A: Not transferable. At the end of the recruitment period, it will enter a closed period. At this point, the fund contract has come into effect. However, during the closed period, the Fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period. Judging from the reality, many funds are open for subscription in the later period of the closed period, that is to say, at this stage, investors can subscribe for funds according to the net asset value of the funds, but they cannot redeem their fund shares.

Note: According to the Securities Investment Fund Law, the closed period of this fund shall not exceed 3 months.