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]