LOF refers to an open-end fund that is listed and traded. \x0d\ Such funds can be purchased and redeemed through the channels of fund companies like ordinary open-end funds, and can also be bought and sold in the secondary market like stocks. \x0d\\x0d\ Through the intermediary, the fund shares of these two channels can circulate with each other, mainly because investors arbitrage when the secondary market price is different from the net value announced by the fund company. Although this kind of arbitrage is feasible in theory, due to the intermediary conversion fee, subscription redemption fee, multi-day determination and other reasons, the cost of doing so is relatively high, so there are few arbitrage opportunities in practice. \x0d\\x0d\ For example, the theme of Bosera is LOF Fund.