one
"On-site" and "off-site" refer to the exchange market.
At present, there are two major exchanges in Chinese mainland, one is the Shanghai Stock Exchange and the other is the Shenzhen Stock Exchange.
At present, Shanghai is divided into main board and scientific and technological innovation board.
Shenzhen is divided into main board and growth enterprise market.
These divisions are mainly due to the different profit requirements of enterprises and different listing methods, so the risks are also different.
For example, if the price of the main board is only 10%, then their corresponding fund price is only 10%, the science and technology innovation board and the growth enterprise market are 20%, and the corresponding fund is 20%.
Therefore, as long as the products, stocks, convertible bonds, on-site funds and government bonds traded through exchanges are matched, they are all traded through securities software.
For example, after Haitong Securities, Ping An Securities and Huatai Securities open accounts, the business manager will tell you to download a trading software of their companies.
Then you can buy and sell stocks, convertible bonds, reverse repurchase of government bonds and so on in the trading software.
two
Off-court is relative to on-court. For example, the funds purchased by bank counters, Tian Tian Fund Network and Ant Wealth are all OTC funds.
However, their fees are different. For example, the subscription fee of many funds in banks is 1.2% to 1.5%, and there is no discount. However, Tian Tian Fund Network and Ant Wealth generally have a discount of 0. 12% to 0. 15%, while the handling fee of on-site funds is the cheapest, generally only about 0.55 ‰ (different for each securities company).
The subscription fee of each fund is different. It is best to compare the same type of funds before subscription.
For example, for index funds that also track the Shanghai and Shenzhen 300 Index, the on-site fund is 0.55 (different securities companies) and the off-site fund is 0. 15%, which means that the off-site fee is 15 times that of the on-site fund!
On-site funds can be sold at any time on the trading day, with a handling fee of 0.55. Off-exchange funds can only be redeemed at the closing price of the day, and the redemption fee varies according to the holding time.
Let me compare the similarities and differences between two semiconductor on-site and off-site funds:
As shown below, on the left is the chip ETF( 159995) we talk about every day, and on the right is the well-known Nuoan Growth Mix (320007). It can be seen that five of the top ten positions of the two funds just coincide, that is to say, if you are optimistic about these two funds, you can only buy one of them.
So how to choose?
First of all, we compare the performance of the two companies, and we can find that the performance of chip ETF is the growth of Nuoan, whether it is the performance of the past month or a year.
Especially in the past year, the chip ETF achieved a growth rate of 47.5 1%, while the growth rate of Nuoan was only 4 1.33%, which was 6. 18% worse than the chip ETF.
Suppose you buy 6.5438+0.8 million in two funds respectively, and the income difference is 6.65438+0.8 million, which is equivalent to the annual income of many people.
Then let's compare the handling fee:
On-site fund:
In Haitong Securities, the on-site fund handling fee is only 0.55 yuan, and all transactions are charged with handling fees.
Then the management fee of chip ETF is 0.5%, and the custody fee is 0. 1% a year, which adds up to 0.0055% * 20.5% 0.1%= 0.611%.
Suppose you buy a fund of 20,000 yuan and spend a total of 122.2 yuan a year, of which the net value has been deducted from the management fee and custody fee.
Off-exchange fund:
The platform subscription fees of Tian Tian Fund Network and Alipay are 0. 15%( 1 less than 10,000 yuan):
Nuo's redemption fee is 0.5% on platforms such as Fund.com Tian Tian and Alipay (redemption within one year):
Management fee and custody fee add up to one year 1.75%.
In other words, the total handling fee is 0.15% 0.5%1.75% = 2.4%.
Suppose you buy a fund of 20,000 yuan, and you spend a total of * * * 480 yuan a year, the net value of which has been deducted from management fees and custody fees.
The annual holding cost of one fund is only 122.2 yuan, and the other fund is 480 yuan, with a difference of almost 4 times! In addition, the performance of the former fund is not as good as that of the latter fund. I believe you know how to choose.
You should also understand why I often write about OTC funds in my articles and seldom write about OTC funds.
(However, Haitong charges a minimum of 1 yuan, so if you only buy a fund of several hundred dollars, it is more suitable for off-site. )
three
There is also a fund called LOF Fund, which can be traded on or off the market. Because it is located in two different places, there is often a price difference!
Just like the same bottle of water, it costs only one yuan in the supermarket, but it can sell for ten yuan in the desert.
As long as there is a price difference, someone will move things from cheap places to expensive places. This method is called arbitrage in finance.
So there are a bunch of people in the market, so they do fund arbitrage. They stare at which fund has a big spread every day and make a wave. Because fund arbitrage is not as troublesome as moving water, as long as the amount of funds is large, the income is still very good!
Related Q&A: Is there a minimum handling fee of 5% for each transaction of on-site funds 100 yuan? It is the handling fee charged by the exchange for stock trading, with a minimum of 5 yuan per transaction. In other words, once the transaction is completed, the minimum 5 yuan handling fee will be charged (if the transaction is not completed, it will not be charged). The trading of on-site funds is divided into trading and redemption. Trading refers to the trading method of stocks, and redemption refers to the charging method of OTC funds. Therefore, if you buy and sell funds in the market, you may be charged a 5 yuan handling fee of 100 yuan each time (but the transaction price is 100 copies instead of 100 yuan, and 1 hand corresponds to 65438). On the contrary, you can subscribe at 100 yuan, but the charging ratio is based on the OTC market, and generally the highest is 1.5%, that is, 1.5 yuan. It depends on the trading method you choose. : 1, stamp duty: 1‰ of the transaction amount. From September 19, 2008, the transferor changed from bilateral expropriation to unilateral expropriation. The transferee will no longer pay stamp duty. The tax paid by the investor to the finance and taxation department after the transaction is completed. Shanghai shares and Shenzhen shares are paid at one thousandth of the actual transaction amount, and this tax is withheld by brokers and remitted by the exchange. Bonds and fund transactions are exempt from this tax. 2. Securities management fee: 0.002% of the transaction amount. 3. Securities transaction fee: A shares, 0.00696% of the transaction amount; B shares, 0.000 1% according to the turnover; Fund, charged at 0.00975% of bilateral turnover; Warrants, according to the turnover of 0.0045%. The total fees of A-share 2 and 3 are called transaction fees, and 0.00896% of the transaction amount is charged, which is included in the brokerage commission. 4. transfer fees (changed to Shanghai and Shenzhen from August 1, 20 15): This refers to the fees to be paid for changing the account name after stock trading. According to the Notice on Relevant Matters Concerning the Adjustment of transfer fees Fees for A-share Transactions issued by China Depository and Clearing Corporation, since August 20, 2005, it has been changed to Shanghai and Shenzhen Stock Exchanges, and this fee is charged at 0.002% of the transaction amount. 5. Broker's commission: The maximum commission shall not exceed 3‰ of the transaction amount, and the minimum commission shall be from 5 yuan. If the commission of a single transaction is less than that of 5 yuan, it will be charged according to 5 yuan.