LOFs (listed open-end funds) are based on the existing operating mode of open-end funds, which increase the channels for offering and trading in Shenzhen Stock Exchange.

Characteristics of listed open-end funds;

1. Listed open-end funds are still open-end funds in essence, and the fund scale is not fixed. Investors can purchase, redeem or trade at the time and place agreed in the fund contract;

2. The sale of listed open-end funds combines the sales advantages of banks and other consignment agencies with the trading network of Shenzhen Stock Exchange, and can be purchased and redeemed by banks and other consignment agencies or traded in the securities market. Banks and other agency outlets still adopt the current counter sales method, while the trading system of Shenzhen Stock Exchange adopts the current new share pricing method.

3. The operation process of fund subscription and redemption is the same as that of ordinary open-end funds;

4. The trading methods and procedures of open-end funds listed on Shenzhen Stock Exchange are basically the same as those of closed-end funds. The declared purchase quantity is 100 or its integral multiple, and the minimum change unit of the declared price is 0.00 1 yuan;

5. Investors can realize the conversion between trading in the trading system of Shenzhen Stock Exchange and purchasing and redeeming fund shares in consignment agencies such as banks and securities companies through cross-system transfer registration;

6. Dividend. At the same time, in the two markets, the fund shares managed by the exchange market are distributed by the exchange network, and the fund shares managed by the inter-bank market are distributed by the sales organization;

7. arbitrage. Because there are trading, subscription and redemption mechanisms in the secondary market at the same time, holding such funds can not only wait for the net value to rise to realize income, but also carry out arbitrage trading when there is a difference between the transaction price in the secondary market and the net value of fund shares. However, if investors want to sell the purchased fund shares at the designated outlets of the exchange, they must go through certain transfer custody procedures; or vice versa, Dallas to the auditorium

In addition, there are ETF funds that can be traded on the stock exchange. ETF is the abbreviation of Exchange-traded Fund, namely "Trading Open Index Securities Investment Fund", or "Trading Open Index Fund" for short. ETF takes a market index as the target index, and tracks the target index by completely copying or statistical sampling, so as to obtain a return on investment close to the target index.