It's a closed fund for three months. In order to reduce the liquidity of funds, fund companies need fixed funds, which is conducive to the growth of funds. When the first closed-end fund is raised, it will be held for three months. You can't sell it during this period. You must wait until it has been closed for three months before you can sell the meaning of fund trading.

For example, you can buy it at any time, and you will have a chance to redeem it every three months from the date of purchase. For example, if you buy in March 1, then June 1, September 1 and February 1 are your annual redemption dates.