Open-end fund is one of the basic forms of fund operation in the world. Fund management companies can sell new fund shares to investors at any time, and also need to buy back their fund shares at any time at the request of investors. The main differences between open-end funds and closed-end funds are:

(1) The fund size is not fixed. Closed-end funds have a fixed duration, and the fund size is fixed during the duration. Open-end funds have no fixed duration, and their scale can change at any time due to investors' purchase and redemption;

(2) Unlisted. Closed-end funds are listed and traded on the stock exchange, while open-end funds are sold and redeemed in the business premises of sales organizations, and are not listed and traded;

(3) The price is determined by the net value. The subscription and redemption prices of open-end funds are calculated by the daily net asset value of the fund unit plus or minus a certain handling fee, which can clearly reflect its investment value, while the transaction price of closed-end funds is mainly affected by the supply and demand relationship between the market and specific fund units;

(4) High management requirements. Open-end funds are faced with redemption pressure at any time, so they should pay more attention to risk management such as liquidity and require fund managers to have a high level of investment management. The development process of world investment funds basically follows the development law from closed to open.