The difference between closed-end funds and open-end funds: 1. The share of closed-end funds is fixed and cannot be increased or decreased without legal procedures during the closed period, while the share of open-end funds is not fixed. 2. The duration of closed-end funds is fixed, while open-end funds have no specific duration. 3. Closed-end funds are listed and traded on the stock exchange, while open-end funds are traded between investors and fund managers.

Closed-end fund refers to a securities investment fund that has determined the total amount of issuance and the issuance period when it is established, and fixed the total amount of issuance within the specified period after the issuance is completed. Investors of closed-end funds can't redeem their fund shares from the issuer during the fund's existence, and the realization of fund shares must be listed and traded on the stock exchange.

Open-end fund, also known as * * * mutual fund, refers to a fund operation mode that fund sponsors can sell fund shares or shares to investors at any time according to their needs when setting up a fund, and can redeem the fund shares or shares issued externally at the request of investors.

Open-end funds and closed-end funds are isomorphic, forming two basic modes of fund operation. Open-end fund refers to an investment fund whose scale is not fixed, but which can issue new shares or be redeemed by investors at any time according to market supply and demand.