Closed-end funds are traded in the stock market. Buying closed-end funds is the same as buying stocks. Because of the implementation of T+ 1, it can't be sold on the same day, and it can only be bought the next day at the earliest.

The so-called closed period of open-end fund refers to a period of time when investors do not accept the application for fund share redemption after the fund successfully raises enough funds to declare the fund contract effective. On the one hand, the closure period is set to facilitate the fund backstage (registration center) to make the best preparation for future subscription and redemption; On the other hand, the fund manager can complete the preliminary investment arrangement according to the situation of the securities market. According to the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the funds shall not exceed 3 months.