Fund secondary market refers to the market where investors buy and sell fund shares, which has nothing to do with fund companies. In the secondary market, investors can bargain freely at the buying and selling price and buy and sell quickly, so they have high liquidity. The following are the business and characteristics of the fund's secondary market.

First, the business of the fund's secondary market includes trading and valuation. Trading refers to buying and selling fund shares between investors. Valuation refers to regularly publishing the estimated price of fund shares according to the net value of the fund. When investors buy and sell fund shares in the secondary market of funds, they can choose to conduct on-site trading or off-site trading. On-floor trading refers to the trading of funds in the stock exchange, and its price fluctuates with the rise and fall of the stock market. OTC trading refers to buying and selling through brokers or third-party institutions, and the price is determined according to the current valuation price announced by the fund company.

Second, the secondary market of funds has high liquidity and market-oriented pricing. Because the transaction cost of the fund secondary market is lower, the price of the fund secondary market is more real than the valuation of the fund company, and investors can make more accurate trading decisions. Investors can buy and sell fund shares at any time according to their risk preferences and investment needs. Moreover, the price of the fund secondary market is influenced by the relationship between market supply and demand, and its pricing method is more market-oriented.

Third, the capital secondary market can also carry out on-site and off-site arbitrage operations. On-site arbitrage refers to the arbitrage trading of fund shares by using the price advantage of the stock exchange, so as to obtain profits. Off-exchange arbitrage refers to the arbitrage trading of fund shares by using the valuation of fund companies and the price fluctuation in the secondary market of funds. Investors can maximize their own value through arbitrage.

In a word, as an important part of the fund market, the secondary fund market has the characteristics of high liquidity, market-oriented pricing and arbitrage operation. Investors can make buying and selling decisions in the secondary fund market according to their investment needs and risk preferences, so as to obtain more accurate and comprehensive fund market information and maximize their own value.