On the floor is the stock market, also known as the secondary market. Off-exchange market is understood as the stock exchange market, that is, the agency sales of banks and securities companies, and the direct sales of fund companies, that is, the familiar open-end fund sales channels.
On-site funds refer to funds traded on the stock exchange. On-market funds, like stocks, trade according to the real-time market price, and the T+ 1 trading mode can only be sold on the second trading day of the day.
Extended data:
Closed-end funds and ETF funds can only be purchased in the market (for large investors, ETFs can be purchased in the "primary" market), that is, they can only be purchased in the stock market. Other open-end funds can be purchased off-site, which is a well-known way, in which LOF funds can be purchased on-site.
Fees of Shenzhen-Shanghai Securities Investment Fund.
Charged items Shanghai investment fund Shenzhen investment fund
The commission shall not be higher than 2.5‰ of the transaction amount and not less than 0.085‰. Starting point: 5 yuan is not higher than 2.5‰ of the transaction amount and not lower than 0. 1375‰. Starting point: all-inclusive stamp duty in 5 yuan.
There is nothing in the transfer fee.
The total cost of OTC trading is about 2%, and the redemption time is at least T +4, or longer. Counter trading is more troublesome, and it is not very convenient to purchase and redeem due to the restrictions of bank working hours.
Therefore, if conditions permit, it is more cost-effective to choose on-site trading.
Disadvantages and shortcomings: Due to the convenience of trading, it is easy to cause frequent operations, and you have to pay a handling fee to the securities company for entry and exit. Therefore, trading impulse must be controlled.
Beware of the irrational inflation risk of LOF.
The risks of these two types of funds should not be underestimated. From the actual situation, it is mainly because investors do not fully understand the two types of funds.
ETF is an indexed passive investment tool. At present, five ETFs track five indexes of Shanghai and Shenzhen stock markets. The shareholding structure of ETF is basically consistent with the weight structure of each stock in the underlying index. Therefore, the rise and fall of ETF net value tends to be consistent with the underlying index. Therefore, the short-term fluctuation range is much larger than that of balanced and allocated funds.
For LOF, irrational inflation is the main risk from the past market performance. Previously, South Gaozeng, South Jipei, Harvest 300, Bank of China China Fund, etc. The daily limit is first, and then after the dividend plan is announced. However, for LOF funds, their dividends are no different from those of ordinary open-end funds, and will not bring about any changes in income characteristics. This is completely different from the dividends of listed companies and closed-end funds with discount problems. Market participants believe that this sharp rise and fall is entirely based on misunderstanding and speculation.
Not as active as stocks.
On the other hand, the trading situation of LOF funds is far less active than that of stocks, that is, LOF investors who chase up the daily limit are difficult to get out when there is a daily limit.