You can't. Lock-up holding period refers to the effective date of the fund contract (for subscription shares, the same below), the application date of fund share subscription (for subscription shares, the same below) or the application date of fund share conversion (for share conversion, the same below) (i.e. the start date of lock-up holding period), and ends on the day before the effective date of the fund contract, the application date of fund share subscription or the annual registration date of fund share conversion (i.e. the expiration date of lock-up holding period).

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The main difference between open-end funds and closed-end funds is that the latter has a long closed period and a fixed number of issues. The holder can't redeem it during the closed period and can only buy and sell it in the secondary market. Moreover, open-end funds can be redeemed, and listed open-end funds can also be bought and sold. Therefore, open-end funds have to "always be ready" for the possible redemption of their holders, and their investment style is relatively stable; Closed-end funds do not have to worry about redemption during their existence. Everything has its good side and bad side. It is precisely because closed-end funds don't have to worry about redemption, similar to the holder lending money to the fund company for stock trading, and agreeing to pay back the money after 5 years, 10 or 20 years. I'm not sure if I'm interested

The holder cannot ask the fund company to repay in advance. Therefore, fund companies have great autonomy in this money and can even play the trick of "interest transfer". Of course, there are also well-run fund companies and fund managers, whose closed-end funds are not necessarily worse than open-end funds. To sum up, investors should decide what kind of fund to buy according to their investment preferences, risk tolerance, understanding and trust in fund companies and fund managers, and long-term judgment on the market. The connotation of closed-end fund discount rate is as follows: with the reference of fund net value, fund price is a kind of depreciation relative to fund net value, so the denominator should be net value, not price. The formula of the actual discount premium is the same: the discount rate = (transaction price-fund unit net value)/fund unit net value × 100% If it is negative, it is the discount rate; If it is positive, it is the premium rate. The discount rate of closed-end funds is still high, mostly between 20% and 40%, and the discount rate of small and medium-sized funds with short term is low.

It is certainly better to buy the same fund when the discount rate is high; However, the choice of funds should not only look at the discount rate, but also choose some small and medium-sized funds with moderate discount rate and short term. According to the experience at home and abroad, it is normal for closed-end funds to discount their trading prices.

Discount will affect the investment value of closed-end funds. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds, and investors with high discount rate have certain investment opportunities. Because closed-end funds should be paid or liquidated according to their net value after the operation expires, the higher the discount rate, the greater the potential investment value.

Another feature of closed-end fund is that it has a duration. In China, this term cannot be less than five years, and the term of general closed-end funds is fifteen years. After the closed-end fund expires, there are three ways to deal with it: one is liquidation, that is, deducting a certain fee from the net value of the fund and returning it to investors; The second is to turn into an open-end fund, which is what we often call "closed to open"; The third is to extend the maturity period, which is rarely used.