Closed-end operation belongs to closed-end fund, which is a kind of fund. Closed-end funds will be closed after their establishment, and nothing can be done during the closed period. If you want to purchase and redeem, you need to wait until the fund is listed or opened regularly, and the fund scale is fixed.

The new fund also has a certain closure period, usually around 3 months. During the closed period, the fund manager will initially open positions according to market conditions.