ETF is a fund, but its purchase and redemption method is quite special. Subscription requires a basket of stock exchange fund shares, and redemption is also a basket of stocks. The general fund is redeemed in cash.

Moreover, ETF funds can be listed and traded, which means they can be bought and sold like stocks. 15990 1 is SZSE 100ETF fund, and 902 is SME ETF fund. Buying and selling ETFs only requires commission, not stamp duty.

ETFs usually invest in constituent stocks of an index, so the ups and downs are basically equivalent to an index.

For a more detailed introduction of ETF, please refer to Encyclopedia.

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