Closed period, in short, is that the fund does not accept investors' applications for subscription or redemption during this period. If it is impossible to subscribe, convert or redeem during the closed period, it is called subscription if it is purchased during the issuance period, that is, before the end of the sale. After the closure period, it is called subscription when it is reopened.
Correctly distinguish two "closed periods" and innovate closed-end bond funds, which involve two "closed periods".
① One is the closed period that all LOF funds have, that is, investors suspend the subscription and redemption of funds within a certain period (generally no more than three months) after the fund subscription, which is similar to the open period after the establishment of ordinary funds.
(2) the other is for some "closed operation" funds. If the fund contract stipulates that it will be closed for three years, the subscription and redemption of investors will be suspended within three years after the establishment of the fund, and the share will remain unchanged. Investors can't subscribe and redeem LOF funds during the fund closure period, but they can transfer their LOF fund shares to Shenzhen Stock Exchange through cross-system transfer custody, and buy and sell LOF funds like A shares. Convenient and quick. As for whether the fund can be traded on the Shenzhen Stock Exchange, it has nothing to do with the closure period. It depends on when the fund goes public. After the fund is listed on Shenzhen Stock Exchange, investors can trade fund shares on the exchange.
At the end of the closure period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period, and the lender can subscribe and redeem the fund according to the daily net share of the open-end fund.
Expand the difference between information fund subscription and fund subscription.
The subscription and subscription of open-end funds are two different stages of buying and buying funds. If investors buy fund shares in a fund raising period, it is called subscription, and the net value of each fund share is RMB 65,438+0 yuan. After the fund raising period is over and established, investors purchase fund shares according to the procedures stipulated by the fund sales outlets, which is called subscription. At this time, because the net value of the fund has already reflected the value of its portfolio, the net value of each fund share is not necessarily 65,438+0 yuan, but may be higher or lower than 65,438+0 yuan, so the number of fund shares obtained by subscribing for the same asset and the same fund may be different.
References:
Baidu encyclopedia-fund closure period