(1) Generally, different deadlines have fixed deadlines. In China, the duration of closed-end funds is mostly around 15, and there is generally no duration.

(2) Fund shares with different share restrictions are fixed and may not be increased or decreased without legal approval during the closed period. The scale is not fixed, investors can apply or redeem at any time, and the fund share will increase or decrease accordingly.

(3) Trading places can only entrust securities companies to buy and sell on the stock exchange at different market prices after issuance, and the transaction is completed among investors. Investors can apply to the fund management company or its sales agency for subscription or redemption, and the transaction is completed between the investor and the fund management company.

(4) The different price formation modes are mainly influenced by the relationship between supply and demand in the secondary market. When the demand is strong, the transaction price will exceed the net value of fund shares, resulting in premium trading, and vice versa. The buying and selling price is based on the net value of fund shares and is not affected by the relationship between supply and demand.

(5) Incentive and restraint mechanism is different from investment strategy.

During the closed period, investors can't redeem their investments no matter how they perform, so fund managers will not face direct pressure in operation. He can make long-term investment and full investment according to the pre-set investment plan, and invest the fund assets in securities with poor liquidity, which is conducive to the improvement of the long-term performance of the fund in this certain procedure.

Good performance will attract new investment, and the management fee income of fund management companies will also increase; On the other hand, it faces the pressure of redemption, so it can provide a better incentive and restraint mechanism than closed-end funds. On the other hand, because the share is not fixed, open-end funds must maintain certain cash assets and attach great importance to the liquidity of fund assets, which will adversely affect the long-term operating performance of funds to some extent.