Difference 1 between ETFs: ETFs are essentially index-type open-end funds, which are passively managed funds, while LOF is an ordinary open-end fund that adds the trading method of an exchange. It may be an index fund or an active fund.

Managed funds.

Difference 2: During subscription and redemption, ETFs exchange fund shares and a "basket" of stocks with investors, while LOF exchanges cash with investors.

Difference 3: In the primary market, that is, during subscription and redemption, ETF investors are generally larger investors, such as institutional investors and larger individual investors, while LOF is not limited.

Difference 4: In terms of net value quotations in the secondary market, ETFs provide a fund net value quotation every 15 seconds, while LOF provides a fund net value quotation a day.