1, the fund size is not fixed. Closed-end funds have a fixed duration, and the fund size is fixed during the duration. Open-end funds have no fixed duration, and their scale can change at any time due to investors' purchase and redemption;

2. Unlisted transactions. Closed-end funds are listed and traded on the stock exchange, while open-end funds are sold and redeemed in the business premises of sales organizations, and are not listed and traded;

3. The price is determined by the net value. The subscription and redemption prices of open-end funds are calculated by the daily net asset value of the fund unit plus or minus a certain handling fee, which can clearly reflect its investment value, while the transaction price of closed-end funds is mainly affected by the supply and demand relationship between the market and specific fund units;

4. High management requirements. Open-end funds are faced with redemption pressure at any time, so they should pay more attention to risk management such as liquidity and require fund managers to have a high level of investment management.