closed-end fund

a fund with closed-end operation mode (hereinafter referred to as closed-end fund) refers to a fund whose total approved fund share is fixed within the term of the fund contract, and the fund share can be traded in a legally established securities exchange, but the fund share holder may not apply for redemption.

open fund

open-end (mutual) fund

There is no limit on the number of shares issued by the fund, and new shares can be issued as investors are willing to buy, and the fund can be traded between investors and fund companies. The share price of the fund is determined by the fund company based on the net asset value of the fund portfolio.

What the bank issues and the online subscription only have different purchase channels, which is different from the above concept.