The fund shares issued by open-end funds are redeemable, and investors can subscribe for the fund shares at any time, so the size of the fund is not fixed; The scale of closed-end funds is fixed.

2. The transaction prices of fund units are different.

The trading price of fund shares of open-end funds is based on the net asset value corresponding to the fund shares, and there will be no discount; The price of closed-end fund shares will be more affected by the relationship between market supply and demand, and the price fluctuates greatly.

3. There are different ways to buy and sell fund units.

Investors of open-end funds can buy or redeem funds directly from fund management companies at any time, with low handling fees and no income tax; The trading of closed-end funds is similar to stock trading, which can be traded in the securities market and requires the payment of handling fees and securities transaction tax. Generally speaking, the cost is higher than that of open-end funds.

4. Different investment strategies.

Open-end funds must reserve some funds to cope with investors' redemption at any time, and the management requirements should be higher; However, closed-end funds cannot be redeemed, so they can make full use of funds and make long-term investments, and there is no requirement for liquidity management of funds.

5. The required market conditions are different.

Open-end funds are flexible, easy to scale, and suitable for financial markets with high openness and large scale. On the contrary, closed-end funds are suitable for financial markets with imperfect financial system, low openness and small scale.