1) has different variability in fund size and duration. Closed-end funds have a fixed scale and a clear duration; The fund shares issued by open-end funds can be redeemed, while investors can purchase fund shares, so the fund scale and duration change.

(2) The main factors affecting the fund price are different. The unit price of closed-end funds will be more affected by the relationship between market supply and demand, and the price will fluctuate more; The selling price of open-end fund units is based on the net assets corresponding to the fund units, and there is no discount.

(3) the difference between income and risk. Because the income of closed-end funds mainly comes from the transaction price difference in the secondary market and the year-end dividend of funds, its risks also come from the risks in the market and fund management. The risk of open-end fund mainly comes from the difference between redemption price and subscription price, and it is only the ability risk of fund manager.

(4) Requirements for management and investment strategy. Under the condition of closed-end fund, the management has no redemption pressure, and the fund manager can implement long-term investment strategy; Open-end funds can be purchased at any time, so some funds must be reserved to cope with investors' redemption at any time, and long-term investment will be limited. In addition, the disclosure requirements of open-end fund portfolios are relatively high.