1. Ordinary open-end funds: the management scale is not fixed. Under normal circumstances, investors are free to purchase and redeem (except for huge redemption). The price investors use for subscription and redemption is the net value of the fund on the trading day.

2. Closed-end fund: The management scale is fixed. Investors can't purchase or redeem the fund during the closed period, but can only buy and sell the fund shares in the secondary market according to the market supply and demand. The transaction price is the result of the game between the buyers and sellers of shares, and has nothing to do with the net value of fund shares. This is also the reason why closed-end funds will discount.