ETF mainly refers to ETF(Exchange Traded Fund), a transactional open-end index fund, also known as exchange traded fund, which is an open-end securities investment fund product listed and traded on the exchange, and the trading procedures are exactly the same as those of stocks. Listed Open-end Fund (lof) and Exchange-traded Fund (etf) are easily confused concepts. Because they all have the characteristics that open-end funds can be purchased, redeemed and their shares can be traded on the market. In fact, there are essential differences between the two. ETF refers to a fund that can be traded on an exchange. ETF usually adopts a completely passive management method, aiming at fitting an index. It provides investors with two trading methods: exchange trading, subscription and redemption. On the one hand, like closed-end funds, investors can buy and sell ETFs on the exchange, and they can sell short and trade margin like stocks (if the market allows stock trading in these two forms); On the other hand, like open-end funds, investors can purchase and redeem ETFs, but when purchasing and redeeming, ETFs exchange fund shares and "a basket" of stocks with investors. ETF has the characteristics of tax advantage, cost advantage and flexible transaction. LOF is an innovation in the trading mode of open-end funds, and its more practical significance lies in: on the one hand, LOF provides technical means for "closing to opening". For closed-end funds, LOF is a solution that inherits the characteristics of closed-end funds and increases investors' withdrawal methods. For closed-end funds, LOF is not only a reasonable transformation of fund trading methods, but also a reasonable inheritance of open-end funds to closed-end funds. On the other hand, LOF's on-site trading reduces the redemption pressure. In addition, LOF has increased sales channels for fund companies and eased the sales bottleneck of banks. LOF is similar to ETF in that it has both off-exchange and on-exchange trading methods, which at the same time provide investors with the possibility of arbitrage. In addition, LOF is different from the current open-end funds in that it increases the trading flexibility brought by on-site trading. The differences between the two are as follows: first, ETF is essentially an index-type open-end fund, which is a passive management fund, while LOF is an ordinary open-end fund that increases the trading mode of the exchange, which may be an index fund or an active management fund; Secondly, when purchasing and redeeming, ETF exchanges fund shares and "a basket" of stocks with investors, while LOF exchanges cash with investors; Thirdly, in the primary market, that is, when purchasing and redeeming, ETF investors are generally large investors, such as institutional investors and large-scale individual investors, while LOF is not limited; Finally, in the secondary market, ETF provides a fund net quotation every 15 seconds, while LOF provides a fund net quotation every day.