Closed-end funds can't purchase and redeem during the closed period, and of course they can't vote. Fixed investment is also equivalent to subscribing to funds, but fixed investment is automatically subscribed, and investors do not need to subscribe manually. Closed-end funds can't be traded over the counter during the closed period, but they can be traded on the floor.

Closed-end fund refers to a fund operation mode in which the fund share is fixed within the term of the fund contract, and the fund share can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption.