1. On-site transaction. ETF funds need to open a trading account when trading in the secondary market. Buying and selling ETF funds, the transaction cost is similar to buying and selling stocks, only need to pay the transaction cost to the securities company. According to the regulations, the upper limit of the commission ratio shall not exceed three thousandths of the transaction amount, and the lowest shall be 5 yuan. As far as the current market is concerned, 25,000 yuan is a common commission rate. Under normal circumstances, brokers will give discounts to customers with large amounts of funds and transactions, and we can apply to the securities department ourselves.
Second, over-the-counter transactions. In over-the-counter transactions, you need to pay subscription fees, redemption fees, management fees, custody fees, sales service fees and other fees. Funds with different charging modes charge different fees. The charging modes of OTC funds are generally divided into front-end mode and back-end mode, namely Class A and Class C. For Class A funds, subscription fees and redemption fees need to be charged; Class c funds do not need to charge subscription fees, and they are free of redemption fees for more than 7 days, but they need to charge sales service fees.
Generally speaking, buying ETF funds on and off the market has its own advantages. OTC ETF funds can be purchased through banks, Alipay and other channels, which is more convenient; On-site ETF funds have lower transaction costs and cost advantages.
What is the difference between ETF and stock index futures?
First, stock index futures trade the future value of the index, and trading in the form of margin 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.
Second, 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.
Fourth, stock index futures usually have a definite duration, and the maturity date needs to track the index, 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 arbitrage efficiency, while completely passively tracking the index and the ETF net value trend of the index usually maintains a high consistency.