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On the floor is the stock market, also known as the secondary market. Off-exchange market is understood as the stock exchange market, that is, the agency sales of banks and securities companies, and the direct sales of fund companies, that is, the familiar open-end fund sales channels.
Closed-end funds and ETF funds can only be purchased in the market (for large investors, ETFs can be purchased in the "primary" market), that is, they can only be purchased in the stock market. Other open-end funds can be purchased off-site, which is a well-known way, in which LOF funds can be purchased on-site.
At present, there are five ETFs based on Shanghai and Shenzhen stock indexes, namely SSE 50, SSE 180, GEM, CSI 300 and CSI 500. Investors can not only buy and sell ETF shares in the secondary market, but also buy and redeem ETF shares from fund management companies, but they must exchange portfolio securities (or a small amount of cash) for fund shares or exchange portfolio securities (or a small amount of cash) for subscription and redemption.
LOF function is relatively simple, and the product function is the same as that of ordinary open-end funds, but it can be bought and sold on the exchange. At present, 15 lofs have realized on-site trading. For example, South Product Release, South High Growth, Bosera Theme, Harvest 300, Jing Shun Dingyi, etc.
These two types of funds have more cost advantages than general open-end funds. The subscription rate and redemption rate of general open-end funds are above 1.2% and 0.5% respectively. On-site trading only needs to pay brokerage commission. At present, the brokerage commission rate of LOF and ETF is generally one thousandth.
For small and medium investors, buying LOF and ETF from the secondary market is a better strategy than buying without a big premium. For example, taking the Bosera theme as an example, the off-site subscription rate of funds below 500,000 yuan is 1.5%, and the redemption rate within two years is 0.5%. If you invest RMB 654.38+0.00 million to subscribe for the Bosera Theme Fund, the subscription fee will be RMB 65.438+0.477.8. After the subscription is completed, However, if the price of the fund in the secondary market is consistent with the net value, then the net value of 6,543,800 yuan is 99,900 yuan.