Why are closed-end funds gone? Now there are no closed-end funds in the two cities. Closed-end fund refers to the fund sponsors who limit the total issuance of fund units when setting up funds. After the total amount of fundraising is completed, the fund is announced to be established and closed, and no new investment will be accepted for a certain period of time. In 2002, the fund Yinfeng was listed at a discount of 0.96 yuan, which was the last appearance of Lao Fengji in the domestic market, and then the traditional closed-end fund was no longer issued. Therefore, in 2002, all the traditional closed-end funds were issued before, and all the innovative closed-end funds were issued afterwards. By 20 17, the traditional closed-end funds in China completely withdrew from the historical stage.