场内ETF和场外ETF有什么不同？交易规则是怎样的？一文读懂

Group 1 - The core difference between on-exchange ETFs and off-exchange ETFs is their trading venues, with on-exchange ETFs traded on stock exchanges and off-exchange ETFs traded through fund companies, banks, and third-party platforms [1] - On-exchange ETFs have real-time fluctuating prices based on market supply and demand, while off-exchange ETFs have a fixed price determined by the net asset value calculated after market close [3][5] - The trading thresholds for on-exchange ETFs are relatively low, typically starting from 100 shares, while off-exchange ETFs can have even lower thresholds, with some starting at 10 or even 1 unit [3][5] Group 2 - Transaction costs differ between the two types of ETFs; on-exchange ETFs mainly incur commission fees, while off-exchange ETFs may have subscription fees, redemption fees, management fees, and custody fees [5][6] - On-exchange ETFs follow trading hours aligned with stock exchanges and generally operate on a T+1 settlement basis, although some allow T+0 trading for specific types [6][8] - Off-exchange ETFs offer more flexible subscription and redemption times, but confirmations are based on the net asset value at market close, with varying fund transfer times for subscriptions and redemptions [8] Group 3 - On-exchange ETFs are suitable for investors seeking flexibility and quick transactions, while off-exchange ETFs cater to long-term investors who prefer lower thresholds and fixed costs [8]