China Securities Regulatory Commission's policy of encouraging investors to use ETF. Etf is a fund that tracks the changes of the "underlying index" and is listed and traded on the stock exchange. The reason for not collecting stamp duty is the policy implemented by China Securities Regulatory Commission to encourage investors to use ETFs. Etf, namely transactional open index fund, is a fund product that can be listed and traded on the stock exchange. Its investment strategy is to realize asset appreciation by tracking the portfolio of index components with a specific index as the target.