Open-end fund is one of the basic forms of fund operation in the world. Fund management companies can sell new fund shares to investors at any time, and also need to buy back their own fund shares at any time according to the requirements of investors. Accordingly, closed-end funds have an upper limit of fund size and cannot be purchased and redeemed at will.

According to whether it can be listed on the stock exchange, open-end funds can be divided into listed open-end funds and contractual open-end funds.

Listed and traded open-end funds refer to securities investment funds whose fund shares are listed and traded on the stock exchange, and both sides of the fund are investors. For example, transactional open-end index funds (ETFs) and listed open-end funds (LOF).

Contractual open-end fund refers to the securities investment fund whose fund share cannot be listed and traded on the stock exchange. Although such funds cannot be listed on the stock exchange, they can be traded through "subscription" and "redemption", and the trading parties of such funds are investors and fund companies.

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On-site funds and off-site funds:

Ordinary open-end funds belong to OTC funds, that is, only one net value is used as the purchase and redemption price every day. And closed-end, LOF ETF these funds are floor-trading funds, and their prices, like stocks, are changing at any time.

Off-exchange market is understood as the stock exchange market, that is, the agency sales of banks and securities companies, and the direct sales of fund companies, that is, the familiar open-end fund sales channels.

I hope it helps you.