Closed-end funds cannot be redeemed during the closed period, and they can only apply for redemption after the closed period. When the closed-end fund was established, the total issuance amount and issuance cycle of the fund had been determined. After the end of the raising period, the fund will enter a closed period, during which it cannot be purchased or redeemed.

Although closed-end funds cannot apply for redemption during the closed period, closed-end funds can be traded in the secondary market, just like stock trading, and assets can also be realized. At the same time, some closed-end funds have fixed open days, during which they can apply for redemption.

After the closure period, there are three situations. First, after the fund closure period, the fund may be liquidated, and the fund liquidation will return the funds to investors after deducting certain expenses according to the net value of the fund.

Second, after the closed period of the fund, the fund may turn into an open-end fund, and investors can choose to hold or redeem it. Redemption is like the redemption of open-end funds. Third, after the fund closure period ends, the fund closure period may be extended.

Second, how to buy closed-end funds?

Closed-end funds cannot be purchased during the closed period, but only during the raising period. However, it is not excluded that some closed-end funds will open the channel for subscription in order to expand the scale of funds in the closed period.

Buying closed-end funds during the fundraising period is the same as buying open-end funds. You can buy them through official website, brokers, third-party platforms (Alipay, WeChat) and banks.

Closed-end funds can be traded in the secondary market during the closed period. But if you want to buy and sell closed-end funds in the secondary market, you must have a securities trading account. Closed-end funds can only be bought and sold in the secondary market after opening a securities trading account.

Trading closed-end funds in the secondary market, like stock trading, has the same trading time and rules, and also implements the T+ 1 trading system.