1.ETF is a closed-end fund and cannot be redeemed during the closed period. This also determines the stability of fund assets, and there is no redemption pressure. It can only be circulated among investors through the exchange, and the total size of the fund remains unchanged.

2. The goal of ETF is to copy the target index as much as possible, such as Huaxia 50ETF, and copy the Shanghai Composite Index by holding the top 50 stocks in proportion.

3. Now consumers prefer open-end funds, because open-end funds can be redeemed at any time, which determines that open-end funds must keep some cash to face redemption, so fund managers can't invest 100%.

However, closed-end funds do not need to consider this point, and they can invest completely.

If fund managers have the same management ability, closed-end funds will outperform open-end funds in return.

There is something wrong with your question. Etfs are generally called index funds.