Exchange-traded Fund (“ETF”) is an open-end fund which is listed and traded on stock exchanges and invests in constituent securities of specified indices or other underlying assets according to the fund contract. The ETF units are created and redeemed with securities portfolios, cash, or any other consideration as agreed in the fund contract. ETFs include stock ETFs (domestic), bond ETFs, cross-border ETFs and commodity ETFs, etc.
Listed Open-end Fund (LOF) is an open-end fund, listed and traded on stock exchanges. The LOF units can be subscribed, purchased, redeemed or traded by investors through exchange securities institutions, or subscribed, purchased or redeemed through OTC fund institutions.
Closed-end Fund is a fund which is closed to new investors and whose total number of units is fixed during the term of the fund contract. The fund units can be traded on stock exchanges, but cannot be redeemed.
Money Market Fund is a fund which mainly invests in the money market. Money market funds include real-time subscription and redemption money market funds and exchange-traded money market funds (also known as monetary ETFs). Real-time subscription and redemption money market funds are purchasable and redeemable through exchange system, whereas exchange-traded money market funds can be created and redeemed through exchange system or traded on the exchange secondary market.