Hello, 1. Closed-ended fund refers to a fund in which the total amount of approved fund shares is fixed within the term of the fund contract, and the fund shares can be traded on the legally established stock exchange, but the fund share holders are not allowed to apply for redemption.

2. The main differences between closed-end funds and open-end funds are: different term, different issuance scale restrictions, different fund share trading methods, different calculation standards of fund share trading price, different announcement time of fund share net asset value, different transaction costs and different investment strategies.