1. With the approach of the performance appraisal node, the fund company may restrict the subscription for reasons such as performance ranking appraisal, guarantee the income, and avoid diluting the holder's income and investment operation;

2. Fund holders are mainly institutional funds, and the products customize the income risk characteristics of institutional funds, and institutional funds do not want other funds to come in;

3. Actively control the scale. The bigger the fund, the better. There is a saying in the fund industry: scale is the enemy of performance! Fund managers may not be able to manage large-scale funds well.