First, after the establishment of the new fund, the fundraising is completed and the opening period is started. The so-called opening period is to use the newly raised cash to buy other securities, such as stocks and bonds. This time is usually 1-3 months. During this period, the fund is closed, and subscription and redemption are prohibited.

Second, the total assets of the old fund are too large to be managed, and the subscription will stop. If a fund's assets are too large, it will be difficult to manage. It would be better if a fund is not too big. If it has too much money, it will lead to management difficulties, lack flexibility and have a negative impact on the benign operation of the fund. So the subscription will be closed.

However, closed subscription does not necessarily close fixed investment.

Other situations also exist, but rarely. For example, some funds regularly purchase at regular intervals, just for a few days, and all other times are closed.

This is a special fund. The funds are relatively small.