1. Open-end fund: Investors can buy and redeem open-end funds at any time, which is relatively free and free from special restrictions.

2. Closed-end funds: the subscription and redemption of closed-end funds are within a certain period of time, and there are relevant regulations, which are relatively fixed.

Second, the trading places are different.

1. Open-end fund: The share of open-end fund is not fixed, and the transaction is completed between investors and fund managers.

2. Closed-end fund: After the closed-end fund is raised, the fund shares are listed and traded on the stock exchange. Investors can only entrust securities companies to buy and sell closed-end fund shares at the market price on the exchange, and the transaction is completed among investors.

Third, the buying and selling prices of fund shares are formed in different ways.

1. Open-end fund: The buying and selling price of open-end fund is calculated based on the net asset value of fund share, which can directly reflect the net asset value of fund share.

2. Closed-end funds: As closed-end funds are listed on the exchange, their buying and selling prices are greatly affected by the relationship between market supply and demand. When the market supply is less than the demand, the buying and selling price of fund shares may be higher than the net asset value of each fund share, and then the fund assets owned by investors will increase; When the market supply exceeds demand, the fund price may be lower than the net asset value of each fund share.

Baidu encyclopedia-closed-end fund

Baidu Encyclopedia-Open Fund