When the fund terminates liquidation, the investor's principal will be returned. Generally, after liquidation, the fund shares held by investors will be converted into cash according to the net value before liquidation, and returned to investors after deducting liquidation expenses.

The fund will be liquidated under the following circumstances:

1, closed-end fund expires. Closed-end funds generally have a duration, and they will be liquidated if they do not extend their duration after expiration.

2. Open-end funds meet the liquidation conditions. Open-end funds will be liquidated if they meet the following conditions: first, the net value of the fund is less than 50 million for 20 consecutive working days, and second, the number of fund holders is less than 200 for 20 consecutive working days.

3. The scale of new fund raising is not up to standard. In the initial public offering, there is a minimum scale, generally 50 million. If it does not reach the scale, it means that the fund has failed to issue and needs liquidation.