Dacheng fund can be divided into closed-end fund and open-end fund according to different operation modes.

Closed-end fund refers to a fund operation mode in which the fund share is fixed within the term of the fund contract, and the fund share can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption.

Open-end fund refers to a fund operation mode that the fund share is not fixed and can be purchased and redeemed at the time and place agreed in the fund contract.