The share of stocks or closed-end funds is fixed unless dividends are paid. In the secondary market, no matter which shareholder sells it to which shareholder, no matter how the fund price changes, his total share capital remains unchanged.

Open-end funds are different. Their total shares are not fixed. For example, when the open-end fund was first raised, the total share capital was 200 million. If it operates well and many people subscribe, its total share capital will become 300 million or even more. If the business is not good, you will encounter a large redemption. The total shares are getting less and less until the listing is suspended.

Stock trading, subscription, purchase and redemption of open-end funds are all for this reason.