After commercial banks implement fund custody, which investment method has the greatest opportunities? The full name of LOF fund in English is "Listed Open-Ended Fund", and in Chinese it is called "listed open-end fund". That is to say, after the issuance of a listed open-end fund, investors can either subscribe and redeem fund shares at designated outlets, or buy and sell the fund on the exchange. However, if investors subscribe for fund shares at designated outlets and want to sell them through the exchange’s system, they need to go through cross-system transfer custody procedures; similarly, if they purchase fund shares at an exchange system and want to sell them at other designated outlets, For redemption at an outlet, you must also go through the custody transfer procedures. The reason for the greatest investment opportunity: Judging from the current general trading situation, there is generally a certain price difference between the net value of open-end funds and the real-time transaction price. After the Shenzhen Stock Exchange opens the on-site subscription and redemption of LOF funds, the fund shares purchased on the exchange can be sold on the exchange on T+2, and the funds for the fund shares sold on the exchange will be available at that time; the funds purchased on the exchange on the same day can be Sold on the market and redeemed on the market on T+1. Because LOF funds have the above characteristics, arbitrage operations can be performed when the transaction prices of the same LOF fund in different markets deviate. Let’s explain with specific examples: 1. The secondary market price is higher than the fund’s net value: On November 30, the secondary market price of the “Invesco Resources” fund was much higher than the fund’s net value on that day. The net value of the fund on that day is 1.096 yuan for subscription. On December 4, T+2, it can be sold through the secondary market at the market price of 1.417 yuan. The two-day arbitrage is: 29.28% (without taking into account the handling fee). 2. The secondary market price is lower than the net value of the fund: The closing price of the "Guangfa Small Cap" fund on the fund market on November 21 was 1.805 yuan per share, and the net value of the fund on that day was 1.8428 yuan. If you buy a fund on the market on the 21st and redeem the fund on the market after the fund shares arrive on the 22nd, the net value of the fund on the 22nd will be 1.856 yuan, and the arbitrage income in the two days will be approximately 2.82% (without taking into account handling fees). It can be seen that there are still certain risks in using LOF fund arbitrage, and that is the risk brought by T+2 day. When arbitraging according to the first method, if the fund price in the secondary market on T+2 has dropped to close to the net value when subscribing for the fund at that time, it will no longer be profitable taking into account the handling fees. Similarly, when using the second method, if the net value of the fund on T+1 drops to close to the purchase price on the secondary market at that time, you will not be able to make a profit. However, if you already hold this fund in your account when the secondary market price is higher than the net value of the fund and intend to invest for a long time, you can sell the fund on the secondary market and arbitrage by purchasing the same number of funds on the market. ; On the contrary, if the price in the secondary market is lower than the net value of the fund, then you can redeem it according to the net value and buy the same amount of the fund in the secondary market, so that you can make stable arbitrage.