The issue price is per Zhang Yiyuan. According to whether fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not listed (depending on the situation).

Through the subscription and redemption of banks, brokers and fund companies, the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

Closed-end funds with deferred information have a definite duration (in China, the duration is not less than 5 years), during which the issued fund shares cannot be redeemed. Although this kind of fund can be raised under special circumstances, it must meet strict legal conditions.

So in general, the size of the fund is fixed. However, the fund shares issued by open-end funds can be redeemed, and investors can also buy fund shares at will during the duration of the fund, which leads to the constant change of the total amount of funds every day. In other words, it is always in an "open" state. This is the fundamental difference between closed-end funds and open-end funds.

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