On-market index ETFs must be bought before they can be sold.

Because the shares of on-market funds are fixed, the fund shares purchased by investors are purchased from other investors, so when they are sold, someone needs to buy them.

When investors buy and sell ETF funds, they need to trade between 9:30 and 15:00 in the morning from Monday to Friday on working days. Trading is not possible on Saturdays and Sundays on statutory holidays.

ETF refers to a traded open-end index fund, also commonly known as an Exchange Traded Fund (ETF). It is an open-end fund with variable fund shares that is listed and traded on an exchange.

Exchange-traded open-end index funds are a special type of open-end funds. They combine the operating characteristics of closed-end funds and open-end funds. Investors can not only subscribe for or redeem fund shares from the fund management company, but also

Closed-end funds also buy and sell ETF shares in the secondary market at market prices. However, subscriptions and redemptions must be made in exchange for a basket of stocks for fund shares or for fund shares to be exchanged for a basket of stocks.

Due to the simultaneous existence of secondary market transactions and subscription and redemption mechanisms, investors can conduct arbitrage transactions when there is a difference between the ETF market price and the net value of the fund unit.

The existence of the arbitrage mechanism enables ETFs to avoid the discount problem common to closed-end funds.

According to different investment methods, ETFs can be divided into index funds and actively managed funds. The vast majority of foreign ETFs are index funds.

The ETFs launched in China are also index funds.

ETF index funds represent the ownership of a basket of stocks and refer to index funds that are traded on the stock exchange like stocks. Their trading prices and trends in the net value of fund shares are basically consistent with the index being tracked.

Therefore, when investors buy and sell an ETF, they are equivalent to buying and selling the index it tracks, and they can obtain returns that are basically consistent with the index.

Usually a completely passive management method is adopted, with the goal of fitting a certain index, and has the characteristics of both stocks and index funds.