LOF (Listed Open-Ended Fund) refers to the open-end fund issued and traded in Shenzhen Stock Exchange (SZSE). During the fund-raising period, in addition to subscription by fund managers and distributors (such as bank branches), investors may also go to the eligible securities business halls and subscribe through SZSE Trading System.

Listed open-end fund has three main features: (1) A listed open-end fund on essence is a type of open funds, so the total number of fund shares is not fixed and can be purchased and redeemed in the agreed contract time and place. (2) The issuance of a listed open-end fund enjoys the sale advantage of the combination of banking institutions and SZSE trading network. (3) Once the listed open-end fund is allowed to be listed on Shenzhen Stock Exchange, investors can choose to purchase and redeem the fund shares at the net value on the close day by banks, or choose to sell and buy fund shares at the negotiated price in the business halls of the membership securities companies of SZSE.

In SZSE, the transactions procedures of the listed open-end fund were basically the same as the closed-end funds; the price formation mechanism of the listed Open-end fund and that of the A-share is also the same.