If you buy an open-end fund, investors can withdraw money from it in T+2 days after buying it on the same day. At this time, the fund needs to be redeemed, and the funds will arrive in the account 2-3 trading days after redemption. If investors buy closed-end funds or closed-end funds now, then funds can only be withdrawn after the fund is opened, and cannot be withdrawn when it is not open.

The so-called closed-end refers to a fund with a fixed term. When a new fund is established, it usually has a closed-end period of three months, during which it cannot be redeemed.