The total size of closed-end funds is fixed and cannot be redeemed in advance before maturity. Closed-end funds will be closed after their establishment, and no operation can be done during the closed period. If you want to purchase and redeem, you need to wait until the fund is listed and traded or regularly open. The closure period is subject to the fund contract.

Advantages of closed-end funds: There is no need to consider redemption, and funds can be fully utilized. Disadvantages: the fund size remains unchanged, resulting in no pressure on the fund manager, poor liquidity and inability to apply for redemption at any time.

During the closed period, users can't redeem it and can only buy and sell it in the secondary market. After the closed period has passed, users can trade and buy, so it is also called closed-end fund.

After the closed-end fund is bought, there is still a restricted opening period in the closed period. That is to say, during the restricted opening period, holders can still purchase and redeem, but the Fund will control the net redemption amount on that day to ensure that the proportion of the net redemption amount on the day before the restricted opening period to the total fund share is within the range of [0, specific proportion].