固定收益ETF包含债券ETF和货币ETF两大类。货币ETF是一种既可以在交易所二级市场买卖，又可以 在交易所场内申购、赎回的货币市场基金，是一种场内保证金理财工具，可以无缝连接货币基金与二级 股票和ETF市场。债券ETF是指以债券类指数为跟踪标的的ETF，投资者既可以在一级市场以组合证券 或现金来申购、赎回债券ETF份额，也可以在二级市场买卖债券ETF份额，债券ETF可细分为国债、地 方政府债、政策性金融债、信用债等品种，为场内投资者提供了丰富的固定收益投资工具。 固定收益ETF具有如下特点： （1）交易效率高 固定收益ETF实行当日回转交易制度（"T+0"交易），即当日买入的ETF份额当日可以卖出，支持日内 多次买卖操作，较场外基金和股票ETF交易效率更高。 （2）费率低廉 目前国内交易所国债ETF和政金债ETF已被中国结算纳入交易所质押库，投资者可将ETF基金份额在交 易所场内以一定的标准券折扣系数参与交易所质押回购融资，有以下便利性：资金使用比率高，与银行 间质押利率95折的比例相仿；当日买入，即可申报作为质押券，质押后交易所头寸当日可用，可用于购 买权益类资产；当日申报解除质押的ETF份额，当日可以申 ...

Group 1 - Fixed income ETFs consist of bond ETFs and money market ETFs, providing a seamless connection between money market funds and the secondary stock and ETF markets [1] - Bond ETFs can be subdivided into various types, including government bonds, local government bonds, policy financial bonds, and credit bonds, offering a rich array of fixed income investment tools for investors [1] - Fixed income ETFs exhibit high trading efficiency, allowing for same-day buy and sell transactions (T+0 trading), which supports multiple trading operations within a single day [1] Group 2 - The average comprehensive fee rate for domestic bond ETFs is only 0.15%, while for money market ETFs it is 0.25%, with no trading commissions charged in the market, highlighting a significant fee advantage over domestic bond funds [2] - The low fee structure of fixed income ETFs helps reduce the cost for holders and enhances investment returns [2] Group 3 - Fixed income ETFs enhance their tool attributes in several ways [3] - Domestic government bond ETFs and policy financial bond ETFs have been included in the exchange's pledge library, allowing investors to use ETF shares as collateral for repo financing, providing high capital utilization rates similar to interbank pledge rates [4] - Investors can engage in leveraged trading by borrowing funds to purchase ETFs or borrowing ETFs to sell, with proceeds from short selling available for investment in bond ETFs and money market funds [5]