The process of raising funds from open-end funds to open investment has gone through three periods: raising period, closing period and normal subscription and redemption period.

The first is the feeding period. During this period, the fund management company sells funds to investors through the company's 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 purchase price is the net value of shares (1 yuan), and the cost of purchasing fund shares is called subscription fee.

At the end of the recruitment period, it will enter a closed period. At this point, the fund contract has come into effect. However, 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. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.

At the end of the closed period, the fund can accept subscription and redemption at the same time, which enters the normal subscription and redemption period, also known as the open period. Investors can purchase and redeem open-end funds according to their daily net share.