Open-ended funds are available in most developed countries, but the terminology and operating rules vary.
Some of the fees cover the cost of distributing the fund by paying commission to the adviser or broker that arranged the purchase.
Based on the forward pricing rule (22c-1); funds and their principal underwriters, and dealers must sell interests in the fund based on the Net Asset Value (NAV) which is calculated daily.
Hedge funds are typically open-ended and actively managed.
However, investors can typically redeem shares only monthly or less frequently (e.g., quarterly or semi-annually).