The wrapper decides the cost of the same idea

Every track opens its costs module the same way, and equities gives the pattern its cleanest case study: two wrappers on the identical share, one of which can be paid for once and owned in silence.

The cash structure

Buy shares and the costs happen at the doorway: the spread, a commission if charged, and - on UK names - stamp duty on the purchase. Then the meter stops. No financing, no roll, no expiry: a cash position held five years pays nothing after day one except the exit spread. It is the only instrument on this platform whose holding cost is genuinely zero, and that single fact reorganises the arithmetic of every long-horizon idea.

The CFD structure, familiar and different

• No stamp duty: the CFD references the share without buying it, which is precisely why the purchase tax does not apply - the wrapper's one genuine cost advantage, at the doorway only.
• Financing, nightly: the borrowed-notional meter from three tracks, running on the full position - the cost that grows with every night held.
• Leverage available, dividends as adjustments, no votes: the module 1 lesson 5 differences, each with a price tag this module will attach.

Holding period is the decision

A one-week trade pays the CFD's few nights of financing and saves the stamp duty - the wrapper wins. A one-year hold pays financing that dwarfs the tax saved many times over - ownership wins, heavily. Lesson 5 works the crossover in money, and the module's standing question is set here: not 'which wrapper is cheaper' but 'cheaper for this idea, at this holding period, at this size' - the commodities question, with an ownership option that changes the answer more often than newcomers expect.