1. Different investment targets: Securities ETFs mainly track the securities index, and funds that invest in some or all of the stocks of the index mainly invest in the stocks of the securities sector. Fund managers can change positions at any time according to market conditions.

2. The trading mechanism is different: the brokerage ETF can be purchased and redeemed off-site or traded in real time on the spot, while the brokerage fund can only be purchased and redeemed off-site.

3. Different fund positions: the ETF investment position of securities firms can reach 100%, and the fund investment position of securities firms can reach 95% at most, but it is impossible to reach 100%.