Relatively speaking, closed-end funds are more risky and have higher returns than open-end funds. The buying price and selling price of fund units are formed in different ways. Because closed-end funds are listed on the exchange, their buying and selling prices are greatly influenced by the relationship between market supply and demand. When the market supply is less than the demand, the buying and selling price of the fund unit may be higher than the net asset value of each fund unit, and then the fund assets owned by investors will increase; When the market supply exceeds demand, the fund price may be lower than the net asset value of each fund unit. The transaction price of open-end funds is calculated based on the net asset value of the fund unit, which can directly reflect the level of the net asset value of the fund unit. In terms of fund transaction costs, investors have to pay a certain percentage of securities transaction tax and handling fee in addition to the price when buying and selling closed-end funds, just like buying and selling listed stocks; The related expenses (such as initial subscription fee, redemption fee, etc.) that investors of open-end funds need to pay are included in the fund price. Generally speaking, the transaction cost of closed-end funds is higher than that of open-end funds.