On the one hand, the closure period is set to facilitate the fund backstage (registration center) to make the best preparation for future subscription and redemption; On the other hand, the fund manager can complete the preliminary investment arrangement according to the situation of the securities market. According to the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the funds shall not exceed 3 months.
Extended data:
Investment period
The process from raising funds to investing in open-end funds is divided into four periods: raising period, capital verification period, closing period and normal subscription and redemption period. During these four periods, investors bought and sold fund shares in different ways.
Feeding period
During this period, the fund management company sells funds to investors through the company's direct selling agencies or banks and other consignment agencies to raise funds. At this stage, investors can only buy fund shares and cannot sell them. The subscription price is the net value of shares (1 yuan), and the cost of purchasing fund shares is called subscription fee.
End of recruitment period
After the end of the fundraising period, the Foundation will enter a capital verification period of no more than 7 days. After the capital verification, the fund contract was formally established, and then the fund entered a closed period. At this time, the fund contract has come into effect, but during the closed period, the fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period.
End of closure period
The fund can accept subscription and redemption at the same time, which has entered the normal subscription and redemption period. Investors can purchase and redeem according to the daily net share of open-end funds.
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