Contractual fund, also known as unit trust fund, refers to the fund established by investors (fund purchasers), managers (fund issuing companies) and custodians (commercial banks) as fund parties to issue beneficiary certificates in the form of signing fund contracts. It is a kind of agency investment behavior organized on the basis of contract principle. There is no fund charter or company board of directors, but the behavior of the three parties is regulated through fund enterprises. The fund manager is responsible for the management and operation of the fund. As the nominal holder of the fund assets, the fund custodian is responsible for the custody and disposal of the fund assets and supervises the operation of the fund manager.

Open-end fund refers to a fund in which the total amount of fund issuance is not fixed, and the total amount of fund shares increases or decreases at any time, and investors can purchase or redeem the fund shares in the business premises stipulated by the state according to the fund quotation. Opening a position is relative to closing a position, and the funds shown in the stock market are closed.

All we can buy outside (commercial banks) now are contractual open-end funds.