Advantages of open-end funds: 1. The change of scale will bring pressure to the fund and make it better managed. 2. Purchase and repurchase are relatively easy and can be carried out at any time. Disadvantages of open-end funds: Because they can be redeemed at any time, fund companies will reserve some funds to deal with customers' redemption, so they can't make full use of funds for investment. Advantages of closed-end funds: 1, you can make full use of funds without considering redemption. Disadvantages of closed-end funds: 1, the scale will not change, so the pressure on fund managers is less. 2. If you redeem in advance, you need to pay liquidated damages.