Ordinary open funds are over-the-counter funds, that is, there is only one net value as the price for subscription and redemption every day. As for closed funds, LOF ETF funds are exchange-traded funds, and their prices are the same as stocks, changing at any time during the day.

OTC is understood as outside the stock trading market, which is the agency sales of banks and securities companies, the direct sales method of fund companies, which is the familiar open-end fund sales channel.