You should mean LOF, which is called "Listened Open-Ended Fund" in English and "Listened Open-Ended Fund" in Chinese. The advantages of this fund are:

1. Open-end fund investors provide a new way and way to quit, and also provide a convenient trading method for investors to invest in funds.

2. With the launch of LOF products, it is likely that the subscription and redemption costs of open-end funds in China will decrease. Because, for investors, if the gap between the transaction cost in the secondary market and the first-level purchase and redemption cost is too large, it is likely that the purchase will be unfavorable at the time of issuance, but the transaction will be active after listing on the exchange.

3.LOF can build a bridge between closed-end funds and open-end funds and provide a good technical platform. If it is implemented smoothly, it can be popularized to solve the problem of converting closed-end funds into open-end funds.