You are wrong. Closed-end funds can be traded like stocks. Closed-end fund refers to the fund sponsors' restrictions on the total amount of fund units when setting up funds. After raising the total amount, the fund is announced to be established and closed, and no new investment will be accepted for a certain period of time. The circulation of fund shares is listed on the stock exchange, and investors must bid on the secondary market through securities brokers in the future. For example, 5000 1 1 fund Jin Xin and 5000 15 fund Hanxing are all closed-end funds.

Open-end fund refers to a fund operation mode in which fund sponsors can sell fund shares or shares to investors at any time according to their needs, and can redeem the issued fund shares or shares at the request of investors. Investors can buy funds through fund sales agencies, so that the assets and scale of the fund will increase accordingly, or they can sell their fund shares to the fund to recover cash, so that the assets and scale of the fund will decrease accordingly. For example, 0000 1 1 Huaxia market selection are all open-end funds.