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3: Trading Rules and Costs - ETF trading hours align with A-share market hours, and funds from ETF sales cannot be withdrawn on the same day, but can be used to purchase other stocks or ETFs [5].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].