During the closing period of the new fund, its net value will change. \x0d\ Closing period is the time for the fund manager to stabilize the fund scale and open positions. With the stock buying, the stock price is constantly changing, and the net value will definitely change. \x0d\ The process from raising funds to investing in open-end funds has gone through four periods: raising period, capital verification period, closing period and normal subscription and redemption period. In these four periods, the situation of investors buying and selling fund shares is different. \x0d\\x0d\ raising period \x0d\ During this period, the fund management company sells funds to investors through its 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. \x0d\\x0d\ capital verification period \x0d\ The Fund enters the capital verification period after the end of the raising period, after which the fund contract is formally established, and then the Fund enters the closed period. At this point, the fund contract has come into effect. \x0d\\x0d\ Closed period \x0d\ During the closed period, the Fund does not accept investors' requests to purchase or redeem fund shares, and investors cannot buy or sell fund shares during this period. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months. \x0d\\x0d\ Normal subscription and redemption period \x0d\ Funds can accept subscription and redemption at the same time, which means that they have entered the normal subscription and redemption period, and investors can subscribe and redeem funds according to the daily net share value of open-end funds.