Closed-end fund: refers to the fund sponsors' restrictions on the total amount of fund shares issued when setting up a fund. After raising the total amount, the fund is announced to be established and closed, and no new investment will be accepted for a certain period of time. Generally listed on the stock exchange, investors buy and sell fund shares through the secondary market.

Open-end funds: divided into general open-end funds and special open-end funds. It is called "listed open-end fund". In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges.

Compared with closed-end funds, open-end funds have great advantages in incentive and restraint mechanism, liquidity, transparency and investment convenience.

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