Benefits: 1, regardless of redemption, funds can be fully utilized; 2. It will not be redeemed for personal reasons of investors, which will lead to the risk of stepping on the air; Disadvantages: 1, the size of the fund remains unchanged, resulting in little pressure on the fund manager; 2, poor liquidity, unable to purchase and redeem at any time.

Closed-end funds are closed after their establishment, and no operation can be done during the closed period. The total size of closed-end funds is fixed until the funds are listed and traded regularly or open.