Closed-end funds may get cash after maturity and can continue to hold it, because the characteristics of closed-end funds are that they have a duration, which cannot be less than five years in China. Generally, the duration of closed-end funds is fifteen years. After the closed-end fund expires, there are three ways to deal with it:

The first is liquidation, that is, deducting a certain fee from the net value of the fund and returning it to investors;

The second is to turn into an open-end fund, which is what we often call "closed to open";

The third is to extend the maturity period, which is rarely used.

Closed-end fund refers to the fund sponsors who limit the total issuance of fund units when setting up funds. After the total amount of fundraising is completed, the fund is announced to be established and closed, and no new investment will be accepted for a certain period of time. The circulation of fund shares is listed on the stock exchange, and investors must bid on the secondary market through securities brokers in the future.