Closed-end funds cannot be cashed out and redeemed during the closed period. Closed-end funds enter a closed period from the establishment of the fund to the completion of fund raising. After the subscription share of investors' funds is determined, the closed period cannot be redeemed. If the closure period is two months, you can't trade in these two months. On the day when the fund is listed and traded, the redemption fund may be sold by entrustment and traded at the market price.

Open-end funds are unrestricted and can be purchased and redeemed at any time on the trading day.