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 traded on the market (as the case may be), and the fund scale is not fixed through the subscription and redemption of banks, brokers and fund companies.

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.