An open-ended fund is one that is available for subscription all through the year. These do not have a fixed maturity. 

These funds buy and sell units on a continuous basis and, hence, allow investors to enter and exit as per their convenience. 

Since the units of open ended funds are not traded on the stock exchange, there is no limit on the number of units that the fund can issue. Investors can buy (purchase) or sell (redeem) units from the fund house on any working day at the existing Net Asset Value or NAV of the scheme. 

The NAV is determined by the performance of the underlying securities of the fund. These schemes do not have a maturity period.