Transactional open-end index fund is a special open-end fund, which not only absorbs the advantages that closed-end funds can trade in real time on the same day, but also allows investors to buy and sell the shares of transactional open-end index funds in the secondary market like closed-end funds or stocks. It also has the advantage that open-end funds can purchase and redeem freely. Investors can buy or redeem the shares of transactional open-end index funds from fund management companies just like buying and selling open-end funds.

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The difference between ETF and stock index futures;

1. Stock index futures trade the future value of the index, and trade in the form of margin, which has an important leverage effect. According to the rules designed now, the leverage ratio of Shanghai and Shenzhen 300 index futures in the future is about 10 times, and the capital utilization efficiency is high. At present, ETF is an index spot for all cash transactions, and there is no leverage effect.

2. The minimum transaction amount is different. The minimum margin of each stock index futures contract is 1 10,000 yuan, and the minimum trading unit of ETF is the first hand, and the corresponding minimum amount is about 100 yuan.

3. The trading of stock index futures does not include the dividends of index constituent stocks, while during the holding of ETF, the dividends of the underlying index constituent stocks belong to investors.

4. Stock index futures usually have a definite duration, and the index needs to be tracked on the maturity date, and new stock index futures contracts need to be bought again, while ETF products do not renew their contracts.

5. With the different expectations of investors for the broader market, the trend of stock index futures may not be completely consistent with the index, and there may be a certain discount and premium. The degree of discount and premium depends on the amount of arbitrage funds and the efficiency of arbitrage, while the trend of ETF net value of index and index which are completely passively tracked usually maintains a high consistency.

Transactional open-end index fund, commonly 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 in the secondary market at the market price like closed-end funds. However, the purchase and redemption must use a basket of shares for fund shares or use a basket of shares 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 market price of ETF and the net value of fund units. 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 in 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 buying and selling an ETF is equivalent to buying and selling the index it tracks, and can get basically the same income as the index. Usually, it adopts a completely passive management mode, aiming at fitting an index, which has the characteristics of both stocks and index funds.