On-exchange funds refer to funds traded in the secondary market, that is, funds traded in the stock market. Investors can purchase them through stock accounts, and their transactions are relatively convenient. So do you know which funds are on-market funds?

On-exchange funds mainly include the following four categories of funds:

1. ETF funds

ETF funds are called exchange-traded open-end index funds, which have The characteristics of closed-end funds and open-end funds are that investors can not only conduct subscription and redemption operations through fund companies, but also conduct buying and selling transactions in the secondary market. Investors can conduct premium arbitrage or discount arbitrage based on the difference between the ETF fund's on-site price and its off-site net value.

2. LOF Funds

LOF funds are called listed open-end funds, which are open-end securities investment funds issued, listed and traded on stock exchanges. After the issuance is completed, , investors can either subscribe for and redeem fund shares at designated outlets, or buy and sell the fund on the exchange. Such funds generally have the letters LOF after their names.

3. Closed-end funds

Closed-end funds have a certain closing period. During the closing period, their fund shares are fixed and investors cannot subscribe over-the-counter. Fund shares are redeemable, but can be bought and sold on the exchange.

4. Hierarchical funds

Hierarchical funds are also called structural funds. Their main characteristics are: under an investment portfolio, through the decomposition of the expected return or net assets of the fund, Decompose it into two or more categories of shares and give them different expected income distributions. The graded funds traded on the exchange are generally graded A for fixed income and graded B for leverage.