1, with different concepts. Fund subscription and redemption refers to the investor's request to the fund management company to withdraw from fund investment and remit the money bought back to the investor's account; Fund trading refers to the purchase and redemption of funds at any trading time without any restrictions.

2. The transaction objects are different. Fund subscription and redemption is a transaction between investors and fund companies; Fund trading is a matchmaking transaction between investors.

3. Different trading places. Fund subscription and redemption belong to OTC fund transactions; The trading of funds belongs to on-site fund trading.

4. The transaction price is different. The purchase and redemption of the fund shall be settled according to the net value of the fund. Generally, there is only one sum per day, which is calculated according to the price after the close of the day. The buying and selling price of funds is similar to the stock price, which fluctuates in real time according to the relationship between market supply and demand.

5. Different trading products. The products purchased and redeemed by funds include money funds and bond funds; The products traded by the fund include LOF funds, ETF funds and closed-end funds.