Closed-end funds have a fixed scale during their duration and cannot be redeemed. They can only be traded. At present, they are basically in a discounted state. When the closure expires, if it is converted into an open-end fund, it can be redeemed after confirmation.

It is necessary to wait until the end of the closed period, either liquidation and automatic redemption, or opening and closing, and the order is redeemed manually as an open-end fund.

2. Closed-end funds are similar to stocks. They can be bought and sold according to the relationship between supply and demand in the market during the trading hours of securities, usually at the current trading price.

Closed-end funds belong to trust funds, which means that the total amount of approved fund shares is fixed within the term of the fund contract. Fund shares can be traded on legally established stock exchanges, but fund share holders may not apply for redemption.