After commercial banks implement fund custody, which investment method has the greatest opportunity? LOF funds are called "open-end funds" in English and "listed open-end funds" in Chinese. In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets through the exchange system, they need to go through the cross-system transfer custody procedures; Similarly, if you want to redeem the fund shares bought in the exchange system at other designated outlets, you must also go through the transfer custody procedures. The biggest reason for investment opportunities: according to the current general trading situation, there is generally a certain price difference between the net value of open-end funds and the real-time trading price. After the Shenzhen Stock Exchange opens the LOF fund market for subscription and redemption, the fund shares subscribed in the market can be sold in the market on T+2 days, when the funds for selling the fund shares in the market are in place; Funds bought in the market on that day can be sold and redeemed in the market on T+ 1 day. Because LOF funds have the above characteristics, when the transaction prices of LOF funds in different markets deviate, arbitrage can be carried out. Specific examples show that: 1, the secondary market price is higher than the fund's net value: the secondary market price of "Jing Shun Resources" fund was much higher than the fund's net value of that day 1 1.096 yuan on June 30th, and it can be purchased through the market on this day, and it can be purchased through the secondary market on T+2, 65438+February 4th. 2. The secondary market price is lower than the net value of the fund: the closing price of the "Guangfa Small-Cap" fund on that day165438+10.0210.805 yuan/share, and the net value of the fund on that day/kloc-0 1.8428 yuan. If you buy an on-market fund on 2 1 day, you will redeem the fund in the on-market market after the fund share is received on the 22nd. The net value of the fund on the 22nd is 1.856 yuan, and the two-day arbitrage income is about 2.82% (excluding the handling fee). It can be seen that there is still some risk in using LOF fund arbitrage, which is the risk brought by T+2. When arbitrage is carried out in the first way, if the fund price in the secondary market on T+2 day has fallen to near the net value at the time of fund subscription, it is considered that the handling fee can no longer be profitable. Similarly, when using the second method, if the net value of T+ 1 day fund falls near the buying price in the secondary market at that time, it will not be profitable. However, if the price of the secondary market is higher than the net value of the fund, you already have the fund in your account and intend to invest for a long time, then you can sell the fund in the secondary market and arbitrage by buying the same number of funds in the market; On the contrary, if the price in the secondary market is lower than the net value of the fund, you can redeem it according to the net value, and at the same time buy the same amount of the fund in the secondary market, so that you can carry out arbitrage stably.