On the basis of the original open-end fund operation mode, the listed open-end fund has increased the channels of selling, subscription, redemption and trading in the exchange. Its main features are as follows: First, the fund can be sold in Shenzhen Stock Exchange at the same time as the fund manager and its agency. The exchange adopts the online distribution method, and the fund managers and their consignment agencies continue to use the original counter sales method. Second, after the fund is listed on Shenzhen Stock Exchange, investors can buy and sell fund shares in the exchange system through matchmaking, or they can choose to purchase and redeem fund shares in the trading system, fund managers and their consignment agencies at the net value of fund shares after the close of the day. III. Fund shares subscribed, purchased and bought through the Shenzhen Stock Exchange system are registered in the Shenzhen Securities Registration and Settlement System of China Clearing Company, and can be sold or redeemed through the securities business department to the exchange trading system. Sell through electronic matching according to the stock trading method, and redeem according to the net value of fund shares closed on the same day. Fourth, cross-system transfer custody can change the custody location of on-site and off-site fund shares.