LOF fund refers to an open-ended securities investment fund that is issued, listed and traded on the stock exchange. 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. Its full name is "Listened Open-end Fund" in English and "Listed Open-end Fund" in Chinese. Listed open-end funds can be subscribed and traded centrally through stock exchanges, and can also be subscribed, purchased and redeemed through fund managers, banks and other consignment agencies.

LOF fund has three main characteristics:

(1) Listed open-end funds are still open-end funds in essence, and the total amount of fund shares is not fixed. Fund shares can be purchased and redeemed at the time and place agreed in the fund contract.

(2) The sale of listed open-end funds combines the sales advantages of consignment agencies such as banks and the trading network of Shenzhen Stock Exchange. Banks and other agency outlets still use the current counter sales method, while the trading system of Shenzhen Stock Exchange adopts the popular online pricing and issuance method of new shares.

(3) After the listed open-end fund is approved to be listed and traded on the Shenzhen Stock Exchange, investors can choose to purchase and redeem the fund shares at the closing net value of the fund shares in banks and other consignment agencies, or they can choose to buy and sell the fund shares at the matching transaction price in the member securities business department of the Shenzhen Stock Exchange.