The share can be seen about 1-5 days after the new fund is raised (this date refers to the trading day stipulated by the stock exchange). The closure period of new funds is generally 3 months. During the closed period, investors can neither purchase nor redeem. Only after the fund manager announces that the fund is open for redemption can the subscription and redemption be carried out. If you add positions after the establishment of the new fund, it is called "subscription", and "subscription" refers to the behavior of investors buying funds during the fundraising period of the new fund.