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

Closed-end fund means that when the fund sponsors set up a fund, they limit the total amount issued by the fund units, then announce the establishment and close it, and do not accept new investment for a certain period of time. The circulation of fund shares adopts the way of listing on the stock exchange, and investors must conduct bidding transactions in the secondary market through securities brokers in the future.