Open-ended or closed-ended

• An open-ended investment fund is a fund which, under its terms (articles of association, statutes, etc.) issues or repurchases shares (units of participation) on an ongoing basis.
• Closed-ended investment funds do not issue and repurchase units of participation on an ongoing basis.

In addition to these two main types, there are also intermediate types, which place restrictions on the issue and repurchase of units. For example, once a month or quarter. If this is the case, they must be classified as open-end, given that units can be bought or sold directly, despite the restrictions. As a rule, investment funds must only be classified as closed-ended if they do not issue new units after their formation and do not hold repurchase units before they are liquidated.