According to the different trading methods of open-end funds, open-end funds can be divided into listed open-end funds and contractual open-end funds.

All funds listed on the stock exchange are listed and traded, and both buyers and sellers are fund investors. It mainly includes transactional open-end index funds (ETFs) and listed open-end funds (LOF).

Although contractual open-end funds are not listed on the exchange, the transactions between investors and fund companies are completed through subscription and redemption.

This so-called anytime does not mean immediate delivery after the transaction. The delivery of listed transactions is T+ 1, while the subscription and redemption of signed open-end funds are often T+2 or T+3.

I hope the above answers can help you.