中文：

LOF基金，全称为"Listed Open-Ended Fund"，即上市开放式基金，是一种既可以在场外市场进行基金份额申购、赎回，又可以在交易所（二级市场）进行基金份额交易和申购或赎回的开放式基金。与场外交易的开放式基金的主要区别在于，LOF基金可以通过交易所平台进行基金份额的交易。

LOF基金的运作包括一级市场和二级市场两个部分。在一级市场上，投资者可以像在场外市场一样，向基金管理人申购或赎回基金份额。在二级市场上，投资者则可以通过证券交易所的交易平台进行基金份额的买卖。

由于LOF基金具有在场内和场外两个市场交易的特点，因此可以为投资者提供更多的交易选择和更高的流动性。同时，LOF基金也可以实现套利交易，即在二级市场上买入基金份额后，可以在一级市场上赎回，或者在一级市场上申购基金份额后，在二级市场上卖出，从而获取无风险的收益。

英文：

LOF, short for "Listed Open-Ended Fund", is an open-ended fund that can be traded on the secondary market as well as the primary market. It allows investors to purchase or redeem fund shares through the fund manager on the primary market, and to buy or sell fund shares on the secondary market through a stock exchange.

The operation of LOF funds includes two parts: the primary market and the secondary market. On the primary market, investors can purchase or redeem fund shares in the same way as for off-exchange open-ended funds. On the secondary market, investors can buy or sell fund shares through a stock exchange.

LOF funds have the characteristics of trading on both the primary and secondary markets, which can provide investors with more trading options and higher liquidity. At the same time, LOF funds can also achieve arbitrage transactions, allowing investors to buy fund shares on the secondary market and redeem them on the primary market, or purchase fund shares on the primary market and sell them on the secondary market, thereby obtaining risk-free returns.