This question is a bit general, so to speak, funds are divided into open-end funds and closed-end funds. Closed-end funds can be traded on the Shanghai and Shenzhen stock exchanges, so-called listed funds. Of course, you need to open an account in Shanghai and Shenzhen stock exchanges to buy and sell. Open-end funds can be bought and sold in banks, internet financial platforms and securities companies. That is, unlisted funds can be bought and sold without opening an account in Shanghai and Shenzhen Stock Exchanges.