开放式基金:

investor can ask the fund to return money back to them according to the fair market price at the time.

封闭式基金:

closed fund, you can ask the fund to return your money, you can only sell your share of fund to another investor.

Closed fund's manager is like a professor got tenure, they havegurantteed income. Not good, in my opioion. but closed fund's managerdoes not need to worry about loss of fund, so they can focus on longterm investment, no need to go quarter by quarter, which is very, verygood for their fund performance. No body can predict short term marketmovement, and open fund manager operates under great pressure. Thinkabout your own performance when you are under pressure.