Southwest Securities can buy funds. Closed-end funds are generally products sold by securities institutions and can be purchased directly. Open-end funds need to open an open-end fund account in a securities institution before they can purchase.

Closed-end fund banks and securities companies sell more funds on commission. Generally, only funds that cooperate with banks or brokers will be sold on a commission basis. There are few types of funds and high fees. Open-end funds can only be traded with open-end fund accounts.