If you go to the bank to buy it, you can bring a valid ID card, but you need to open an account first. If you go to a securities company to buy it, you can open an account and buy it. The staff will tell you how to operate it. The trading of ETF is exactly the same as the trading of stocks and closed-end funds, both of which buy and sell fund shares among investors.
I trading rules of ETF funds:
1. The fund shares subscribed on the same day can be sold, but cannot be redeemed.
2. The fund shares bought on the same day can be redeemed on the same day, but they cannot be sold.
3. The securities redeemed on the same day can be sold on the same day, but they shall not be used to purchase fund shares.
4. The securities bought on the same day can be used to buy fund shares on the same day, but they cannot be sold.
Second, ETF funds generally refer to transactional open-end index funds, also known as exchange-traded funds (ETFs), which are open-end funds with variable fund shares listed on the exchange.
Transactional open-end index fund is a special type of open-end fund, which combines the operating characteristics of closed-end fund and open-end fund. Investors can buy or redeem fund shares from fund management companies, and at the same time, they can buy and sell ETF shares in the secondary market at the market price like closed-end funds. However, the purchase and redemption must use a basket of shares for fund shares or use a basket of shares for fund shares. Because there are both secondary market transactions and subscription and redemption mechanisms, investors can carry out arbitrage transactions when there is a difference between the market price of ETF and the net value of fund units. The existence of arbitrage mechanism makes ETF avoid the common discount problem of closed-end funds.
According to different investment methods, ETFs can be divided into index funds and actively managed funds. Most foreign ETFs are index funds. ETF launched in China is also an index fund. ETF index fund represents the ownership of a basket of stocks, which refers to the index fund that is traded on the stock exchange like stocks, and its trading price and fund share net value trend are basically consistent with the tracked index. Therefore, investors buying and selling an ETF is equivalent to buying and selling the index it tracks, and can get basically the same income as the index. Usually, it adopts a completely passive management mode, aiming at fitting an index, which has the characteristics of both stocks and index funds.