ETF can only purchase and redeem shares, but not off-site purchase and redemption. Through the trading software of various securities companies (such as Essence Securities), you can directly buy and redeem a package of stocks in the market. Because the ETF's subscription and redemption rules can only be a package of stocks, and then whether it is buying stocks or selling stocks, it can only be listed. So you can not only trade on the floor, but also apply for redemption, but not in cash, but in a package of shares. This basket of stocks is the stock portfolio of the index corresponding to ETF.

LOF funds are much simpler. You can directly purchase shares and redeem them on and off the market, or you can trade directly on the market. However, if it is an off-site purchase and redemption, it must be transferred to custody before it can be transferred to the on-site transaction. If it is on-site purchase and redemption, it can be sold directly after T+2 arrives.