Open-end securities investment funds listed and traded on the exchange can purchase and redeem the funds with net value through the fund manager or the sales organization entrusted by the fund manager, or buy and sell the funds through the exchange market at the transaction price set by the trading system.

According to whether it can be listed on the stock exchange, securities investment funds can be divided into listed funds and unlisted funds. Listed funds refer to securities investment funds whose fund shares are listed on the stock exchange. For example, transactional open-end index funds (ETFs), listed open-end funds (lof) and closed-end funds.