during the closed period, investors can't purchase or redeem closed-end funds, and the market value of investors will decrease with the decline of the net value of the funds, but there will be no loss of principal. Once the closed-end funds trigger the liquidation conditions, they will be liquidated, and the fund shares held by investors will be converted into cash according to the net value before liquidation, and will be returned to investors after deducting the liquidation expenses.

if the net value of the fund is lower than the investor's position cost before liquidation, the investor will lose money; conversely, if the net value before liquidation is higher than the investor's position cost, the investment will be profitable.

The fund will go into liquidation in the following three situations:

1. The closed-end fund expires. Closed-end funds generally have a duration, and if the duration is not extended after the expiration, they will be liquidated.

2. The open-end fund meets the liquidation conditions. Open-end funds will be liquidated if they meet the following conditions: one is that the net value of the fund is less than 5 million for 2 consecutive working days, and the other is that the number of people holding the fund for 2 consecutive working days is less than 2.

3. The scale of new fund raising is not up to standard. In the initial public offering, there is a minimum scale, generally 5 million. If it does not reach the scale, it means that the fund has failed to issue and needs to be liquidated.