First of all, closed-end funds are certain.

Secondly, open-end funds are not allowed.

Reason: Fund transactions are called subscription (new fund)/subscription (old fund) and redemption.

First, after the subscription of new funds, there will generally be a closed period of 2-3 months. During the closed period, the fund can't do any trading activities, let alone buy and sell stocks every day.

Second, even if the old fund does not have a closed period, the maturity fund sold (redeemed) on the same day will have a different maturity. Generally, the arrival period of transactions through securities companies is 3 working days (postponed in case of holidays), and the arrival period of transactions through banks is 5 to 7 days. In other words, if you want to buy other funds or original funds with the funds sold (redeemed) on the same day, you have to wait for 3 days at the earliest, so open-end funds can't buy and sell every day like stocks.

Note: it is impossible to buy and sell open-end funds every day because of the delay in the arrival of funds during redemption.