1, share restrictions are different. Open-end fund refers to the fund whose scale is not fixed and investors can purchase and redeem it at any time; The scale of closed-end funds is fixed and will not change during the period.

2. The trading system is different. Open-end funds can be purchased and redeemed at any time; Closed-end funds cannot be redeemed during the closed period, and part of the funds can be transferred to on-site transactions.

3. The terminology is different. Open-end funds have no fixed term, while closed-end funds have fixed term, such as 5-year strategic placement funds and real estate trust funds.

There is no redemption pressure for closed-end fund investment, and fund managers can make long-term strategic layout of funds. In the stock exchange market, the cost of closed-end funds is very low, only three thousandths. The disadvantage of closed-end funds is the long-term lack of trading operation, which will lead to the lack of incentive mechanism for fund managers and poor operating performance.