What is the fund closure period?
The closed period of the fund means that the fund has successfully raised enough funds. After the fund contract comes into effect, investors' applications for fund share redemption will not be accepted for some time. According to the regulations, the fund can not be closed for more than 3 months.
On the one hand, the fund closure period is to facilitate the fund backstage and make full preparations for subscription and redemption, on the other hand, it also gives the fund manager a certain time to make preliminary arrangements for the raised funds according to market conditions.
1. Closed period is a period that open-end funds must go through, which can provide a relatively stable opening process for funds. After the closure period, the new fund will enter the subscription period, at which time it can be bought and sold freely.
2. The closure period of the new fund shall not exceed 3 months. As for the specific time of the closure period, it depends on the manager's comprehensive consideration of the market, the speed of opening positions and the initial scale. At present, the closure period of newly issued funds is relatively short, and the subscription and redemption will be opened in ten days at the earliest. It is worth noting that the length of the fund's closed period is not directly related to the fund's income, so the length of the closed period is not a reference standard for selecting fund products.
3. The process from raising funds to investing in open-end funds is divided into four periods: the investment period, the raising period, the end of the raising period and the end of the closed period. During these four periods, investors bought and sold fund shares in different ways.
Investment period
The process from raising funds to investing in open-end funds is divided into four periods: raising period, capital verification period, closing period and normal subscription and redemption period. During these four periods, investors bought and sold fund shares in different ways.
Feeding period
During this period, the fund management company sells funds to investors through the company's direct selling agencies or banks and other consignment agencies to raise funds. At this stage, investors can only buy fund shares and cannot sell them. The subscription price is the net value of shares (1 yuan), and the cost of purchasing fund shares is called subscription fee. Due to the continuous popularity of open-end fund sales, in order to avoid the inconvenience caused by the excessive amount of funds raised, funds generally set a certain share limit (such as 65.438+000 billion), and the excess will not be confirmed. Due to the recent boom in fund sales, the regulatory authorities recently issued a notice requesting that the new fund subscription application exceed the established limit and be placed in proportion.
End of recruitment period
After the end of the fundraising period, the Foundation will enter a capital verification period of no more than 7 days. After the capital verification, the fund contract was formally established, and then the fund entered a closed period. At this time, the fund contract has come into effect, but 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. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.
End of closure period
The fund can accept subscription and redemption at the same time, which has entered the normal subscription and redemption period. Investors can purchase and redeem according to the daily net share of open-end funds.