1. The difference between funds that can be traded in the securities market and ordinary funds lies in the different types of funds. Closed-end funds can only be traded on stock exchanges, while open-end funds can be traded directly through securities companies, banks and fund companies.

2. Closed-end funds refer to fund sponsors who limit the total number of fund units when they set up funds. After raising the total amount, the fund will be declared closed and will not accept new investments 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.

3. 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 when setting up a fund, 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.