What is an open-end fund? Known as a mutual fund abroad, it constitutes one of the two basic modes of operation of funds, along with closed-end funds. The asset size of an open-end fund is not fixed; it can be subscribed to and redeemed. There is no maturity date, meaning theoretically it can exist forever. It is not listed on an exchange but is traded through distribution agencies and direct sales centers. Its price is determined by the net asset value. Fund units can be sold to investors at any time and can also be repurchased at the request of investors. On the other hand, a closed-end fund has a fixed asset size, a fixed duration, is listed on an exchange, and its price is determined by supply and demand. While the net asset value of the fund affects the fund's price, the two are not identical. Closed-end funds usually trade at a discount.