The share of closed-end funds is fixed, even if the fund performs well, its expansion ability is greatly affected. Compared with closed-end funds, general open-end funds provide a better incentive and restraint mechanism for fund managers. The share of open-end funds is not fixed, and the investment operation is often affected and interfered by unpredictable capital inflows and outflows. Especially in order to meet the needs of fund redemption, open-end funds must maintain certain cash assets and attach great importance to the liquidity of fund assets, which will adversely affect the long-term operating performance of the fund to some extent. Relatively speaking, because the closed-end fund has no redemption pressure, it is beneficial to improve the long-term performance of the fund to some extent.