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.

3. Closed-end funds

Closed-end fund refers to a fund whose total amount of issuance is determined in advance and the total number of fund shares remains unchanged during the closed period. After the fund is listed, investors can transfer and buy and sell the fund shares through the securities market.

15, exchange traded funds (ETFs) and listed open-end funds (LOF)

Exchange-traded funds (ETFs) refer to funds that can be traded on exchanges. Exchange-traded funds are still open-end funds in legal structure, but they are mainly traded in the secondary market by bidding; Moreover, cash subscription and redemption are usually not allowed, but a basket of stocks is used to create and redeem fund units. For ordinary investors, ETFs are mainly traded in the secondary market.

LOF(Listened Open Fund) refers to the open-end securities investment fund listed and traded on the exchange, also known as "listed open-end fund". LOF investors can purchase and redeem funds with the net value of funds through fund managers or their entrusted sales organizations, or they can buy and sell funds through the exchange market at the transaction price set by the trading system.