1. Closed-end fund refers to the fund sponsors who limit the total issuance of fund units when setting up funds. 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.
2. Open-end fund refers to a fund operation mode in which fund sponsors can sell fund shares or shares to investors at any time according to their needs when setting up a fund, and can redeem the issued fund shares or shares at the request of investors.