Closed-end funds are announced and closed immediately after their establishment. Redemption is not accepted during the closed period, and the circulation of fund shares must be traded through the secondary market. After the closure period, there are three ways to deal with it: first, liquidation; The second is to turn into an open-end fund, which is what we often call "closed to open". Take the rich country Tianfeng, which is known as the "most debt-based" in history, for example, during the three-year closed operation (from 2008- 10 to 201-10), it achieved a three-year cumulative return of 26.99%. The third is to extend the maturity period, which is rarely used.
The term "open-end fund" refers to an innovative fund category of "regular opening and circular operation", that is, it not only contains the characteristics of closed-end funds, but also does not face the problem of "transformation" after opening, but sets a certain opening period and then enters a new round of closed-end period. Now this kind of fund has just appeared in China, which is an upgraded product of Guo Fu Tianfeng and is being issued. Regular open-end funds combine the advantages of closed-end funds and open-end funds, and the market attention is still quite high.