The so-called closed period of open-end fund refers to a period of time when investors do not accept the application for fund share redemption after the fund successfully raises enough funds to declare the fund contract effective. 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.

The process from raising funds to investing in open-end funds can be divided into three periods: raising period, closing period and normal subscription and redemption period. In these three periods, investors buy and sell fund shares in different ways.

1, raising 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. Due to the hot sales of open-end funds since last year, in order to avoid the inconvenience caused by the excessive amount of funds raised, funds generally stipulate a certain share limit (such as 65.438+000 billion), and the excess will not be confirmed. Due to the hot fund sales, the regulatory authorities issued a notice requesting that the new fund application exceed the established limit and be placed in proportion.

2. Closing 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. Judging from the reality, many funds are open for subscription in the later period of the closed period, that is to say, at this stage, investors can subscribe for funds according to the net asset value of the funds, but they cannot redeem their fund shares. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.

3. Normal subscription and redemption 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.

How to check the closed period of the fund?

New fund: generally 3 months, there will be an announcement at that time.

Old fund: an announcement will be made when it is announced to enter the closed period. Generally, the open day will not be announced in advance, and we will pay attention to the announcement at any time.

Closed-end fund: There is an expiration date in the data, when it will be closed and opened.