Closed-end fund shares remain unchanged, and the amount changes according to the net value of the fund. Closed-end fund refers to a fund that is closed immediately after its establishment, and cannot do anything during the closed period. The subscription and redemption need to wait until the fund is listed and traded or the regular open day. The closing period is subject to the fund contract, and the total size of the fund remains unchanged.

Advantages of closed-end funds: There is no need to consider redemption, and funds can be fully utilized. Disadvantages: the fund size remains unchanged, resulting in no pressure on the fund manager, poor liquidity and inability to apply for redemption at any time.