1. Open-end funds (Open-endFunds), also known as mutual funds, mean that when the fund sponsor establishes the fund, the total size of the fund units or shares is not fixed, and the fund can be sold to investors at any time depending on the needs of investors.

A fund operation method in which outstanding fund units or shares can be redeemed at the request of investors.

2. Investors can either purchase funds through fund sales agencies, causing the fund assets and scale to increase accordingly, or they can sell their fund shares to the fund and withdraw cash, causing the fund assets and scale to decrease accordingly.