(1) terms are different. Closed-end funds usually have a fixed closed-end period, while open-end funds have no fixed closed-end period. Investors can redeem the fund share from the fund manager at any time. ?

(2) Different fund size restrictions. Closed-end funds stipulate the scale of the fund, which shall not be increased without legal procedures during the closed period. There is no size limit for open-end funds, and investors can purchase or redeem them at any time, so the fund size will increase or decrease. ?

(3) Fund units have different trading methods. The fund shares of closed-end funds can only be traded on stock exchanges; Open-end funds can be purchased or redeemed from fund managers or intermediaries at any time after the initial issuance. ?

(4) The calculation criteria of the transaction price of fund shares are different. The buying and selling price of closed-end funds is affected by the relationship between market supply and demand, and there are often premiums or discounts, which do not necessarily reflect the net asset value of fund units. The transaction price of open-end funds depends on the net asset value of fund units and is not directly affected by market supply and demand. ?

(5) Different investment strategies. Closed-end funds can be used for long-term investment, and the fund portfolio can be effectively carried out within the predetermined plan. It is impossible for an open-end fund to use all its fund assets for investment, let alone all its funds for long-term investment. It is necessary to keep some cash and highly liquid financial commodities in the portfolio.