There is a situation that the fund cannot be sold:

First, it cannot be redeemed during the closed period. For new funds, only subscription can be made during the closed period, and generally redemption business will not be handled. Because the fund has just been established at this time, the fund manager will use funds to open positions. If the redemption business is handled, it will affect the normal opening of the fund, thus affecting the future operation to a certain extent.

Second, the hedging period of the capital preservation fund. Although there is no clear regulation on the redemption of funds during the hedging period, since the capital preservation fund is mainly to ensure the safety of investors' principal, it is impossible to guarantee the stability of fund income during the hedging period if certain regulations are not made on the redemption of capital preservation funds. Therefore, investors who redeem funds during hedging period will not only fail to break the capital, but also lose more redemption fees.

Third, the short-term securities market fluctuated. The securities market is a fluctuating market, and it is impossible to keep rising without short-term adjustment. It is difficult for investors to adjust fund products or choose redemption when the securities market fluctuates, and it is difficult to adhere to the concept of long-term investment and value investment, and it is difficult to complete investment goals and plans. Therefore, the short-term ups and downs of the securities market should not be the reason for investors to redeem funds.