ETF is a kind of index fund, which tracks a specific index. Investors buying and selling an ETF is equivalent to buying and selling the index it tracks. This small series sorts out whether the trading rules of different types of funds are different for your reference.

Are the trading rules of different types of funds different?

Open-end funds: Open-end funds can be purchased or redeemed at any time, and the trading rules are relatively flexible. Investors can purchase and redeem fund shares through fund companies, banks and securities companies.

Closed-end fund: A closed-end fund raises a certain amount of funds when it is established, and carries out open redemption after a fixed period. During the closed period, investors can't redeem the fund shares at any time, and can only buy and sell them through secondary market transactions.

ETF funds: ETF funds are similar to stocks and are listed and traded on exchanges. Investors can buy and sell through the securities account of the exchange, which is highly liquid.

LOF fund: LOF fund is similar to open-end fund, but there are some differences in transaction. Investors can purchase and redeem through fund companies, banks, securities companies and other channels, but they need to find the corresponding LOF fund products.

What are the channels for fund purchase?

Fund sales organization: investors can buy funds directly from fund sales organizations, such as the organization or business hall where the fund company is located. These institutions usually provide fund sales, consulting and services.

Banks: Many banks provide fund sales services, and investors can consult, buy and redeem funds. Bank's fund sales are usually combined with its online banking or mobile banking system to facilitate investors' operation.

Securities companies: Securities companies can provide fund trading services, and investors can conduct fund trading on the online trading platform or counter of securities companies.

Third-party fund sales platforms: In addition to fund companies, banks and securities companies, there are also some third-party fund sales platforms, such as internet financial platforms and fund consignment agencies, on which investors can purchase funds.

Trading rules of ETF funds

1. Purchase through securities account. ETF fund is an on-site fund, and investors need to use securities accounts for subscription. ETF funds, like stocks, have real-time price changes and can be traded directly in the market and bought and sold in real time.

2. Trading time. The trading hours of ETF funds are 9: 30am-11:30am and afternoon13: 00pm-15: 00pm every trading day, which is closed on weekends and legal holidays.

3.T+ 1 transaction. ETF funds buy on the same day and need to wait for the next trading day to sell. After the investor sells the ETF fund, the funds will be received immediately, and the funds can be withdrawn to the bank card the next trading day.

4. Price first, time first. For the submitted ETF fund orders, the highest price will be traded first under the same submission time; In the case of the same submission price, the transaction is made first.

5. The trading starting point is 100 shares. The minimum buying units of ETF funds are 1 lot and 100 lot, and each purchase must be an integer multiple of 100 shares. The minimum change unit of ETF price declaration is 0.00 1 yuan.

6. Price limit. ETF funds rise and fall from the first day of listing. Growth enterprise market ETF, Chuang50ETF, science and technology innovation board ETF, Chuang50ETF and Shuangchuang 50ETF are limited to 20%, and other ETF funds are limited to 10%.

7. Purchase and redemption. ETF funds generally use funds to trade directly in the market, but investors can also trade through subscription and redemption. The minimum purchase and redemption unit is generally 500,000 copies or 6,543.8+0,000 copies, and share purchase and share redemption are adopted. Investors need to buy a basket of stocks corresponding to ETF fund constituent stocks, and what they get after redemption is also a basket of stocks.

Is the fund valuation falling sharply suitable for buying?

It depends on whether the fund valuation is suitable for buying. When the fund's valuation plummets, the first thing to do is to analyze the reasons for the fund's plunge, whether the fund itself or the market is not good, and most funds are falling.

If it is due to the reasons of the fund itself, such as the fund manager's misoperation, or the fund itself is not good, the fund always falls more and rises less, then it is not recommended to buy it. It may be a bottomless pit, and the more you lose, the more you lose.

If most funds fall because of the influence of market factors, then you can wait and find the right opportunity to buy, because when most funds fall, they are generally funds that have a big relationship with the stock market. When the stock market is bad, funds will also fall. When the fund valuation is low, the fund has investment value, the fund has more room for growth, and the investment fund has greater probability of gaining income.

What does the sharp decline in fund valuation mean?

The sharp decline in the valuation of the fund means that the price of the fund is falling sharply. The lower the general fund valuation, the smaller the risk will be, indicating that the fund has certain investment value, greater room for growth and the possibility of making money. You can choose to buy when the valuation of the fund falls sharply. If you buy at a low level and sell at a high level, then the fund may make money. If you buy at a high level, you will lose.

But when buying a fund, there are many factors that affect the rise and fall of the fund. Everyone should look at the prospects of fund investment targets, and then analyze them in combination with market conditions and other reasons. Most of the funds whose general fund valuations have plummeted have invested in the stock market, which is risky. It depends on whether the stocks held by the fund have stabilized. When the stock market or stocks held by the fund have stabilized, it is the best time to start.

There are few cases where the valuation of a fund like the Monetary Fund has fallen sharply. Because the investment direction is the money market, the risk is relatively small and the income is relatively stable. There are few cases in which the valuation of the fund has fallen sharply, and the general fund has relatively small fluctuations.