The main differences between closed-end funds and open-end funds are as follows:
1. total share: the total share of closed-end funds is fixed from the beginning of issuance, and the number of shares remains unchanged except for infrared. The total number of open-end funds is constantly changing according to the number of subscriptions. If the subscription quantity is greater than the redemption quantity, the total share quantity of open-end funds is increasing, and vice versa.
2. Except in special circumstances, closed-end funds have no influence on the fund regardless of profit or loss during its duration. If the redemption amount of an open-end fund is too large and its total share is less than a certain amount (for example, 200 million shares), the open-end fund will stop listing. This forces the fund managers of open-end funds to do a good job.
3. Except SSE ETF and SZSE lof, all open-end funds are redeemed at the closing price of the day, while closed-end funds are bought and sold in time.
4. The discount of closed-end funds is likely to be that the market circulation price of closed-end funds is lower than or higher than their net assets. The market circulation price of closed-end fund reflects its true value, which is equivalent to its net assets.
5. Except for open-end funds, they are all bought and sold at real-time prices, that is, at any time when the market opens, but when you buy an open-end fund, no matter when you buy it on this day, the transaction is based on the net value of the open-end fund at the close of the day. When you say closed, you mean closed this time.