Because the lof fund's on-site share can be traded, the off-site share is in a closed period and cannot be purchased and redeemed. Therefore, the market share is generally cheap, and professionally speaking, it is a market discount. Off-exchange is a little more expensive, which means that the premium is the liquidity compensation for off-exchange investors.

LOF fund, that is, listed open-end fund, refers to an open-end fund in which investors can purchase and redeem the fund with the net fund share through the fund manager or its entrusted sales organization, or buy and sell the fund through the exchange market at the transaction price matched by the trading system.