Closed-ended fund refers to a fund in which the total amount of approved fund shares is fixed within the term of the fund contract, and the fund shares can be traded on the legally established stock exchange, but the fund share holders are not allowed to apply for redemption. When the fund is established, the fund sponsors limit the total amount of fund shares. After raising the total amount, the fund is announced to be established and closed, and no new investment will be accepted for a certain period of time. The circulation of fund shares is listed on the stock exchange, and investors must bid on the secondary market through securities brokers in the future. Closed-end funds belong to trust funds, which refer to the types of funds whose scale has been determined before issuance, fixed within a specified period after issuance and traded in the securities market.

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