What is the difference? -Investors can trade in institutions or the secondary market (stock market). In other words, you can purchase and redeem fund shares, and you can also buy and sell fund shares.
In the secondary market transactions, the buying and selling of funds and stocks are the same. All transactions are conducted among investors, and fund companies do not participate. In other words, you buy fund shares from other investors, and if you don't want them, you sell them to other investors. To be clear, if no investor wants to sell his fund share, you can't buy it; If no investors want to buy fund shares, your fund will not be sold, although the probability of this situation is very small.