Contact: Both are closed-end funds.
China's fund market is divided into Shanghai Stock Exchange and Shenzhen Stock Exchange. In 1990s, two exchanges were established separately, and listed companies could choose to trade in one of them. Difference: The six-digit codes 00, 200 and 300 all start with Shenzhen Stock Exchange, 00 with Shenzhen Stock Exchange A, 200 with Shenzhen Stock Exchange B, and 300 with Growth Enterprise Market (GEM is traded in Shenzhen). The six-digit codes 60 and 900 start with Shanghai stocks, 60 with Shanghai A shares and 900 with Shanghai B shares. The six-digit code 184 starts with Shenzhen closed-end fund, and the six-digit code 500 starts with Shanghai closed-end fund.
According to different investment concepts, open-end funds can be divided into active funds and passive (index-type) funds. Active fund is a kind of fund that tries to achieve performance beyond the benchmark portfolio. Unlike active funds, passive funds do not actively seek to outperform the market, but try to replicate the performance of the index. Passive funds generally choose a specific index as the tracking object, so they are often called index funds. Index funds can be divided into two types. One is pure index fund. Almost all its assets are invested in the constituent stocks of the tracked index, and almost always in Man Cang. Even if the market can clearly see that it will continue to decline in the next six months, it will stay in the state of Man Cang and will not make a positive market judgment. Another kind of index fund is the index enhanced fund. This kind of fund is based on pure indexed investment, and is adjusted appropriately according to the specific situation of the stock market.
The total number of fund units of open-end funds is not fixed, which can be issued according to the development needs and redeemed by investors. The redemption price is equal to the current net asset value minus the handling fee. Because investors can freely join or withdraw from this open-end investment fund, and there is no limit on the number of investors, it is also called * * * mutual fund. Most investment funds are open. The total amount of closed-end funds is limited, and once the issuance plan is completed, no additional issuance will be made. Investors are not allowed to redeem, but the fund shares can be publicly transferred on the stock exchange or OTC market, and the transfer price is determined by market supply and demand.
The difference between them is as follows: 1, and the variability of fund size is different. The fund shares issued by open-end funds are redeemable, and investors can subscribe for the fund shares at any time, so the size of the fund is not fixed; The scale of closed-end funds is fixed. 2. The transaction prices of fund units are different. The buying and selling price of fund units of open-end funds is based on the net asset value corresponding to the fund units, and there will be no discount. The price of closed-end fund shares will be more affected by the relationship between market supply and demand, and the price fluctuates greatly. 3. The trading channels of fund units are different. Investors of open-end funds can buy or redeem funds directly from fund management companies at any time, and the handling fee is low. The trading of closed-end funds is similar to stock trading, which can be traded in the securities market and requires the payment of handling fees and securities transaction tax. Generally speaking, the cost is higher than that of open-end funds. 4. Different investment strategies. Open-end funds must reserve a part of their funds to cope with investors' redemption at any time, and long-term investment will be restricted. However, closed-end funds cannot be redeemed, so they can make full use of funds, make long-term investments and achieve long-term business performance. 5. The required market conditions are different. Open-end funds are flexible, easy to scale, and suitable for financial markets with high openness and large scale. On the contrary, closed-end funds are suitable for financial markets with imperfect financial system, low openness and small scale.