1. The product design of innovative closed-end funds is mainly developed by fund companies themselves, and the regulatory authorities will not take the initiative to participate. However, the regulatory authorities also have certain considerations about the product form of innovative closed-end funds.

According to the insiders, with the development of the market, emerging investment targets such as stock index futures and options will be continuously introduced in the future. The characteristics of high liquidity and short-term operation of the portfolio caused by the free subscription and redemption rules of open-end funds conflict with some investment targets in the medium and long term, but there are some problems in the existing closed-end funds. It is in this context that the regulatory authorities put forward the development ideas of innovative closed-end funds.

"The existing closed-end funds have some defects in fund governance structure, investment scope, investment proportion limit, duration, trading means and rate," said Hu Lifeng, chief analyst of Galaxy Securities Fund Research Center. "Therefore, the design of innovative closed-end funds must foster strengths and avoid weaknesses."

although the innovative closed-end fund has not finally revealed its true colors, based on the above judgment, its general outline has been faintly visible. The innovation of the new closed-end fund can be reflected in the following aspects: first, improve the fund governance structure, clearly stipulate the holding time of the holders' meeting, and ensure that the holders' meeting can exercise the rights conferred by the fund law. Secondly, innovative closed-end funds are likely to moderately relax investment restrictions and expand the selection range of investment targets. Third, the restrictions on investment ratio are moderately relaxed. Fourth, it can be designed as a "half-closed and half-opened" or other innovative trading mode, which can reduce the discount rate and improve its liquidity through regular and moderate opening. Fifth, shorten the duration. Sixth, reduce the fixed rate and improve the performance reward, so as to urge managers to be diligent and conscientious.

2. The specific molding scheme is: the term shall not exceed five years; In terms of scale, most of the fund companies currently reporting limit their scale to about 4 billion; In terms of trading methods, it will be semi-closed and semi-open. When the continuous discount rate reaches a certain range, such as more than 1%, the holders of innovative closed-end funds can choose to redeem.