Can't buy or sell, and the fund can't trade during the closed period. Investors can apply for redemption of the fund through regular open days, or transfer the fund shares held by investors to other investors for redemption, instead of redeeming from fund companies like open-end funds. This method will not change the total share of the fund, but match it by bidding on the stock exchange.

Closed-end funds have poor liquidity and low cost, and are more suitable for investors with stable expected returns from long-term investment.