the time difference between the two brothers when the global exchange opens.

If you buy or redeem on a non-trading day, such as a weekend**, it will be rolled over to the trading day. For example, if you buy** after 15:00 on Friday afternoon, it will actually be counted as a trade application for the next trading day, which is the next Monday, and it will not be confirmed until the next Tuesday, and the profit and loss will not be viewed until the next Wednesday.

If you subscribe on the last trading day before the long holiday, whether it is before 15:00 or after 15:00, the company will confirm the subscription after the long holiday, and the profit and loss cannot be viewed during the confirmation period.

2. The principle of "unknown price" trading. ** subscription and redemption are based on the "unknown price" principle, that is, the subscription and redemption are based on the **net value after the market close on T day, and calculate the **share of ** or the amount obtained from selling, and **net value is generally announced on the evening of T day or the next morning, therefore, investors only know the **net value of the previous day** when they buy and sell ** during the day's trading, and do not know the exact ** of the day's trading. **Different**, trading day 15:

The transaction at any point in time before 00 is calculated according to the net value after the ** of the day, regardless of whether it is bought in the morning or in the afternoon, and it does not matter whether it is bought at the high point of the day or bought at the low point of the day. When you buy, you see the net value, is the net value of the previous trading day, what is the net value of the **you bought**, after you need**, the net value of the ** is updated, and you know that when you buy**, you actually don't know what ** to buy.

1.Off-site open **** rule: 3 p.m

00 before the ** trading day to complete the subscription according to the ** net value of the day, the next day to determine the own ** shares; If it is after 3 p.m., we can only calculate the share based on the **net value of the next day, and can only confirm the **share on the third trading day. There are many types of **, including on-site**, LOF**, ETF**, closed**, open**, etc., here is an example of off-site open**.

2.OTC Open Sell Rule: Similar to **, if at 3:00 p.m

If you sell before 00, the amount will be calculated according to the **net value of the day, and the amount will be determined at 3:00 pmPrinciple of amount subscription and share redemption:

9:30-11:30 a.m., 13:00 p.m

00-15:00。Week.

6. Closed on Sundays and national holidays. However, unlike **, the subscription and redemption of open-ended ** are not calculated according to real-time**, but according to the net value after the trading day**.

Extended Materials. 1.Refers to a certain amount of money established for a specific purpose.

It mainly includes trust investment, provident fund, insurance, retirement and various types of associations. From an accounting point of view, ** is a narrow concept that refers to funds that have a specific purpose and purpose. We refer to **investment** mainly.

2.Investments can be divided into different types according to different criteria:

1) According to whether the **share can be increased or redeemed, it can be divided into open-ended and closed-ended. Open-ended non-listed trading (as the case may be), the scale is not fixed through the subscription and redemption of banks, companies, and companies; Closed-end has a fixed duration and is generally listed and traded on the exchange. Investors buy and sell** units through the secondary market.

2) According to the different organizational forms, it can be divided into legal person ** and contract **. **It is the establishment of an investment company through the issuance of **shares, commonly referred to as a company**; Commonly referred to as a contractual type, it is established by the manager, custodian and investor through a contract. China's **investment** is contractual**.

3) According to the different investment risks and returns, it can be divided into growth**, return** and balance**.

4) According to the different investment objects, it can be divided into four categories: bonds, currencies and hybrids.

1.Buying and selling**Subject to trading hours.

**Trading hours are limited. Week.

6. Sundays and national holidays are not traded, and they are the "non-trading days" of the world. Trading day (also known as "T") refers to Monday to Friday except holidays, and the trading hours are 9:30-11:30 a.m. and 1:00-3:00 p.m.

Although online trading can be done 24/7, it is actually an appointment, and it can still be completed and confirmed until the nearest trading time.

If you buy or redeem** on a non-trading day, such as a weekend, it will be postponed to the trading day, so if you buy or redeem** after 3pm on Friday, it will not be confirmed until the following Tuesday, and the profit and loss will not be viewed until the following Wednesday.

If you subscribe on the last trading day before the long holiday, whether it is trading before or after 3 o'clock, the company will confirm the subscription after the long holiday, and the profit and loss cannot be viewed during the confirmation period.

2.There is a difference between buying and selling around 3 p.m.

** Different from **, the transaction at any time point before 3 o'clock on the trading day is calculated according to the net value after the day **, regardless of whether it is bought in the morning or in the afternoon, and it does not distinguish whether it is bought at the high point of the day or bought at the low point of the day.

When you buy, the net value you see is the net value of the previous trading day, what is the net value of the ** you bought, and after you need **, the net value of the ** is updated. That is, when you buy **, you actually don't know what ** to buy.

If you buy before 3 p.m. on the trading day ("t"), you will be able to view the net value of the day (generally after 8 p.m., the net value of the day can be viewed after the net value is updated); Buy after 3 o'clock on the trading day, and the net value of the next trading day (T+1). The details are subject to the information confirmed after purchase.

Therefore, if you buy or redeem before 3 o'clock on the trading day**, it will be counted as the transaction of the day, confirmed on the next trading day (T+1), and the profit and loss will be viewed on the next trading day (T+2).

If you buy or redeem after 3 o'clock on the trading day**, you will not be able to view the profit or loss until the next trading day (T+1) for the next trading day (T+1) for the next trading day (T+1).