In order to create a relatively stable capital environment for fund managers to open positions, the subscribed new funds usually enter a closed period after their establishment, during which applications for subscription and redemption are not open. According to the provisions of the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the fund is generally calculated from the date of the establishment of the fund, and the longest period is no more than 3 months. The specific time is subject to the fund announcement.
Extended data
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.