Core Viewpoint - The article discusses the trading mechanisms of ETFs, emphasizing the differences between T+0 and T+1 trading systems, which significantly impact investment efficiency and returns [1][3]. Group 1: T+0 Trading Mechanism - Certain ETFs allow for same-day buying and selling under the T+0 trading system, enabling investors to react quickly to market fluctuations [1]. - Major categories of T+0 ETFs include cross-border ETFs, commodity ETFs, and specific currency and bond ETFs, with examples like the Hang Seng ETF and gold ETF [1][3]. - As of 2025, there are 266 T+0 ETFs in the market, but only about 28 have significant liquidity, exceeding 500 million in size and averaging over 10 million in daily trading volume [3]. Group 2: T+1 Trading Mechanism - Most ETFs operate under a T+1 trading system, where purchases cannot be sold until the next trading day, limiting flexibility in response to market changes [3]. - Common examples of T+1 ETFs include the CSI 300 ETF and the SSE 50 ETF, which restrict immediate selling after purchase [3]. Group 3: Trading Rules and Costs - ETF trading hours align with A-share market hours, and funds from ETF sales cannot be withdrawn on the same day, but can be used to purchase other stocks or ETFs [5]. - The trading principle follows "price priority, time priority," meaning higher bids are executed first for buying, and lower offers for selling [5]. - There are no stamp duties or transfer fees for ETF trading, with typical brokerage commissions around 0.25% of the transaction amount, but a minimum fee of 5 yuan applies [8]. Group 4: Investment Strategy - Understanding the trading rules and mechanisms is crucial for investors to make informed decisions and optimize their trading strategies [9]. - T+0 ETFs are suitable for short-term traders, while T+1 ETFs are better for medium to long-term investments [9].

目前市场上ETF场内基金的交易佣金并不是一成不变的，据我所知，市场上极个别的券商是可以做到ETF场内基金交易手续费万0.5，是目前 市场上的最低标准，需要投资者提前联系券商的客户经理来进行协商办理，但是并不是所有的券商都可以做到，投资者在办理之前先和客户 经理表达诉求，客户经理根据投资者的情况进行协商，协商好了再进行办理比较好 ETF的交易规则： 1.交易时间 与A股一致：9:30-11:30，13:00-15:00（节假日休市）。 部分ETF支持盘后固定价格交易（15:05-15:30）。 3. T+0 vs T+1 T+0（当日买卖）：适用于债券ETF、黄金ETF、跨境ETF、货币ETF。 T+1（次日卖出）：适用于大多数股票型ETF。 4. 交易单位 最小交易单位：1手=100份（部分科创ETF支持1份起购）。 5. 涨跌幅限制 主板ETF：±10% 创业板/科创板ETF：±20% 2. 交易方式 场内交易（主流）：通过证券账户像股票一样买卖，实时成交，遵循价格优先、时间优先原则。 场外申赎（适合机构）：用一篮子股票或现金申购/赎回ETF份额。 跨境ETF、商品ETF：无涨跌幅限制（如恒生科技ETF）。 ...

Group 1 - The core viewpoint of the article emphasizes the importance of understanding ETF trading rules and fees to avoid additional costs for investors [1] - ETFs are favored by retail investors due to their low cost and high transparency [1] - The article provides a detailed analysis of ETF trading rules and fee structures [1] Group 2 - ETF trading hours are from 9:30-11:30 and 13:00-15:00 on weekdays, with a pre-market session from 9:15-9:25 [3] - The settlement system for stock ETFs typically follows a T+1 model, while certain types like currency and bond ETFs can utilize T+0 trading [3] - The minimum purchase unit for ETFs is 100 shares, and they can be sold in smaller quantities [3] Group 3 - As of 2025, ETF trading is exempt from stamp duty and transfer fees, with only brokerage commissions applicable [2] - The standard commission rate is typically 0.03%, but can be negotiated down to 0.005% for premium clients [2][6] - Both buying and selling incur commission fees, but selling does not attract stamp duty [2] Group 4 - Strategies to save on ETF fees include consulting with account managers for VIP rates, increasing trading frequency for potential discounts, and selecting brokers with lower overall costs [6] - Investors are advised to avoid ETFs with daily trading volumes below 10 million to ensure liquidity [6] - Monitoring policy incentives, such as those related to emerging sectors, can also provide investment opportunities [6]

