ETF funds are listed on the Shenzhen Stock Exchange with the prefix "15" and listed on the Shanghai Stock Exchange with the prefix "5 1" and "58" (Note: the first batch of science and technology innovation board 50 funds and dual-innovation funds start with "58"). Just discussed the code prefix, in fact, the code mantissa is also particular. During the period of fund issuance and listing, the mantissa of ETF code in Shanghai and Shenzhen stock markets is also different. Shenzhen ETF is a carefree boy, with only one code from issuance to listing. Shanghai ETF is much more naughty. It has three codes, corresponding to the purchase-redemption-trading transaction.

ETF investment has three postures:

(1) subscription ETF is in the issuance stage;

(2) institutions with large capital can buy (buy but not trade) ETFs in the primary market;

(3) ETF trading in the secondary market is the kind that retail investors buy and sell in the brokerage APP.

ETF has become one of the most commonly used trading tools, with SSE funds of 5 1, SZSE funds of 15, SSE funds of 50, 5 1 and 52, and SZSE funds of 15, 16 and 18. Funds traded on the stock exchange are floor funds, which are traded at real-time market prices and follow the principle of price priority and time priority. Each trading unit is 65,438+000 shares and its integral multiple, and the price limit is 65,438+00%.

Compared with open-end funds, ETF funds have two advantages:

First, ETF is listed on the exchange and can be traded at any time within one day, which is convenient for trading. Open-end funds can only be opened once a day, and investors only have one trading opportunity every day (that is, subscription and redemption);

Second, when ETF redeems, it delivers a basket of stocks without keeping cash, which is convenient for managers to operate and can improve the management efficiency of fund investment.

Open-end funds often need to keep some cash for redemption. When investors of open-end funds redeem their fund shares, they often force fund managers to constantly adjust their investment portfolios, and the resulting taxes and losses of some investment opportunities are borne by those long-term investors who have not made redemption requests. This mechanism can ensure that when some ETF investors demand redemption, it will not have a big impact on long-term ETF investors.