The transaction price of closed-end funds is mainly affected by the relationship between supply and demand in the secondary market. When the demand is strong, the transaction price in the secondary market of closed-end funds will exceed the net value of fund shares, and there will be a premium transaction phenomenon; On the contrary, when the demand is low, the transaction price will be lower than the net value of the fund share, and there will be a discount transaction. The buying and selling price of open-end funds is based on the net value of fund shares and is not affected by the relationship between market supply and demand.