1. OTC funds are divided into open and closed types. For open-end funds, funds are usually confirmed by T 1 and displayed by T 2. After T 2 is displayed, investors can choose to sell at any time. For closed-end funds, you need to wait until the open day to purchase and redeem. Off-exchange closed-end funds are generally fixed investment funds for xx months, which means that they will be open regularly for xx months.
2. On-site funds. Market funds can be bought and sold in the secondary market like stocks, most of which are T 1. The trading system can only buy on the same day and sell on the next trading day. There are also a few floor funds that can sell T 0 transactions, such as bond ETFs, gold ETFs, currency ETFs and cross-border ETFs. In fact, on-site funds can also be opened and closed, but because most transactions are not off-site purchases and redemptions, they are the circulation of fund shares among investors.