1. Open-end fund means that fund share holders can redeem their shares from the fund company at any time, and can also buy and increase their fund shares at any time.
2. Closed-end fund refers to the share that a certain amount of funds are raised at the time of issuance and a specific holding period is set. The holder cannot redeem it from the fund company, but can only redeem it or transfer it to other investors at maturity.
The scale of open-end funds changes with the change of demand, and the fund shares can be bought and sold freely according to market demand, with high liquidity. Closed-end funds are usually fixed in scale and less liquid than open-end funds.