1. You have started to open positions (that is, buy stocks or bonds) during the liquidation period. When the stock or bond you buy goes up, the net value goes up, and vice versa. It is the same during or after the closure period, except that the fund cannot be redeemed.

2. The closed period of the so-called open-end fund refers to a period of time when investors do not accept the application for fund share redemption after the fund successfully raises enough funds to declare the fund contract effective. On the one hand, the closure period is set to facilitate the fund backstage (registration center) to make the best preparation for future subscription and redemption; On the other hand, the fund manager can complete the preliminary investment arrangement according to the situation of the securities market. According to the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the funds shall not exceed 3 months.