2. The closure period is generally not more than 3 months.
The process from raising funds to investing in open-end funds can be divided into three periods: raising period, closing period and normal subscription and redemption period. In these three periods, investors buy and sell fund shares in different ways.
The first is the feeding period. During this period, the fund management company sells funds to investors through the company's direct selling agencies or banks and other consignment agencies to raise funds. At this stage, investors can only buy fund shares and cannot sell them. The purchase price is the net value of shares (1 yuan), and the cost of purchasing fund shares is called subscription fee. Due to the hot sales of open-end funds since last year, in order to avoid the inconvenience caused by the excessive amount of funds raised, funds generally stipulate a certain share limit (such as 65.438+000 billion), and the excess will not be confirmed. Due to the recent boom in fund sales, the regulatory authorities recently issued a notice requesting that the new fund subscription application exceed the established limit and be placed in proportion.
At the end of the recruitment period, it will enter a closed period. At this point, the fund contract has come into effect. However, during the closed period, the Fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period. Judging from the reality, many funds are open for subscription in the later period of the closed period, that is to say, at this stage, investors can subscribe for funds according to the net asset value of the funds, but they cannot redeem their fund shares. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.
At the end of the closed period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period. Investors can subscribe and redeem the fund according to the daily net share of the open-end fund.