1, different types of purchases

In the stock market, investors can only buy floor funds, which is similar to buying stocks. When you buy a fund on Alipay, you can only buy an OTC fund sold by Alipay, and there is no five-file transaction details.

2. The transaction costs are different.

Buying funds in the stock market only charges commission, and the charging standard is different according to different securities companies, generally according to three ten thousandths of the turnover; Buying funds on Alipay requires a certain subscription fee, which is related to the transaction amount, that is, the larger the transaction amount, the lower the subscription fee, and the smaller the transaction amount, the higher the subscription rate.

3. Different trading thresholds

The minimum number of funds purchased in the stock market is 100, while the subscription for funds purchased on Alipay is generally 10 yuan or 1000 yuan.

4. Different fund confirmation.

Buying a fund on Alipay follows the principle of unknown price, that is, when buying a fund, the fund share is calculated based on the net asset value of the fund share after the closing of the application date. If investors purchase funds before 15:00, their shares will be confirmed according to the net value announced that night. If they purchase funds after 15:00, they will confirm their share according to the net value announced on the next trading day, and generally buy funds in the stock market immediately.

5. The frequency of fund quotation is different.

In the stock market, the price of subscription funds is generally reported every 10 second, while the price of OTC subscription funds is reported once a day, usually announced at 8-9 pm.

At the same time, investors can take advantage of the spread between on-site and off-site funds to carry out arbitrage, that is, when the etf price in the market is less than the net value, investors can buy etf fund shares at a low price in the secondary market, then redeem the shares in the primary market at the net value, and then sell the shares in the secondary market to complete arbitrage; When the etf price in the market is greater than the net value, investors can buy a basket of stocks from the secondary market, then convert them into etf fund shares in the primary market according to the net value, and then sell ETFs at high prices in the secondary market to complete arbitrage.

When investors arbitrage funds on and off the market, the spread generated by arbitrage must be greater than the formalities fee, which includes the fund subscription fee, redemption fee and fund transaction fee (commission, stamp duty and transfer fees are not included in the fund sales on and off the market), otherwise the loss outweighs the gain.