You can subscribe for ETFs in the spot market with a fund account, and you can only subscribe for stocks with a securities account. ETF is an index fund, also called exchange index fund, which is launched by the exchange, but the operation method can be the same as that of stocks! LOF is a fund launched by a fund company and has nothing to do with stock accounts in principle. However, the fund account can be opened in a securities company, and can be bought with the fund account after opening. The code of the fund is the same as the code of the securities account.

ETF shares can be subscribed in cash or securities. Cash subscription refers to the exchange of cash for ETF shares, and securities subscription refers to the exchange of designated securities for ETF shares. Chinese investors can generally choose on-site cash subscription, off-site cash subscription and securities subscription. On-site subscription refers to the subscription of investors through the fund sales organization designated by the fund manager and through the trading network system of the stock exchange. Over-the-counter subscription refers to the subscription made by investors through fund managers or their designated sales organizations. Securities subscription means that investors subscribe for designated securities through fund managers and their designated sales agencies.

The difference between inside and outside the market is mainly whether it should be done through the exchange system, which has nothing to do with the account.