The market value required by the new quota is only the market value of unrestricted A-shares, including the main board, small and medium-sized board, growth enterprise market and credit securities accounts, but excluding the market value of restricted A-shares such as B-shares, bonds and funds, and the market value of three-board stocks, preferred stocks and transactional open index funds, while brokerage ETFs belong to transactional open index funds. Therefore, the holders of brokerage ETFs cannot make new shares.

It should be noted that the new debt is a credit subscription, that is, investors do not need market value to make new debt. Therefore, holding a brokerage etf can make new debts.