Funds purchased from banks are open-end funds, and closed-end funds can be bought and sold in securities companies; Open-end funds can be purchased or subscribed or redeemed in banks and securities companies, but banks or securities companies must be qualified to act as agents for the funds.

Open-end fund refers to a fund operation mode in which fund sponsors can sell fund shares or shares to investors at any time according to their needs, and can redeem the issued fund shares or shares at the request of investors. Investors can buy funds through fund sales agencies, so that the assets and scale of the fund will increase accordingly, or they can sell their fund shares to the fund to recover cash, so that the assets and scale of the fund will decrease accordingly.