The closed-end fund sold by Alipay has an investment period (the investment period varies according to different products), while the open-end fund sold by Alipay has no investment period.

The total scale of closed-end funds is fixed, and investors can only apply for redemption on the regular open day of funds or before the listing and trading of funds, so the liquidity is poor; The total size of open-end funds is not fixed, and investors can purchase and redeem according to their needs. The liquidity is good, and investors can purchase and redeem at will.