Formal open-end funds can only be sold until the open day. Regular open-end fund means that the fund is open once on a regular basis. During the opening period, the fund can purchase and redeem at will. After the opening period, the fund enters a closed period, and closed-end funds cannot trade.

Fixed-term open-end funds are not suitable for investors with high liquidity requirements because of their poor liquidity. Investors should plan their funds well when choosing regular open-end funds.