LOF fund is called "listened open-ended fund" in English and "Listed Open-Ended Fund" in Chinese. That is to say, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets or buy and sell the funds on the exchange. However, if the investor wants to sell the fund shares purchased at the designated outlets, he must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares bought online on the exchange and want to redeem them at the designated outlets, you must also go through certain transfer custody procedures.

lofs (listened open-ended funds) is an open-end fund that can purchase or redeem fund shares in the OTC market at the same time, and organically link the OTC market and the OTC market through the share transfer custody mechanism.

LOF refers to an open-ended 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. That is, on the basis of keeping the current open-end fund operation mode unchanged, we will increase the channels for issuance and trading of exchanges.

transactional open-end index funds, also commonly known as Exchange Traded Funds (ETF), are an open-end fund that is listed and traded on the exchange and has variable fund shares.

Transactional open index fund is a special type of open-end fund, which combines the operating characteristics of closed-end fund and open-end fund. Investors can purchase or redeem fund shares from fund management companies, and at the same time, they can buy and sell ETF shares in the secondary market at the market price like closed-end funds. However, the purchase and redemption must be exchanged for fund shares in a basket or for fund shares in a basket. Because of the existence of securities market trading and subscription and redemption mechanism at the same time, investors can carry out arbitrage trading when there is a price difference between ETF market price and fund unit net value. The existence of arbitrage mechanism makes ETF avoid the common discount problem of closed-end funds.

according to different investment methods, ETFs can be divided into index funds and actively managed funds, and most ETFs abroad are index funds. At present, ETFs launched in China are also index funds. ETF index fund represents the ownership of a basket of stocks, which refers to the index fund that is traded on the stock exchange like stocks. Its trading price and the trend of fund share net value are basically consistent with the tracked index. Therefore, investors buy and sell an ETF, which is equivalent to buying and selling the index it tracks, and can obtain basically the same income as the index. Usually, a completely passive management method is adopted, aiming at fitting an index, which has the characteristics of both stocks and index funds.

"Shanghai Stock Exchange Fund Link" is the open-end fund sales system of Shanghai Stock Exchange, which can provide efficient, automatic and integrated technical support for the subscription, subscription and redemption of open-end funds. Among them, subscription refers to the behavior of investors buying fund shares through SSE's "Shanghai Stock Connect" or through systems outside SSE during the raising period of open-end funds. Subscription refers to the behavior of investors buying fund shares during the duration of open-end funds. Redemption refers to the behavior that the fund share holder asks the fund manager to buy back the fund share according to the conditions stipulated in the fund contract.

Open-end Funds refer to a fund operation mode in which fund sponsors can sell fund units or shares to investors at any time according to the needs of investors when they set up funds, and can redeem the fund units or shares issued at the request of investors. Investors can buy funds through fund sales agencies, so that the assets and scale of the fund will increase accordingly, or they can sell their fund shares to the fund and recover cash, so that the assets and scale of the fund will decrease accordingly.