1. Open-end funds with different durations have no fixed term, and investors can redeem their fund shares from the fund manager at any time; Closed-end funds usually have a fixed closure period, generally 10 year or 15 year, which can be appropriately extended with the approval of the beneficiaries' meeting and the consent of the competent authorities. 2. Open-end funds with variable sizes usually have no issue size limit, and investors can apply for subscription or redemption at any time, so the fund size increases or decreases; Closed-end funds specify their fund size in the prospectus, and the total duration after issuance is fixed, and they may not be issued without legal procedures. 3. Open-end funds with different redeemability have legal redeemability. Investors can apply for redemption at any time after the end of the initial public offering for a period of no more than 3 months. However, closed-end funds cannot be redeemed during the closed period, and listed funds can be transferred through the stock exchange, and their shares remain unchanged. 4. The calculation standard of transaction price is different. The transaction price of closed-end funds is influenced by the relationship between market supply and demand, and there is often a phenomenon of premium or discount transactions, which are usually discount transactions and do not necessarily reflect the net asset value of funds; The subscription price of open-end funds is generally the net asset value of the fund unit plus a certain subscription fee, and the redemption price is the net asset value of the fund minus a certain redemption fee, which has little to do with market supply and demand.