Closed-end funds are closed-end funds, with 500 million copies at the time of issuance, so there will still be 500 million copies when the contract is terminated. If you want to buy a closed-end fund that has been issued, you can only buy it from the original holder, not from the fund company.
Lof fund is an open-end fund that can be traded on the exchange. The scale of this fund is open, but it can be traded in the securities market in real time and subscribed by banks.
ETF is an exchange-traded fund with an open scale, but it can be traded in the securities market.
Lof and etf are easily confused, and the main differences are as follows:
First of all, ETF is essentially an index open-end fund, which is passively managed, while LOF is an ordinary open-end fund, which increases the trading mode of the exchange. It may be an index fund or an actively managed fund. Secondly, when purchasing and redeeming, ETF exchanges fund shares and "a basket" of stocks with investors, while LOF exchanges cash with investors; Thirdly, in the primary market, that is, when purchasing and redeeming, ETF investors are generally large investors, such as institutional investors and large-scale individual investors, while LOF is not restricted; Finally, in the secondary market, ETF provides a net quotation of funds every 15 seconds, while LOF provides a net quotation of funds every day.
Hybrid funds are relative to stock funds, bond funds and monetary funds. The above three investment targets are a single stock, bond or currency, and hybrid funds are a mixture of two or all. The specific mixing type and proportion depend on the provisions of the fund prospectus.
To sum up, open-end funds and closed-end funds are defined by scale. On this basis, open-end funds are divided into ordinary open-end funds, ETFs, lof and so on, and closed-end funds also have many innovative forms, so I won't go into details here.