Group 1 - The default trading commission for most brokerage ETFs in Shenzhen is around 0.03%, with only a few brokers offering a minimum of 0.005%, which is currently the lowest standard in the market [1] - For financing, the interest rate ranges from 4% to 4.8%, with larger amounts eligible for lower rates [1] - The minimum trading unit for ETFs is 100 shares, although some Sci-Tech ETFs allow for single share purchases [2] Group 2 - Trading hours for ETFs align with A-share trading hours: morning session from 9:30 to 11:30 and afternoon session from 13:00 to 15:00, with holidays being non-trading days [1] - T+0 trading is applicable for bond ETFs, gold ETFs, cross-border ETFs, and currency ETFs, while most stock ETFs follow a T+1 settlement [7] - The price fluctuation limit for main board ETFs is ±10%, while for ChiNext and Sci-Tech board ETFs, it is ±20%, and there are no limits for cross-border and commodity ETFs [7]

Group 1: ETF Trading Rules - Trading hours align with A-shares: morning session from 9:30 to 11:30, afternoon session from 13:00 to 15:00, with holidays closed [2] - Some ETFs allow fixed-price after-hours trading from 15:05 to 15:30 [2] - Main trading method is on-exchange trading through securities accounts, similar to stock trading, with real-time execution following price and time priority [2] - Off-exchange subscription and redemption is suitable for institutional investors using a basket of stocks or cash [2] - T+0 trading applies to bond ETFs, gold ETFs, cross-border ETFs, and currency ETFs, while T+1 applies to most stock ETFs [2] - Minimum trading unit is 100 shares, with some Sci-Tech ETFs allowing single share purchases [2] - Price fluctuation limits: ±10% for main board ETFs, ±20% for ChiNext and Sci-Tech board ETFs, and no limit for cross-border and commodity ETFs [2] - Institutional investors can subscribe and redeem through a basket of stocks, typically with a minimum unit of 500,000 or 1,000,000 shares [2] Group 2: ETF Trading Costs - On-exchange trading fees typically range from 0.03‰ to 0.3‰, with a minimum charge of 5 yuan, and some brokers offering as low as 0.005‰ [3] - Off-exchange subscription fees range from 0.1% to 1.5%, with some platforms offering discounts down to 0.15% [5] - Redemption fees are 1.5% for holdings less than 7 days, while most cases are exempt after 2 years [5] - Management fees range from 0.15% to 1%, with broad-based ETFs generally at 0.15% [5] - Custody fees range from 0.05% to 0.25% [5] - Hidden costs include bid-ask spreads, which may exceed 0.5% for illiquid ETFs, and tracking errors between ETF returns and underlying indices [5] Group 3: 2025 New Policies - Management fees for broad-based ETFs reduced to 0.15%, saving investors over 5 billion yuan [4] - Expanded T+0 trading allows more cross-border and bond ETFs for intraday trading [4] - ETFs are characterized by high transparency and liquidity, making them suitable for long-term investment [4]

Group 1 - The trading hours for ETFs are generally the same as those for stocks, which are from 9:30 AM to 11:30 AM and 1:00 PM to 3:00 PM on working days [1][3] - Some special ETFs, such as cross-border ETFs, may have different trading arrangements due to time zone differences, and may also have a T+0 trading mechanism [3][5] - The trading unit for ETFs is 100 shares, which is different from stocks where one unit typically refers to 100 shares [5][7] Group 2 - The minimum subscription and redemption amounts for some ETFs can be quite large, often in the tens of thousands of shares, which primarily applies to institutional investors [7] - Ordinary investors can trade ETFs in the secondary market according to the 100 shares per unit rule [7]