(1) ETF shares bought by bidding on the same day can be redeemed on the same day; ETF shares bought in bulk on the same day can be redeemed on the next trading day;

(2) ETF shares purchased on the same day can be sold by auction on the same day, and can be redeemed or sold in batches on the next trading day;

(3) The stocks redeemed on the same day can be sold by auction on the same day, and the next trading day can be used to purchase ETF shares or sell them in batches;

(4) The stocks bought by bidding on the same day can be used to purchase ETF shares on the same day; Stocks bought in bulk on the same day can be used to buy ETF shares on the next trading day.

In Shenzhen Stock Exchange market, for cross-market stock ETF:

(1) ETF shares bought by bidding on the same day can be redeemed on the same day; ETF shares bought in bulk on the same day can be redeemed on the next trading day;

(2) ETF shares subscribed by Shenzhen Stock Exchange on the same day can be sold by auction on the same day, and can be redeemed or sold in batches on the next trading day;

(3) The stocks redeemed by Shenzhen Stock Exchange on the same day can be sold by bidding on the same day, and can be used to purchase ETF shares or sell in batches on the next trading day;

(4) The stocks bought by bidding on the same day can be used to purchase ETF shares on the same day; Stocks bought in bulk on the same day can be used to purchase ETF shares on the next trading day;

(5) ETF shares subscribed by the registration and clearing institution on the same day shall not be sold or redeemed before delivery.

In addition, the redemption efficiency of bond ETF, cross-border ETF, gold ETF, currency ETF and commodity futures ETF is not completely consistent. Investors can download and consult the Detailed Rules for Trading, Subscription and Redemption of Securities Investment Funds of Shenzhen Stock Exchange and other relevant regulations on the official website of Shenzhen Stock Exchange (www.szse.cn).