After the fund contract comes into effect, it will be closed for up to 3 months. During the closed period, investors are not allowed to make any purchase or redemption. Therefore, if investors want to sell the fund, they need to wait until the end of the closed period before they can sell it.

If it is a closed-end fund, it cannot be redeemed before the end of the closed period. Only after the fund is listed and traded can it open a stock account for sale.