Basis: Closed-end funds and open-end funds are two forms of funds, which are divided according to whether the fund shares are fixed and whether investors can purchase and redeem them. Closed-end funds will have a predetermined issuance scale (for example, 2 billion shares) at the time of issuance, and the total share of funds will remain unchanged after issuance. Investors can only trade with other investors in the secondary market like buying and selling stocks, and the transaction price is determined by market supply and demand; However, open-end funds generally have no definite issuance scale when they are issued, and investors can issue as much as they buy. After the issuance, investors can directly apply to the fund company for subscription or redemption, and buy and sell fund shares according to the net asset value of the fund. In this process, the total share of open-end funds also changes from time to time.