1, renewal period: closed-end funds have a definite duration, during which the issued fund shares cannot be redeemed. However, the duration of open-end funds is not fixed, and investors can purchase or redeem fund shares at any time.

2. Variability of scale: The scale of closed-end funds is fixed after issuance and cannot be changed. The scale of open-end funds can be changed at any time, because investors can purchase or redeem fund shares at will during the duration of the fund.

3. Liquidity: Closed-end funds cannot be directly purchased or redeemed. If investors need to realize their fund shares, they can only buy and sell in the secondary market, which may be affected by market supply and demand, so it is difficult to sell or need to sell at a discount. In contrast, open-end funds are more liquid, and investors can redeem them directly with the net value of the funds.