Open-end funds include general open-end funds and special open-end funds. The special open-end fund is LOF, which is called "listed open-end fund" or "open-end fund" in English and "listed open-end fund" in Chinese. In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. Fund size The variability of fund size is different. Closed-end funds have a definite duration (in China: not less than 5 years), and the fund shares issued during this period 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 are redeemable, and investors can buy the fund shares at will during the duration of the fund, which leads to the constant change of the total fund amount 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. Fund shares are bought and sold in different ways. When a closed-end fund is initiated, investors can subscribe to the fund management company or sales organization; When closed-end funds are listed and traded, investors can entrust brokers to buy and sell at market prices on the stock exchange. When investors invest in open-end funds, they can purchase or redeem them from fund management companies or sales organizations at any time. The buying and selling prices of fund shares are formed in different ways. Because closed-end funds are listed on the exchange, their buying and selling prices are greatly influenced by the relationship between market supply and demand. When the market supply is less than the demand, the buying and selling price of fund shares may be higher than the net asset value of each fund share, and then the fund assets owned by investors will increase; When the market supply exceeds demand, the fund price may be lower than the net asset value of each fund share. The buying and selling price of open-end funds is calculated based on the net asset value of fund shares, which can directly reflect the net asset value of fund shares. In terms of fund transaction costs, investors have to pay a certain percentage of securities transaction tax and handling fee in addition to the price when buying and selling closed-end funds, just like buying and selling listed stocks; The related expenses (such as initial subscription fee, redemption fee, etc.) that investors of open-end funds need to pay are included in the fund price. Generally speaking, the transaction cost of closed-end funds is higher than that of open-end funds. Investment strategy funds have different investment strategies. Since closed-end funds cannot be redeemed at any time, all the funds raised can be used for investment, so that fund management companies can formulate long-term investment strategies and achieve long-term business performance. On the other hand, open-end funds must keep some cash so that investors can redeem it at any time, but not all of it is used for long-term investment. Generally invest in assets with strong liquidity. Is the scale of the fixed-income fund 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; Listed transactions, listed transactions, closed-end funds listed on the stock exchange, open-end funds sold and redeemed in the business premises of sales agencies, not listed; The price determines the purchase and redemption price of open-end funds. By calculating the net asset value of fund shares published daily plus or minus a certain handling fee, the investment value can be clearly reflected, while the transaction price of closed-end funds is mainly affected by the supply and demand of specific fund shares in the market. Management requires open-end funds to face redemption pressure at any time, 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.