At present, the securities investment funds in the market are all closed-end funds, such as anxin fund Fund and Anshun Fund, which are listed and traded on the stock exchange. Investors can buy and sell as long as they go to the securities business departments of various securities companies. All processes are the same as stock trading, except that the handling fee of closed-end funds is low, and investors only need to pay 0.25% commission without paying stamp duty. However, open-end funds are generally not listed on exchanges. Through fund management companies and their designated sales outlets, banks are the most commonly used sales channels for open-end funds. Investors can go to these outlets to purchase and redeem open-end funds. The specific steps are as follows: when an investor decides to invest in a fund of a fund management company, he must first open a fund account at a sales outlet designated by the fund management company, and the fund account is used to record the investor's fund holdings and changes. When applying for opening a fund account, an investor shall submit a written application to the sales outlets, and issue the fund prospectus and the corresponding documents stipulated in the fund contract. These documents usually include: copy of business license of legal person investor, certificate of legal representative and power of attorney of legal representative, ID card of individual investor, bank account number for settlement and reserved seal card. Then, investors can start to purchase and redeem open-end funds issued by fund management companies. Every time investors purchase or redeem, they must fill in the application form at the designated sales outlets. If the technical conditions are mature, they can also send instructions by fax, telephone, internet and other means. Since the transaction price of open-end funds is based on the fund net value of the day, customers can only fill in their own fund shares when purchasing, and they will not know how many fund shares they have actually purchased until the fund net value is announced the day before the next morning. When redeeming, investors only need to fill in the redemption share. Within a few working days after completing the purchase and redemption procedures, investors can print the transaction confirmation form or delivery form at the point of sale (fund management companies usually send investors a list of transactions for a period of time on a regular basis). At this point, the whole transaction is completed.