Open-end fund refers to a fund operation mode in which 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 refers to the fund sponsors who limit the total amount of fund units when they set up the fund, and then announce the establishment and close it, and will not accept new investment for a certain period of time. The circulation of fund units adopts the method of listing on the stock exchange, and investors who want to buy or sell fund units in the future must conduct bidding transactions in the secondary market through securities brokers.