LOF refers to an open-end securities investment fund that is issued, listed and traded on the stock exchange. Listed open-end funds can be subscribed and traded centrally through stock exchanges, and can also be subscribed, purchased and redeemed through fund managers, banks and other consignment agencies.

1. The net value seen by Tian Tian Fund is the actual net value of the fund. Fund managers, banks and other consignment agencies purchase and redeem, and trade according to the actual net value.

2. In the stock market, the fund price, like stocks, is determined by bidding, and the price is determined by the market, so unlike the actual net value, it generally fluctuates around the actual net value.