Reasons why 009265 cannot be redeemed: 1. The fund is in a closed period: Some funds stipulate a certain closed period when they are issued, which means that during this period, investors cannot perform redemption operations.

2. Special circumstances of fund companies: Fund companies may not support fund redemptions in the short term due to special arrangements.

3. Regular open-end funds: Regular open-end funds have a closed period. The length of the closed period varies. After the closed period, there will be an open period. Subscription and redemption are allowed during the open period, but after the open period expires, it will enter another period.

The new closed period continues in this cycle.

Therefore, the time for redemption of regular open-end funds is also limited.