What is the difference between sealing the base and opening the base

160706 floor trading should be better.

The main differences between open and closed are as follows:

1) ** The variability of the scale is different. Closed-end ** has a clear duration (not less than 5 years in China), and the issued ** units cannot be redeemed within this period. Although such a ** can be expanded under special circumstances, the expansion should meet strict statutory conditions.

Therefore, under normal circumstances, the scale is fixed. The units issued by the open-ended ** are redeemable, and investors can also subscribe for ** units at will during the duration of the **, resulting in the total amount of funds in the fund constantly changing on a daily basis. In other words, it is always "open".

This is the fundamental difference between closed and open.

2) **Units are bought and sold in different ways. When the closed-end ** initiates the establishment, investors can subscribe to the ** management company or sales agency; When closed-end ** listed trading, investors can entrust the brokerage to buy and sell at the market price on the ** exchange. When investors invest in open-ended, they can subscribe or redeem at any time from the management company or sales agency.

3) The buying and selling of **units is formed in different ways. Closed-end ** is listed on the exchange, and its trading ** is greatly affected by market supply and demand. When the market supply is less than demand, the buying and selling of units may be higher than the net asset value per unit, and the investor's equity will increase; When the market is oversupplied, it may be lower than the net asset value per unit.

The open-ended trading is calculated on the basis of the net asset value of the unit, which can directly reflect the net asset value of the unit. In terms of trading costs, investors should pay a certain percentage of transaction tax and handling fees in addition to the purchase and sale of closed goods, the same as the trading and listing; The relevant fees (such as initial subscription fee and redemption fee) that open-ended investors need to pay are included in the ****. In general, the fees for buying and selling closed** are higher than those for open**.

4) The investment strategy is different. Since closed-end management cannot be redeemed at any time, all the funds raised can be used for investment, so that the management company can formulate a long-term investment strategy and achieve long-term operating performance. Open-ended**, on the other hand, must keep a portion of cash for investors to redeem at any time, rather than using it for long-term investments.

Generally invest in assets with strong liquidity.

The most fundamental difference is that if you buy it at the bank.

Closure can only be redeemed when it expires.

Open** and can be redeemed at any time.

If they are all bought in the **account, the closed ** can only be sold at the market price, and the open ** can be redeemed at the net value.