Closed-end funds will not only go up, but also go down, because the closed period of new funds is the stock opening period. The stocks bought have risen and fallen, which is naturally reflected in the net value of the fund.

On the one hand, the closure period is set to facilitate the fund backstage (registration center) to make the best preparation for future subscription and redemption; On the other hand, the fund manager can complete the preliminary investment arrangement according to the situation of the securities market. According to the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the funds shall not exceed 3 months.

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Matters needing attention

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.